It is clear that Technical Analysis has worked in the past and continues to work for many successful traders and investors today. But what are the common aspects that are being were used by these successful market technicians?
Unfortunately due to the extreme secrecy surrounding nearly all of these traders, the specific methods that they use are not known. However I did uncover the following:
- Mechanical trading models were used my many of the most successful.
- They all used clearly defined systems and stuck to their rules.
- Many of them back tested their ideas before implementing them in the real market.
- Most of them surrounded themselves with exceptional people who had the expertise they needed.
- Many of them lost money for the first few years before hitting their stride.
- Each trading system suited their personality.
Common Personality Traits
- Low Emotional Reactivity – Staying calm; experiencing neither major highs nor lows.
- Detached – Understanding the market does what it does that they have no control over it.
- Humble – With little ego they have no challenge taking losses or letting profits run.
- Decisive – They reach decisions quickly and take action without second guessing.
- Conscientious – Self-controlled, disciplined, consistent, and plan-driven, they persevere.
- Confident – They have faith in their system and their ability to implement it.
Follow on Facebook during Market Hours: http://www.facebook.com/pages/Brameshs-Tech/140117182685863
Thanks for their trading secrets, learnt a lot.
Your posts are very useful for all types of traders, discipline is the key in market operations.