My have tried to answer the attitude survey questions and those are my personal view.
Just want to say this questions are so critical that they can make or mar your trading career.
I have been trading for almost four year now. I have seen some success with lot of failure,until i visited "http://tradeinniftyonly.blogspot.com/" .Now I have become consistent by following simple SAR method.
Answer to below questions are my personal opinion.
1. To make money as a trader you have to know what the market is going to do next.
No. I just need to know my edge. My edge will define my profit and Loss. Edge means tried and tested trading plan. Because I know following my plan over long period of time will automatically bring money to me.
2. Sometimes I find myself thinking that there must be a way to trade without having to take a loss.
No. There is always a Loss. Every time my edge tell me to take position in the market .Sometime it work and some time it doesn't. An edge is nothing more than an indication of a higher probability of one thing happening over another. Remember ,probability is not guaranty.
3. Making money as a trader is primarily a function of analysis.
No. Just follow your trading plan and ignore everything.Making money as a trader is primarily a function of following your trading plan.
4. Losses are an unavoidable component of trading.
Yes. Every time I make entry to market, there is every chance of stop loss getting hit. However, we should have a believe over longer period I will make money by following my trading plan.
5. My risk is always defined before I enter a trade.
Yes. We should define our risk before we enter a trade .If we are uncomfortable with the risk we should simply ignore the trade and move on.
6. In my mind there is always a cost associated with finding out what the market may do next.
Yes. An edge is nothing more than an indication of a higher probability of one thing
Happening over another. But at the end it is just a probability and not guaranty.
7. I wouldn't even bother putting on the next trade if I wasn't sure that it was going to be a winner.
We will never know what next trade will be winner or a loser. I need to take all the trade to make consistent money. There is a random distribution between wins and losses for any given set of
Variables that define an edge.
8. The more a trader learns about the markets and how they behave, the easier it will be for him to execute his trades.
I just need to define my edge and follow it religiously .I don’t care about anything else. Ignorance is bliss.
9. My methodology tells me exactly under what market conditions to either enter or exit a trade.
True .Trading plan define your entry ,exit and Risk management.
10. Even when I have a clear signal to reverse my position, I find it extremely difficult to do.
No. We should improve it by following our trading plan seriously.
11. I have sustained periods of consistent success usually followed by some fairly drastic draw-downs in my equity.
True.There is a random distribution between wins and losses for any given set of
Variables that define an edge.
12. When I first started trading I would describe my trading methodology as haphazard, meaning some success in between a lot of pain.
True.but later I have improved by learning and continuous improvement.
13. I often find myself feeling that the markets are against me personally.
No -Market is not that intelligent. I just need to know my edge. My edge will define my profit and Loss.Initially I felt like market is doing exact opposite to my position.
14. As much as I might try to "let go," I find it very difficult to put past emotional wounds behind me.
True. Continuous improvement and following your trading plan will make it slowly fade it away.
15. I have a money management philosophy that is founded in the principle of always taking some money out of the market when the market makes it available.
True. Just define the role of exit management (take some money out and let rest follow).
16. A trader's job is to identify patterns in the markets' behavior that represent an opportunity and then to determine the risk of finding out if these patterns will play themselves out as they have in the past.
True ..............Very ,very true.
17. Sometimes I just can't help feeling that I am a victim of the market.
No. We can really be victim of not following our trading plan and not defining our edge properly.
18. When I trade I usually try to stay focused in one time frame.
Dual time frame guaranty better success. Always we need to have bigger picture in mind.
19. Trading successfully requires a degree of mental flexibility far beyond the scope of most people.
False .just follows your tested plan and ignores everything. Ignorance is bliss.
You don’t need to be intelligent to make money in market .You need to follow Tested plan over long period of time and success will automatically follow.
20. There are times when I can definitely feel the flow of the market; however, I often have difficulty acting on these feelings.
True. I need to improve and follow our plan regularly.
21. There are many times when I am in a profitable trade and I know the move is basically over, but I still won't take my profits.
Just define the role of exit management (take some money out and let rest follow).
22. No matter how much money I make in a trade, I am rarely ever satisfied and feel that I could have made more.
I never know what will happen next .My trading plan should define entry and exit. I will just follow my plan. Just define the role of exit management (take some money out and let rest follow).
23. When I put on a trade, I feel I have a positive attitude. I anticipate all of the money I could make from the trade in a positive way.
Feel positive by following your trading plan.
24. The most important component in a trader's ability to accumulate money over time is having a belief in his own consistency.
True.
25. If you were granted a wish to be able to instantaneously acquire one trading skill, what skill would you choose?
Follow my trading plan and trade in the moment.
26. I often spend sleepless nights worrying about the market.
No.I would rather prefer sleepless nights for improving my plan.
27. Do you ever feel compelled to make a trade because you are afraid that you might miss out?
I have got away from this by following my plan .
28. Although it doesn't happen very often, I really like my trades to be perfect. When I make a perfect call it feels so good that it makes up for all of the times that I don't.
I would like to make trade entry of my plan rather concentrating on it being perfect or imperfect.
29. Do you ever find yourself planning trades you never execute, and executing trades you never planned?
I have got away from this by following my trading plan .
30. In a few sentences explain why most traders either don't make money or aren't able to keep what they make.
Proper money management is needed to retain the money you have or what you have earned.
Consistently follow your trading plan ……………………Success will follow.
