Topic: Some qualities a good trader should have - page 2. (Read 977 times)

You are correct, all of this is quite normal for traders to be aware of, but many individuals are unable to do so since they are only interested in making money from trading without understanding why they are doing so. If you don't understand anything about trading, it's like putting money on fire and watching it burn without getting anything out of it. Trading isn't for everyone because many people will try every time but still achieve their goals, so some people don't waste time and move on to something else where they can try to get something out of it. But I usually believe that anything is possible for a person who is patient enough to understand things and be professionally like others, because I don't think they have something that is impossible. But if you says you can't wait patient anything you will always be difficult for you.

This is very tough in today's world but you can still find some classes that happens at zoom if they can handle that. It's not exactly face to face, but you still see someone and you talk with them and it's a class, so it's not one on one class but it's with plenty of people, depending on how good quality it is, usually with a lot of people. I joined one free session once, I earned from some purchase, normally people pay about 49 bucks a month for these classes, and there were about 20 or so "students" in there, I got in, knowing everything about bitcoin there is because I have been here for over ten years, but wondered how good this class is.

I have to say, learning this way is definitely far better than just reading material online or some youtube video. People should realize asking a teacher about things you didn't quite understand is ok, and maybe other students would be annoyed, but you make sure you understand everything well that way.

In most cases, it is this misunderstanding that ultimately often leads a trader to various setbacks such as losing an unnecessary amount of funds, wrong mindsets and perspectives such as assuming that trading is a place to make money easily and quickly will make a trader act hastily every time they enter the market, or in the sense that this mindset is very likely to encourage a trader to act rashly in the approach they have so that in the end the amount of loss increases from what it should be.

Learning trading certainly requires strong intentions and determination but also requires spending or sacrificing some money in the adaptation stage and of course when a trader has the wrong mindset and approach, the possibility of the amount of loss will certainly be greater and usually unbearable in the sense that it makes them lose a lot of money until they finally lose interest in continuing the journey in dedicating themselves to learning, therefore this is why having a mentor is also quite recommended to continue monitoring you so that you stay on the right track.

Great points! Discipline, intellectual adaptability, and mental fortitude are indeed key qualities for success in trading.
I also believe that having a well-thought-out risk management strategy is vital to navigating market uncertainties.

How do you personally handle emotions during trades, especially when things don’t go as planned?

Those are very common basic things that traders need to know, but in practice not all traders are able to fulfill these things. In fact, there are still many traders who still trade with a gambling mindset or they just enter the market and then exit with a loss. Because saying it is very easy compared to practicing it, but if a trader is able to practice it, it can make them a good trader as you said.

Indeed we must admit, more beginners learn trading because of the desire to make quick profits. Traders may have a strong motivation to learn trading or develop their trading skills. but unintentionally, the intensity of trading or learning trading sometimes makes beginners fall into an explosive desire. they can actually be wrong in taking good trading positions, trading continuously and they may even chase losses.
learning trading may be easy to do on your own. but getting control from those who are more experienced may be better for someone who is learning trading.

Acknowledged, There's no doubt whether it is sports, education, or the market what matters is your mindset and a strong mindset represents strong emotional control, for the rest a full skill set is necessary. You cant be a good footballer if you run fast only.


That's a good choice, why I've asked this because a reason can motivate you in your times I know there's motivational content around us but your reason is the only motivation for you in your start, it helps others to analyze how determined you are on the path you've chosen. It's not for fun only, it can be but for a trader it cant be.

I think it is clear that the main goal of everyone involved in the world of trading is to make a profit, we all like money and most of us do various ways to get the money we expect, but sometimes this is where the problem usually starts where not everyone can walk on the right track, one of which is in the world of trading which ultimately makes them depressed. Therefore, it is always recommended to first understand what and how the activity you want to do is, at least knowing and understanding clearly that trading is a risky activity which is not only about the opportunity for profit but the risk of losing money is also always part of the activity.

As you said that trading can be an easy activity to learn but that is also only when the person has a high spirit in dedicating himself to learning and also only when the person goes through everything gradually and carefully, in the sense of coming with the right approach and understanding that trading is not a get-rich-quick scheme.

There are actually a lot of good qualities that a trader must have. However, in order for them to achieve, you need to pinpoint first why you desire to trade and your goal in trading. If you don't clearly understand why you enter trading despite of its high risk, then you will never become a good trader in the process.

Trading can be easy for those who are more than passionate about it, despite of some inevitable losses. But for those who only trade because they want to ride the hype and anticipate quick returns, they will never have the qualities to become a good trader.

Not when you're trading Bitcoin because Bitcoin isn't like altcoins that you can't know when they're going to fall or rise. You can't hodl Bitcoin with full confidence that nothing will happen but trading Bitcoin can give you some certainty because you're assured that Bitcoin can recover when it has a correction. Trading with patience is important and not to be joked with but we too have to be cautious of the altcoins we're trading because some altcoins have no future and they make you broke when you buy them because you're left hodling something that you can't sell because of the value always dropping. I once traded an altcoin that I wasn't allowed to sell but I was allow to buy hence we also have to be cautious to prevent us from trading scam tokens. Exchanges that we use for trading have to be verified exchange that aren't known for scamming because there are many of them that do this.

It should be done slowly, step by step.
The market won't be generous to you without the needed tools, knowledge, and expertise.
For some time, you would need to combine your work and your side job, per se.
Only then you would be able to take a decision whether to go full-on trade mode or not.

Everything about trading will be much easier to understand when people engage in it responsibly and we must also understand that trading cannot always be profitable.
I believe in luck but when engaging in trading we do not rely on it because we need to understand how to trade properly so that we can avoid panic when experiencing losses.
In trading it is not only limited to the three points that you shared because it requires technical analysis, risk management and knowing how to make a return when the previous trade was a loss.

Charts and price indicators need to be analyzed properly because price fluctuations that occur in the market can change so quickly.
The risk is high if trading is not handled properly and we are worried that will lose interest when experiencing excessive losses.

It is a problem that often occurs even with those who have good knowledge sometimes can not control themselves by forgetting the discipline that they previously had to obey. In addition, with now where the development of technology is increasingly sophisticated, it makes it easy for us to find any information, with this we should be able to use it to find broader knowledge about trading which aims to prevent losses.
With those who trade but do not have enough knowledge in my opinion are people who are lazy to process but only want to enjoy the results.

With strategy I think everyone has their own strategy and they will continue to develop their strategy, for example the strategy they have is less accurate, the possibility that will be done is to find a new strategy that is more efficient but with those who evaluate strategies or do research it is very rare. And sometimes I see some people who have teachers in learning trading only this is not free, and this person is in my environment with luck he succeeded in trading.

I think people love trying the alternative and for that he decides to go into trading which is fine and I know but, have he also considered the effects? Well, everyone with their choice of side hustle or additional source of income but sincerely, before someone can stabilized in trading there would be so many lessons which he must undergo before definitely start earning, so as for me it's advisable to look into investment than trading.

While a great deal of the time we concentrate on skills like reading the charts, money management, the signals created by your system and other similar skills, I consider the emotional stability of a trader to be even more important, this is because it does not matter if you have the best strategy ever created, if you cannot apply it under pressure and you crumble because of it then you will lose money, while someone that has a mediocre strategy but that can take difficult decisions under pressure will make money given enough time.

Many traders galet carried away with the fact that trading can make them rich over night, and that is why many of them have jumped into cryptocurrency trading lately, this change have shapen alot about how new gambler's gamble but have to rely on their luck to win the game as a gambler, but when it comes to trading, luck have nothing to do about it, and while trading you have to rely so much on your intellectual capacity so that you can be able to analyse before you open the trading position. And another thing also that you should know is that, while relying on you luck to win you games in gambling, trading on the other hand is that you don't lose total assets until you close the trading position below the entry price

So while trading cryptocurrency involved alot of techniques and expertise one need all the above mentioned features because it is through those features that you can rise up as a trader.

Probably, this is the most hard part/ requirement that a trader needs to have in order to stay focused on his goal. Most of the people that trying to become crypto traders are impatient and that makes them prone to wrong decisions. Also, they forget that the money that you put for your trading, can't be touched since is your tool for your trading. Your profit, if any, is different from your trading funds...


Basically, you always try to buy as much as possible less than what you sold. And there is the trap. Because most of the people entering the crypto market/ trading trying to catch percentages like 15% per trade or even more. For me, these are "crazy" numbers and I think that there is no need for someone who considers himself a trader to chase them.

Hmm, OP's post is quoting the emotional side of the trader but there are many other basic needs to be a trader no doubt that emotional control is one of the core attributes of a trader. To be a good trader what I've recently learned in the past few months is never to trade against the trend it can cost you a lot more than your expectations from risk to reward. In the current market trend, I can see that due to the previous desperate period, most of the faded seasonal traders are jumping again into the markets let's see how they end up now.

Note: Keep in mind a reason is necessary why you want to be a trader why not an employee why not to be an enterprise and anything else you can be.

On the moment or time  that you do step your foot into this market on which its a volatile,unpredictable,decentralized and totally random then of course you will really be needing up to be prepared for that.
Never ever make yourself that become too delusional that you could be able to handle up this market very well. There's no such trader will be able to predict precisely on where prices could possibly go.
Market is volatile so it will really be needing up for you to apply some analysis on which basing up into its previous behavior but there would be factors that will really be constantly changing on which it will
really be making even more that hard to predict due to those factors. Applying any possible analysis is recommended and wont really be sticking into a single strategy.

Being a trader will also be requiring that having the patience on dealing up with volatile space. You would really be that prone into tons of busted positions because of market unpredictability.
This is why it would really be that relevant that you do have those back up plans whenever your initial strategy had been busted out.

As you do go forward on which you will really be finding yourself becoming progressive as you do gain experience on which this will really be that developing you into a more better trader than on yesterday.
Just dont make yourself in a rush and you would really be just that fine.

I would say traders fails to meet up with discipline and skills in trading. The amount of knowledge one has towards trading will determine what will be the outcome in trading. The reason why traders normally jave challenge with their outcome in trading is because is because they feel the amount of knowledge they have concerning trading is enough to make trading successful.

  Trading strategies do change overtime and one don't need to rely in a trading strategy, it is important for a trader to acquire skills that can enable him to be successful in trading. When it comes to discipline it is something most people find it very difficult to practice, knowing that trading is about discipline to obtain a successful trade.