What Are the Common Traits of Successful Traders?
Professional Traders Common Success Factors
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Successful traders seem to have certain characteristics in common. One such trader, nicknamed Big A, has pinpointed 5 charactristics:
1. It is usual for successful traders to have had a mentor, even after achieving success. That is why it is a great help if you can adopt a mentor with proven success. You can accelerate your learning by having a mentor who is prepared to teach you his successful system.
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? As BIG A admits, it can be great fun to see your tading account soar upwards in a few days, but paying too close an attention can be dangerous. Be disciplined, and his after market trading plan will eliminate 99% of emotion.
3. A successful trader will not try to lead the market and outwit is. Trying to force the market is financial suicide. The secret is to be a follower, not a leader. The idea of using a proven trading system is to follow it in a disciplined way; don’t venture outside of it. If you are click happy with your mouse, then make sure you do it on a demo account. Just don’t think when you get lucky a few times that it’s ok to “make things happen”. That is precisely why you should use a system, stick with it, and profit from the edge it gives you.
4. Preparation is essential for every successful trade; an unprepared trade is a gamble. It’s very important that you have a trading plan and that you stick to it. You need to know how to plan each trade quickly and easily. 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. Close your eyes and see if you can imagine yourself wealthy? A successful trader is able to. Do not restrict yourself. The idea of prosperity should be within you before it can manifest outside. If not, you may even sabotage your own trading account trhough negative thinking about what you deserve or don’t deserve. It is important to learn how to think and overcome any hidden physiological obstacles that are hindering you from success. You can ask your mentor to help you with that.
Big A actually has his own ETF Funds trend trading course, in which he teaches his own system of day trading for exchange-traded funds.
