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Once this is done, you have three steps completed: you know why you trade, you know what you want from your trading and, you know what style of trading is for you. |
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These first three sections have helped you to build a solid foundation for trading. You may not even realize just how important this preparatory work has been. But our experience shows that the time and effort you have spent here is certain to pay dividends. |
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Characteristics of Successful Traders |
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Can we learn from the great traders? What characteristics do they possess? What are their capabilities? Can we model them? |
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Over the years, when we ask traders to describe the very best traders they know, we always hear the same descriptions. The best traders are: |
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Motivated. They clearly understand why trading is important to them and they are in it for more than just the money. |
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Goal-oriented. They clearly understand what they want to achieve and their goals are realistic and measurable. |
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Self-aware. They know their strengths and weaknesses and have learned to take advantage of both. |
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Self-reliant. They take full responsibility for all of their actions. |
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Knowledgeable. They understand the markets and use strategies and tactics that work for them. |
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Confident. They are optimistic. The knowledge they possess allows them to expect positive results. |
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Focused. They are intense and are not distracted by the "noise" in the market. |
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Disciplined. They stay on their plan and within their trading rules. |
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Positive. They have a positive state of mind and can "roll with the flow" without emotion or confusion. |
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Independent. They are not trading to please others. |
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Flexible. They can adapt and adjust unemotionally. |
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Realistic. They can separate a loss from being a loser. |
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Winners. They play to win instead of "not to lose." |
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Automatic. They react automatically. They internalize their trading concepts, then save time by acting unconsciously according to their chosen strategy. |
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