Monday, July 11, 2005

Aspiring to Trading Greatness

What makes a great trader? In the 1983 movie "Trading Places," Eddie Murphy (a wily street con-artist) and Dan Akroyd (an ivy-league heir and investor) had their identities reversed by two wagering millionaires. Could Eddie Murphy, with no prior experience, succeed in the trading pits? Could Dan Akroyd pull himself out of forced homelessness with nothing but his own smarts? The comedic pair ultimately outwitted their interlopers and made a killing in "Frozen Orange Juice" futures. Yet the question those two devious millionaires gambled on remains unsolved, is it innate skill or life experience that makes a trader great?

Occasionally we work with traders. Sometimes we help them get out of a "slump". Sometimes they're already good, and we help them become great. Because of the high level of interest in what makes traders great, and the large amount of really poor information on the subject, I'm posting a list of the characteristics of great traders.

This list is a compilation of the results of academic research into the elements of trading success. Since these are academic studies, the results aren't necessary simple to understand, but it's the closest thing we've got to help us emulate the minds, if not the strategies, of great traders.

CLICK HERE for the trading success factors.


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