{"id":87599,"date":"2016-04-03T10:46:01","date_gmt":"2016-04-03T14:46:01","guid":{"rendered":"http:\/\/countingpips.com\/?p=87599"},"modified":"2016-04-03T10:54:23","modified_gmt":"2016-04-03T14:54:23","slug":"top-6-characteristics-of-a-successful-trader","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/04\/top-6-characteristics-of-a-successful-trader\/","title":{"rendered":"Top 6 characteristics of a successful trader"},"content":{"rendered":"
April 3, 2016<\/div>
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By Admiral Markets<\/b><\/p>\n

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Dear Traders,<\/p>\n

Managing hundreds of thousands of dollars can be very stressful. <\/p>\n

Putting in multiple decades at a trading station, teaches you not to bring that stress home with you.<\/p>\n

However, it is easier said than done. <\/p>\n

To be a successful trader, you need to have certain personality or character traits. <\/p>

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But be aware – gaining these traits is not easy. <\/p>\n

The most rewarding things in life come from the result of hard work and commitment, which in turn generates opportunities. <\/p>\n

So what are the traits of these successful traders? <\/p>\n

Discipline <\/h2>\n

Either you are going to be a trader or you are not. <\/p>\n

There is no middle ground here. <\/p>\n

No matter how badly you trade, the only fatal<\/em> trading mistake you can make is blowing out your account and exhausting your equity completely. <\/p>\n

Anything short of that, you can recover from and still become a profitable trader. <\/p>\n

Discipline will definitely help you recover even after some serious losses. <\/p>\n

Make a plan and remember that even if you already have discipline – you need to exercise it consistently. <\/p>\n

Reactiveness<\/h2>\n

It can be very dangerous if you overreact and make quick decisions without thinking. <\/p>\n

For that reason, you need to do a proper analysis<\/a> and react correctly once an opportunity arises. <\/p>\n

Traders who hesitate pulling the trigger either:<\/p>\n

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  1. don’t have confidence in their trading strategies; or <\/li>\n
  2. are too afraid of losing the money e.g. not accepting the loss.<\/li>\n<\/ol>\n

    Experience will shape you into a reactive trader.<\/p>\n

    Patience<\/h2>\n

    You need to learn to protect your trade<\/a> especially when the market is very volatile or very calm. <\/p>\n

    Before entering a trade, you need to know your Stop-Loss and your potential profit target. <\/p>\n

    Pre-determining these levels will eliminate impulse trades – trades that are placed based off your gut feeling. <\/p>\n

    The market is like a shadow: <\/p>\n

    …if you chase it you will never catch it\u2026<\/p>\n

    …but if you stand still, it will come to you.<\/p>\n

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    Be down-to-earth<\/h2>\n

    I have always been realistic in my goals. <\/p>\n

    Having a realistic plan and routine<\/a> has saved me a lot of trouble during bad market days. <\/p>\n

    Every trade you make, takes some of your mental attention and energy. <\/p>\n

    There’s no point in wasting that energy on trading in a market that’s just lying dead in the water for hours. <\/p>\n

    If that happens, I cut the trade because I know there will always be another chance.<\/p>\n

    Be quick to cut your losses short and patient enough to let your profits run. <\/p>\n

    The moment you find yourself praying for a trade to reverse, get out of it.<\/p>\n

    Remain calm<\/h2>\n

    It’s easy to get excited when everything is going well, but it’s how you respond to stressful events that counts. <\/p>\n

    One of the personality traits of successful traders, is to remain calm when the going gets tough. <\/p>\n

    A successful trader knows how to control his emotions.<\/p>\n

    And although he feels both the thrill of a win and the ache of a loss:<\/p>\n

    \u2026 he refrains from impulsive, emotional reactions to the market… <\/p>\n

    …and remains calm in every situation.<\/p>\n

    So many times I have mentioned that being euphoric<\/a> will get you nowhere. <\/p>\n

    As soon as you feel euphoric – stop trading for the day.<\/p>\n

    Losing your temper once in awhile is forgivable – but doing so on a regular basis will show that you don’t have control of your emotions.<\/p>\n

    Keep learning<\/h2>\n

    Markets constantly change. <\/p>\n

    One of the reasons why you should visit important educational webinars<\/a> is to stay in touch with both trends and ever-changing market conditions. <\/p>\n

    Have you ever wondered why once great trading systems don’t work in today’s market? <\/p>\n

    It is simply because they are not adapted to the current market conditions.<\/p>\n

    Successful traders have the ongoing ability to learn new skills, markets and strategies. <\/p>\n

    They are very competitive, possessing a relentless drive for self-improvement and constant learning.<\/p>\n

    During the years of trading and talking to my trading buddies, I have come to realize that (at least for us men<\/a>):<\/p>\n

    …the most successful traders get some kind of fulfillment from the act of trading in itself… <\/p>\n

    …and that a monetary measure of success can be secondary. <\/p>\n

    We enjoy trading, and you as a successful trader should enjoy trading too.<\/p>\n

    Have you ever felt helpless during trading?<\/p>\n

    Did you sweat and pray for your trade to reverse? <\/p>\n

    If the answer is positive to both questions, then watch some tips on how to remain calm and in control below. <\/p>\n

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