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Top Traders Unplugged

BO55: What Does It Take To Be A Successful Trader?

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8670 Ratings

🗓️ 10 April 2020

⏱️ 3 minutes

🧾️ Download transcript

Summary

Bill Dreiss shares his opinion on what it takes to be a successful Trader.

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Transcript

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0:00.0

Let's jump on to the last section then.

0:05.0

You can think of, you can always come back to it.

0:07.0

But the last section I have that I wanted to ask you a little bit, but I call it general

0:11.0

and fun.

0:12.0

It's a little bit of everything sort of put together at the very end.

0:18.0

The first thing I wanted to ask you is, what do you think it takes to become a good trader?

0:24.7

And what does it even mean to be a good trader?

0:27.3

I don't know.

0:28.2

And the reason I say that is I have friends.

0:31.0

I have a friend who's a high frequency trader.

0:33.5

I have friends that, you know, I know, I read about,

0:36.6

I don't, you know, I read about people like, you know, Warren Buffett or George Soros or whatever.

0:42.2

No, I think that there's a, you know, a wide variety of possibilities in terms of trading approaches.

0:50.5

And I think, of course, it goes without saying that people would tend to pick a trading approach that fits their personality.

0:59.0

But I guess the bottom line for me would be discipline.

1:03.0

And that is, I think that anyone who's a successful trader long term has developed a discipline.

1:10.0

And in fact, I think that all successful traders are systems traders.

1:14.3

They just don't maybe characterize themselves as that way.

1:18.2

But I think as a trader becomes, you know, more and more experienced, he becomes more and more disciplined in terms of his whatever approach that he or she is using.

1:33.5

And so the advantage is to being a systems trader is that you enforce that discipline from the get-go,

1:40.1

even though I'm sure everyone, you know, has learned that it's extremely, you know, it's one thing to, to implement a system, it's another thing to stick with it.

1:50.5

And so, but to me at least, that's easier than having to, on a day-to-day basis, you know, sort of re-renew that discipline, which would be very difficult

...

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