In financial transactions, there are always few successful people, so it is natural to conclude that most people's ideas are basically wrong and their actions are usually wrong! Successful traders are different from ordinary people, and there is no difference from successful people in other industries in this respect.
? To be a successful trader, you must also have 13 personality traits. A trader may not have all these qualities or advantages, but he must have most of them. What he does not have cannot be the main obstacle to his trading success. Let's illustrate the importance of these characteristics from the mouths of several outstanding Wall Street traders. The following quotations are mostly from the book Market Wizards written by Jack D. Schweiger and Jack D. Schwarzer (literally translated as Market Wizards, also translated as Market Wizards or Financial Grinch). Thanks to the original author and Chinese translator for giving us a glimpse of the successful ideas of today's great contemporary traders.
? It must be pointed out that even if a trader has all the following characteristics, he may not be able to guarantee success-unless he has mastered the trading technology. In other words, if you don't master the trading technology-accurately speaking, the technology of thoroughly reading the K-chart-whatever you do, whatever you do is wrong! The so-called 13 personality traits include:
1, independent personality
? That is, independent decision-making and the courage to take full responsibility for the consequences of decision-making. Being keen on the so-called "gossip", relying on other people's immature thinking and irresponsible childlike personality have no chance of success. Jim rogers: "You are born with the ability to make the best decision for your own best interests. In most cases, you can make the right decision and take the right action through your own thinking, instead of following others' decisions against your will. The fact is that no one in the world has ever been successful in conformity. William O 'Neill: "Most investors invest in stocks by whispers, rumors, stories and the advice of some amateurs. In other words, they give their hard-earned money to others to invest, rather than bother to determine what they really want to invest. They would rather believe in other people's whispers than their own decisions. " Dr. Van Tapp, an expert in trading psychology: "If ordinary people are asked to list the reasons for their trading failure, the answers can be roughly divided into two categories. The first category is that they don't think they have problems, but complain about the market, brokers, insider trading, and even technical indicators or operating methods are wrong. Most people do have a tendency to complain about others and protect themselves. However, if you just complain about others, you may make mistakes again and again because you think everything is out of your control. When you know that you must be responsible for your own success or failure, you have mastered the key to successful investment. Successful people know that they are responsible for the results of their own operations, but unsuccessful people don't know. " Jesse Livermore: "Most people don't want to be told whether it is a bull market or a bear market. He wants others to tell him clearly that he should buy and sell certain stocks. He wants to get something for nothing, and he even wishes he didn't have to think about it. Even if he is allowed to pick up money from the ground, it will be too much trouble. "
2. Objective spirit
? In other words, the judgment and operation should be as close to the objective reality of the market as possible, and the more objective the trader, the greater the achievement. Michael Marcos, a Wall Street expert, said of Bruce Kovanna, another super trader: "I think he succeeded because he was objective. A good trader must not be rigid. If you find someone who can accept things in the world with an open mind, you will find someone who has the conditions to become a trader. " He also said: "In the past, when I lost money in trading, I often increased the price a lot, hoping to turn a loss into a profit, but this usually didn't succeed. Later, I changed to the method of subtraction until it was completely cleared. Sometimes it will be difficult to fight, but it may be better to stop trading altogether. I am not convinced by nature, so it is not easy for me to give up and stop trading. Every time there is a loss, the trading mode is: losing money, recklessly, or losing money, reducing business or stopping trading. My characteristic is that I am open-minded and willing to accept any information beyond my nature. For example, I met many excellent traders and finally spit out all the money they earned because they didn't want to stop trading when they lost money. When I lose money, I will say to myself,' You can't continue trading.' In addition, whenever the market trend is completely contrary to my forecast, I will say,' I had hoped to make a fortune from this wave of market, but I simply quit because the market trend is not as good as expected'. William O 'Neill: "Most investors can't observe the stock market objectively. They always choose their favorite stocks psychologically, hoping that these stocks will make them profitable, while ignoring the information revealed by the stock market trend. 3. Loving trading means full of "real interest" and "passionate desire" for the success of this undertaking. Napoleon Hill once said: "An ordinary wish cannot overcome disappointment, frustration, failure, criticism and all kinds of difficulties. Only when it is a passionate desire, an obsession and persistence, all this is possible. "Interest is the best teacher. When a person does what he is interested in, his initiative will be brought into full play. Even if you are tired and hard, you are always cheerful and happy; No matter how big the difficulty is, we will never be discouraged, but actively find ways, sum up experience repeatedly and resolutely overcome it. Edison is a good example. Edison worked hard in his laboratory almost every day 18 hours, eating and sleeping in it, but he didn't take it as a pain. " "I've never done a day's work in my life," he declared. I have endless fun every day. "No wonder he has made such a great achievement. In fact, everyone who is engaged in the work he loves infinitely can succeed. On the contrary, no one can make commendable achievements in areas that they are not interested in. " If work is a kind of enjoyment, life is paradise ",this sentence by the German poet Goethe actually expresses the same meaning.
Step 4 focus on winning
If you don't have the talent of genius, but you are more focused than genius, your achievements will far exceed genius. Facing this impetuous, noisy and tempting world, please sit firmly on your bench. David Ryan: "I love this job. Although I work 8 to 9 hours a day, I will spend several hours studying stocks when I get home from work. In addition, you will receive a lot of stock market statistics on Saturday, and it will always take three to four hours on Sunday. I think that if a person loves his job, he must have a greater chance of success. " Dr. Fan Taipu: "There are two main difficulties to overcome in order to be an outstanding trader. First of all, there is a lack of strong will to engage in financial transactions. No one can guide a person unless he wants to be an outstanding trader himself. I have never seen a person who is short of money become a successful trader. The second problem is that a person never feels that his operation is wrong. This kind of person never admits that he has made mistakes, so his mistakes will be repeated. " Ed scotta: "People who have a strong desire to win will certainly seek various ways to satisfy their desire to win."
5. Clean and subtle
? "Pure and subtle" expresses Confucius' evaluation of the Book of Changes in the Book of Changes: "When you enter another country, you can know its teachings. He is also a human being, gentle and honest, teaching poetry; Is far from telling, book teaching; Broad and easy to be good, "music" teaches also; Clean and subtle, "Yi" teaches also; Zhuang Jing and Li also teach; It is a matter of rhetoric, and it is taught in the Spring and Autumn Period. " It means peace of mind, calm mind and careful thinking. What it means here is that traders should have the ability to accurately grasp the market from the macro direction and micro details, while maintaining their inner openness and flexibility. Details are the most easily overlooked things. Jim rogers: "Investment is like life. Details are often the key to success or failure. So you can't ignore any detail, no matter how trivial it seems, you have to search and verify every news, as long as it is related to your investment decision, you can't take it lightly. Find answers to any questions or feelings that make you feel uneasy. The reason why most people are unsuccessful is that the research is not thorough enough and they only look at the information available at hand. " In futures trading, it is often not the most difficult to judge the macro trend, because it is leveraged trading, and the details become extremely important.
6. Be honest and seek truth
? A successful trader must be honest with others and himself, and take the pursuit of truth and truth as his lifelong task. He should have the insight to see the essence through illusion, the intuitive ability not to be deceived by beautiful and useless theories, and the inductive ability to go straight to the subject and refine the internal laws of objective things. Kyle wystan: "Trading strategies must be flexible to reflect changes in the market. The most common mistake most traders make is that their trading strategies are always the same. They often say,' Why the fuck is the market completely different from what I thought? "Why? Isn't life always full of unknowns? " Paul Dude Jones: "I will first predict the direction of the market and then explore it in a low-risk way. If I have been unsuccessful, I will change my view of the market. " Michael steinhardt: "A successful transaction must strike a balance between two conditions, which are: sticking to one's own views on the market and the flexibility to admit mistakes. To achieve the balance between the two, we need to accumulate mistakes and experience. Besides, you should be wary of your counterparties. You should always ask yourself: Why do you want to buy, but he wants to sell? What does he know that you don't? Finally, you must be honest with yourself or others. As far as I know, successful traders are pursuers of truth. "
7. Be brave in action
? Confidence and courage play a vital role in financial transactions. It takes courage to buy, it takes courage to sell, it takes courage to stop, it takes courage to hold for a long time, it takes courage to wait for the right trading opportunity, and it takes courage to stick to the original judgment when the situation is temporarily unfavorable to you ... All decisions need courage, and it takes courage to execute them. Without courage, traders can't move. Jesse Livermore: "The courage of speculators is the confidence to act according to their own decisions." Michael Marcus: "Courage is very important. No professional trader can be without courage. Successful traders must have the courage to try, accept failure, and climb the peak of success. " Gary Bedford: "A successful trader must have the following conditions: first, the most important thing is decisiveness, which I think many people have told you;" Second, we must be patient. If you have a good deal, you should seize it. Third, you should have the courage to enter the market, which comes from the abundant funds; Fourth, we must have the courage to admit defeat, which is also backed by funds; Fifth, you must have a strong desire to win. "But courage is not the same as recklessness. Larry hite: "don't confront the market, you are sure to lose." "
8. Be brave in self-discipline
? Everything related to patience or emotional management requires self-discipline. Without self-discipline, there will be no success. Self-discipline is needed after a big loss. Martin Schwartz: "My most memorable transaction happened in1982165438+1October 4th, when I lost $600,000 in one day. Whenever I encounter setbacks, my heart will be very uncomfortable. When most traders encounter heavy losses, they always want to get them back immediately, so they get bigger and bigger, hoping to recover the decline in one fell swoop. However, once you do this, you are doomed to fail. I scaled back my business immediately after the blow. What I did at that time was not to make much money to make up for the loss, but to regain my confidence in the transaction. I reduced the transaction scale to one-fifth or even one-tenth of usual. This strategy was later proved to be correct. Although I lost $600,000 in one day, by the end of the month, I always lost only $57,000. " Self-discipline is needed after a great victory. Paul Dodd Jones: "Every time I get hit, it's always when I get carried away." Ed scotta: "Sometimes I am proud of my ability, and then I face a terrible loss." It takes self-discipline to control one's desires. Martin Schwartz: "If someone wants to be a trader, my advice is to learn how to accept losses. To make money, you must learn to control losses. In addition, don't expand your position unless you double or triple your capital. Once most people start making money, they immediately expand their hands. This is a serious mistake, so serious that you lose everything. "
9. Be brave enough to admit your mistakes
? Martin Schwartz: "Why do most traders always end up losing money?" ? Because they would rather lose money than admit their mistakes. Most traders respond to losses by saying,' As long as I don't lose money, I will go out.' Why do we have to wait until we lose money? It's just a matter of face. I can be a successful trader because I can finally put down my face. Forget his pride and face, making money is the most important thing. When I can separate my self-esteem from making money and not making money, I will start to be a winner. In other words, since I can accept mistakes. Until then, admitting your failure is worse than losing money. I used to think I wouldn't make mistakes. When I become a winner, I will tell myself:' If I am wrong, I will go out quickly. Because there is a saying: if you stay in the green hills, you are not afraid of running out of firewood. I have to save some capital for the next transaction. Under this concept, I always put making money before maintaining my self-esteem, so I won't be too sad in the face of losses. I made a mistake once. What's the big deal? The most attractive thing about trading is that you always have room to improve your ability. People in other industries may be able to make up for their original mistakes in other ways, but as traders, they must face up to their mistakes, because numbers don't deceive people. Gary Bedford: "The so-called courage to admit failure means that in the face of failed transactions, you must be able to bear and let go, and you must never be disturbed by the failure of a transaction."
10, good at summarizing
? You should have the ability to distinguish right from wrong and the ability to combine theory with actual combat. Tom Baldwin: "The loser certainly doesn't work hard enough. Most new traders always think that the profit and loss probability of any transaction is 50 to 50. They don't want to increase their chances of winning. They are not focused enough to pay attention to the factors that affect the market dynamics. Actually, you can recognize it at a glance. There seems to be a wall in front of them. In addition, their perseverance and patience are not enough. They can't wait for the real trading opportunity to come, they want to enter the market. " Richard dennis: "My advice to novice traders is that you must prepare for the worst when you engage in every transaction, so you should operate a little." In addition, we should learn from our mistakes, don't haggle over the ups and downs of the market every day, pay attention to the direction of trading decisions, and don't worry about the success or failure of a single transaction. I learned the concept of earning back the loss without adding more money. In addition, I also learned that when I suffered heavy losses, my mood would be greatly affected and my judgment would be wrong. When a transaction loses money, it should be reduced. If the situation is really bad, then go out and consider the next transaction at intervals. "Ed scotta:" In the face of bad luck, I will reduce my business until I stop trading completely. "Adding chips when losing money and trying to turn over the book is tantamount to' self-destruction, not living'."
1 1, be patient.
It takes patience to wait for trading opportunities with high odds. Kyle wystan: "I seldom suffer losses in trading, because I always choose the best time to enter the market. Most people will not wait until the market is clear before entering the market. They always go into the forest in the dark, but I wait until dawn. Although the cheetah is the fastest animal in the world, it can catch up with any animal on the Great Plains. However, it always waits until it is sure enough to catch its prey before attacking. It may hide in the grass for a week, waiting for the right prey and the right time to appear. Choosing and waiting for the opportunity to launch an attack is one of my trading principles. " Patience is needed for a long time. Michael Marcus: "You must insist that the good cards in your hand continue to make money for you, otherwise you will not be able to make up for the money you lost." It takes patience to wait for the process from poverty to prosperity. Bruce kovana: "traders who are too ambitious will always screw up their trades in the end, and they will never be able to keep their profits;" There was once a trader whose intelligence and knowledge could only be seen in life, and his judgment on the market was extremely accurate. But I can make money, but he can't. His mistake is that he is too ambitious. I made a 1 contract, but he wanted to make a 10 contract. Finally, instead of making money, he lost money. "
12, indomitable
? Jesse Livermore: "Speculation is always the most attractive game in the world. However, it is not suitable for stupid people, people who are too lazy to think, people who can't control their emotions, or adventurers who want to get rich overnight. If they want to play this game, they will die of poverty. People should realize from the beginning that working in the stock market, like working in the field of law or medicine, also needs learning and preparation. Many people attribute my success to my luck, which is wrong. The fact is that I have been studying this subject very seriously since 15 years old, and I have devoted my life to this subject. " Bruce kovana: "I learned from Michael Marcos that besides moderation in trading, another very important thing is that you must learn to accept failure." Failure is nothing. Marcus told me that I had to use my own judgment to make a trading decision. Make mistakes, make persistent efforts. As long as you can devote yourself wholeheartedly, you will succeed one day. "No one can declare you a complete failure unless you admit it yourself. No matter how many times you lose money, you can make a comeback at any time as long as you restore your trading confidence.
13, physical and mental balance
? Know your own value, your own advantages and disadvantages, your own limits. Be clear about your mission and have a thorough understanding of life and human nature. Don't be too tired, don't take excessive risks, don't be trapped by emotions such as stress and anxiety, and don't do things beyond your ability. Lotte knows that life is satisfied. Richard dennis: "You must keep calm. After all, trading is only a small part of life. " . At the same time, for me, the failure of the operation will affect my mood and make me lose confidence in future transactions. If we only focus on short-term interests, we will ignore the overall situation. So I will try my best to avoid getting depressed because of the failure of the transaction. When the transaction goes well, I will treat it with a normal heart. If you are ecstatic about the success of the transaction, you will be even more disappointed when the transaction fails.