In the post Five Observations from Successful Traders, John makes some interesting point by adding his two bits. For most people that is all the information is worth. It may not be the end-all to end all in the discussion of what makes a good trader but it helps to remember what “what?” is. Note that every one involves discipline. Two bits and five fingers. For the astute and studious it could be worth much more to read this simply reminder of just what a successful trader does.
Tim Bourquin has an article at TradingMarkets in which he discusses what he calls 5 Uncommon Rules of Wealthy Traders. The rules were commented upon by zentrader.ca in his 5 Unique Rules of Trading post, and I thought I’d toss in my own two bits to the discussion. Here are the rules as Tim outlined them.
1. They plan every single trade. EVERY SINGLE ONE.
2. They stopped trying to pick tops and bottoms years ago
3. They are patient with winners – and ridiculously impatient with losers.
4. They trade one market. ONE
5. Their benchmark for success is anything but money
Now that you’ve been properly introduced to the article make sure you read the rest of John’s post. After all, you know who could use what and when better than anyone. I threw that last sentence in just for fun.
