Five Characteristics of Successful Traders
Saturday, 15. August 2009
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Successful traders do tend to share some common traits. One such trader, nicknamed Big A, has pinpointed 5 charactristics:
1. You will find all successful traders had a mentor. That’s a reason for adopting a mentor who has proven success. If you can learn a system from a successful trader, that will give you a head start.
2. Remaining emotionally detached is essential to successful trading, and successful traders do just that. Once you have entered a trade, you need to ask yourself if you can hold position until the pre-planned exit strategy is met? It can be dangerous to watch your trading account too closely, because of the emotion of watching your account soar. His after market trading plan eliminates 99% of emotion.
3. Successful traders resist the temptation to make things happen. If you try to force the market and enter too early because “you know it’s going to go up” you will get hurt. The key is to be a follower, not a leader. Follow your system (if it’s a proven system) and don’t make things happen outside of it. Impulsive, trigger happy mouse clicking should be done on a demo account, not live with your money. Just don’t think when you get lucky a few times that it’s ok to “make things happen”. That is exactly why you should stick with the system you are using; deviate and die.
4. Successful trades are prepared. It is vital to not only have a trading plan, but stick to it whatever the market might be doing. You must learn how to plan every trade, simply and quickly. As an example, with the system used by BIG A, you need only trade for 5-10 minutes every trading night.
5. Traders who succeed usually expected to, and become rich at the same time. Are you able to imagine yourself rich? Successful traders have had this vision. Do not restrict yourself. The idea of prosperity should be within you before it can manifest outside. If not, your account may suffer as it reaches new heights due to a feeling you do not deserve riches. Thinking how to overcome any psychological barriers to success is imperative. That is something with which your mentor can help.
Big A actually has his own exchange traded funds trend trading course, in which he teaches his own system of day trading for exchange-traded funds.
