Video 06: Personality Traits of Successful Traders

Question 1

What is a disciplined trader?

Answer 1

Doing what’s right, when you don’t want to do it.

Question 2

True or False: If feeling confused, agitated or impatient, then don’t take the trade

Answer 2

True

Question 3

True or False: I must accept that the market might do opposite of what I believe. That it will do the opposite 40% of the time

Answer 3

True

Question 4

True of False: Small Doji is a weak sell signal bar

Answer 4

True

Question 5

True of False: A great experienced trader recognized quickly when he places a bad trade and immediately fixes it. A great trader develops a reflex, of immediately admitting to himself that his trade was self-indulgent. He immediately gets out. Listen to what the market is telling me.

Answer 5

True

Question 6

True or false: Most trading is unclear, and rarely more than 60% certain. Clarity exists only briefly (strong breakouts)

Answer 6

True: Uncertainty is the only certainty. Knowing how to live with insecurity is the only security.

Question 7

What is the Navy SEAL rule?

Answer 7

When your mind is telling you, “I am done!”, you are only 40% done. There is a lot more to learn.

Question 8

Swing traders looking for big trends have to be…

Answer 8

Comfortable with losing most of the time, Able to hold for big gains despite constant attempts to reverse.

Question 9

Scalpers have to be extremely good at:

Answer 9

Winning 90% of the time. Find high probability trades. Make quick accurate decisions. (most cannot maintain this long term. Most should swing trade where reward is at least 2X risk).