SOS What it takes to be a good Trader

By Bob Prechter

1. Method


2. Discipline


3. Experience


4. Take Responsibity


5. Take Losses


6. Take Gain

#3 is a derivatives of #2 is a derivatives of #1

One must established what method to use, Candle stick, Elliott wave, MACD, RSI, etc. Test it out the method. Then choose the method. Discipline is basically follow through with the method. Experience is basically School of Hard Knock, no short cut. Playing with portfolio without real money does not involve emotion, hence only real experience count.

Take responsibility is to acknowledge no system is perfect and you are able to find out why you loose money. Losses is part of the game, don't get too stress out, it may effect your next trade. Gain or super gain is part of the reward of following the steps rigourously.

MyView

Trading is taxing, actually need to master it over time. It takes a while to learn, of course, best is to sit with a mentor for a period of time to reduce your learning curve. But nothing beats real experience and real money.

Spend some time and money to learn from the BEST. Who is the BEST. I believe we have to ask around and talk to lots of people. It is a skill worth learning, spend some time reading books, research on internet, or simply speak with people who trades and make money over a long period of time. Is there a short cut in making money, NO.

All successful people says there are no short cut, do your homework, have passion in your work/investment, use your own expertise, use common sense.