General discussion : What makes you a good sports trader?

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brimson25
Posts: 260
Joined: Sat Apr 08, 2017 11:42 am

Tue Feb 13, 2018 10:59 am

I'm a new poster to the forum, from a gambling background. I'm trying now to take trading seriously.

I watched Peter's video at the matchbook conference. He said he regarded his performance as being something of an outlier. It got me thinking about what makes an excellent trader.

I'd be really interested in what more experienced people here think. Attributes that seem to me to be useful are: mathematical sense, some underlying knowledge of the sport (I think the importance of this varies depending on what kind of trading you're trying to do), discipline, calm temperament, eye for opportunities, adaptability. Perhaps I've missed some.

I have no sense how important each element is to the mix.

Another interesting angle is what are your most obvious deficiencies? What do you wish you could do better?

Sorry if this is in the wrong place - and thanks for any views. Cheers.

Derek27
Posts: 2588
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Tue Feb 13, 2018 3:04 pm

Hi Brimson, welcome to the forum.

I reckon discipline is the most important attribute for any trader and often a trader's biggest weakness. Being able to stay calm and in control when markets go berserk, cutting and accepting your losses and not letting it affect you on your next market. All other skills are useless when you lose discipline.

Knowledge of a sport is useful but not essential when you're cold trading as long as you are aware of your lack of knowledge (known unknown). An eye for opportunities and adaptability to changes in the exchange are important as the exchange is always evolving - I wouldn't like to be stuck with a single strategy for years only to find at some point it no longer works.

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LeTiss
Posts: 4206
Joined: Fri May 08, 2009 6:04 pm

Tue Feb 13, 2018 3:31 pm

Derek27 wrote:
Tue Feb 13, 2018 3:04 pm
I reckon discipline is the most important attribute for any trader and often a trader's biggest weakness. Being able to stay calm and in control when markets go berserk, cutting and accepting your losses and not letting it affect you on your next market. All other skills are useless when you lose discipline.
Go along with that

brimson25
Posts: 260
Joined: Sat Apr 08, 2017 11:42 am

Tue Feb 13, 2018 3:51 pm

Thanks for the replies.

I've been pondering the adaptability issue. Perhaps I'm thinking about it the wrong way, but this seems directly opposed to those who will tell you that specialisation is important.

At the moment, I'm doing a bit of everything to see what I like. I have a nagging feeling that I'll have to decide what I want to do most soon though.

Derek27
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Location: UK

Tue Feb 13, 2018 4:13 pm

There's certainly nothing wrong with trading multiple sports. I only trade horse racing markets but it's still important to be able to adapt your style of trading to suit the nature of the market. Markets have generally become more volatile than a few years ago so I gradually moved away from scalping and did more swinging.

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ShaunWhite
Posts: 3347
Joined: Sat Sep 03, 2016 3:42 am

Tue Feb 13, 2018 4:15 pm

brimson25 wrote:
Tue Feb 13, 2018 3:51 pm
Thanks for the replies.

I've been pondering the adaptability issue. Perhaps I'm thinking about it the wrong way, but this seems directly opposed to those who will tell you that specialisation is important.
I think adaptablity probably refers to being able to modify a preconception more than just having a go at a few different things.

I'll +1 LeTiss's & Derek's comments. It all comes down to discipline, whether it's money management, psychology, patience, or just the sheer number of hours it takes aside from just clicking on numbers, they all come back to the d word.

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ShaunWhite
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Joined: Sat Sep 03, 2016 3:42 am

Tue Feb 13, 2018 4:28 pm

I saw this list once somewhere which seemed reasonable but overcomplicated,

Discipline - Don't go off your plan
Decisiveness/confidence - As in poker, scared money doesn't win.
Focus - Don't get distracted
Commitment - Self explanitory
Patience - Don't get click happy
Acceptance - Don't dwell on past results ('past' might be 10s ago)

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Dallas
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Joined: Sun Aug 09, 2015 10:57 pm

Tue Feb 13, 2018 4:33 pm

ShaunWhite wrote:
Tue Feb 13, 2018 4:28 pm
I saw this list once somewhere which seemed reasonable but overcomplicated,
I'm sure I have seen this quote once from a wise old man some where ;)

"I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen"

Undercomplicated and sums it up.

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ruthlessimon
Posts: 1266
Joined: Wed Mar 23, 2016 3:54 pm

Tue Feb 13, 2018 4:46 pm

Derek27 wrote:
Tue Feb 13, 2018 3:04 pm
I reckon discipline is the most important attribute for any trader and often a trader's biggest weakness. Being able to stay calm and in control when markets go berserk, cutting and accepting your losses and not letting it affect you on your next market. All other skills are useless when you lose discipline.
There's more to it than just that

"I'm going to back every favourite with a 10 tick target & a 10 tick stop"

If that trader does that for a yr, I'd say he's pretty disciplined. But is he going to see progress, & make it as a proficient trader - absolutely not! & that lack of progress, will cause crazy apathy, leading to a loss of discipline, leading to his failure.

I think the "out-of-trading-hours" discipline is far more vital. Spending 30mins every day trying to learn a little bit more VBA code, 30mins a day catching up with other traders, 30mins a day testing that idea you've had for yonks, 30mins a day proving what you do even has an edge - could someone do that, with the same intensity for 1yr straight - whilst seeing no progress in their trading? That's the true test of discipline.

What Euler, Dallas, Tiss do in their mornings & late nights. That's the discipline I want - which in turn - will breed the market hrs discipline. But the off-hrs discipline has to come first

Derek27
Posts: 2588
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Tue Feb 13, 2018 4:52 pm

ruthlessimon wrote:
Tue Feb 13, 2018 4:46 pm
Derek27 wrote:
Tue Feb 13, 2018 3:04 pm
I reckon discipline is the most important attribute for any trader and often a trader's biggest weakness. Being able to stay calm and in control when markets go berserk, cutting and accepting your losses and not letting it affect you on your next market. All other skills are useless when you lose discipline.
There's more to it than just that
That wasn't intended to be a comprehensive list. :)

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