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+--- Thread: Do you need to have social/networking skills to be successful in trading? (/thread-109501.html)
Do you need to have social/networking skills to be successful in trading? - BadBoyNiceGuy - 03-12-2014 06:32 PM
I like business...I really do because I have become greedy for money and it seems like easier work compared to other jobs.
I like finance because it seems like you are doing no work at all...it seems like you are smarter then the rest and are making money the smart way.
The reason I am discouraged from business is because I do not have good networking skills. I am also very short at 5'5. It is said and even statisticly proven that tall guys are better in business. Good looking guys as well as girls seem to also do well in business as they are generally likable people. It makes sense to me.
But when trading on the markets...does all this really matter? You are making strict deals on the market and it doesn't matter who is on the other side right?
Though I am still learning about trading and finance, I do still notice that even people in the stock business host networking parties. Is this in order to get investors to give you money ?
- ForexBandit - 03-12-2014 06:42 PM
If you want to trade from your home computer, everything you just mentioned is irrelevant. You could be an ugly midget without any friends sitting at your computer, naked, trading in the financial markets and it wouldn't affect your performance. Essentially what it boils down to is your intelligence. If you're not that smart, odds are you're not going to make it very long trading/investing.
- David - 03-12-2014 06:57 PM
It has nothing to do with any of that high school crap of how many friends you have or whether you have buck teeth. It all depends on your ability, aptitudes and attitude. Google "success principles." It's the same with trading but with a hitch. There is a psychological aspect that no newbie can see in the beginning. It's the reason 80% of all new traders fail in the first year. "Intelligent" people tend to ignore this aspect of trading because they are used to being in control, and fail just like normal humans in disregard of it. Doctors and lawyers make some of the worst traders, for this reason.
It is a horribly difficult vocation that is almost impossible without the structure and help of an organized trading environment. It takes years to sort out what works for you, which time frame, risk level and methods are best for you.
There are plenty of good trading methods and strategies to employ, but best to learn investing first.
Five Minute Investing: How To Evaluate A Trading Strategy
http://www.investopedia.com/university/fiveminute/fiveminute6.asp
You ask, "You are making strict deals on the market and it doesn't matter who is on the other side right?" You will never know who is on the other side of your trades. There is no way to know who is on any side of any trade. That information is private. Since you can't "know" anything about all other market participants, you can't possibly "know" anything at all about future price, and neither can any "expert." That would require us to be psychic.