What a Trader needs?

I have been asking myself what it takes to be a trader that trades for a living.  It took me months before I get to find out the answers.  That's right, answers - plural form. 

Most of us would start out looking for systems, strategies or techniques to trade.  They do form the various components of the answer, but they aren't the answers.  Like any profession or business, it order to survive and do well, you need a framework.

What is a framework?  It is a set of thought processes, execution procedures and management rules.  They are required to govern the day to day operations, set pace towards achieving the goals set, and to manage the exceptions that surface every now and then.

As a trader, the thought processes would largely involve analysis and the decisions to put on a trade.  And having a consistent approach to our trades provides us the when and how to get into trades.  However, what directly affects our P&L or bottom line is how we manage the entire business of trading.  I strongly believe if we have all these being pieced up together, profitability would become a by product.