Top 5 Traits of Successful Traders

18 February 2020

    Believe it or not, being a successful trader takes a little more than just knowing how to work around the markets. Most experts agree that successful traders share a set of character traits that drive them to excel. What are they?

     

    1. Ability to keep a clear head

     

    Humans tend to get emotional, and we all know how hard it is to keep calm when your carefully-selected and well-planned trades go against you. Not giving in to panic and sticking to your trading plan is essential to profit-making, but it’s harder for some of us than others to make it happen.

     

    2. Patience, patience and more patience 

     

    Not only does trading require studies, it also takes time and will to practice your newfound skills. We previously talked about not needing a specific background or being a financial genius to make it in trading, but it doesn’t mean you’ll make billions from day one (even if you have the feel for your stocks/options).

     

    3. Discipline & Adaptability

     

    Not giving up when things don’t go according to plan, as well as not stubbornly sticking to a losing position when you see losses run too long. It’s a thin line of balance between being strong enough to hold on and flexible enough to know when to change position.

     

    4. Ability to see the bigger picture

     

    Understanding market cycles means having to look into the future. Long-term thinking, as opposed to short term selling before it’s time to, makes the core of a good trader.

     

    5. Independence

     

    Trading isn’t your typical office job, so it’s possible that sitting by the monitor all day may make you feel a little alone. Furthermore, some find it hard to work by themselves and concentrate on what they have to do without a team of colleagues. This often prompts people to follow other traders' advice on third-party forums, and open trades that don’t match their trading plan.

     

    Now, if you don’t think you possess some of these traits, don’t fret! Good traders aren’t born, they are created. All it takes is some practice and self-work.

     

    Information Source: https://bit.ly/2vIWpQB

     

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