Elements Needed For Winning Trader

What is it like to be a winning trader? A winning trader is required to have certain elements: Smartness, Patience, Speed, Clear Mind, and Understanding of the Economy.  Smartest is not the best element you need to have in the money game, although smartness is needed to figure out getting an edge to get ahead of everyone else. The process of figuring out your edge takes the most time. You need to know what they know,  you need to know what you know and what you do not know. The easiest way, there are many indicators, you can figure out which one is the best indicator to use to get the most profitable results. The result is everything in the business.  None of the indicators works always but works on the case by case basis.

Patience - What works for me the best is to wait outside the market. People tend to think that staying in the market provides them profits. No! Absolutely Not. Elimination of the risk exposure is MUST. You can stay out of the market for 364 days and step in for 1 day to get 100% profits or more. Ideally calculated reward/risk is more practical.

Speed- Once you realize that your stock/crypt or any other trading transaction is in play, you need to react to that. This works. However, personally, I rather want to enter before something happens and wait. When it happens, it happens one day. It takes one day to get all the rewards after 10 years of work.

Clear mind to make a decision at the right time - No hesitation to make a bad decision, If you know what you are doing, there is no need to be hesitant. The environment changes all the time, however, you do not.

Understanding of Economy - you do not have to have a degree to understand it. Good enough to know what market is impacted by a recent event. For example, The Russian and Ukrainian War triggered USD/RUB market to shoot up. Buy before it is topped. When to enter/exit the market is a skill and up to your edge or indicator. There is always a way to predict close enough or exact time/price.

 

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