What traits separate the minority of profitable traders from the the majority of unprofitable traders in the markets?
Here are the 12 key traits I have seen and studied over the past three decades in the financial markets that separate successful traders from the unsuccessful ones that don’t make it.
- From the start the traders that are successful are committed to doing the needed work to overcome the learning curve.
- Profitable traders develop a trading system with a positive expectancy model.
- The traders able to develop a trading system that fits their own personality, risk tolerance, and return goals have the best odds of long-term success.
- Profitable traders express their trading systems through trading plans to execute the process in real time step by step.
- They maintain enough self control to overcome their egos and emotions.
- Successful traders track their results and learn lessons from both past mistakes and successes. What you measure you can improve.
- Profitable traders are humble and seek profits as their goal not trying to prove they are right or show off predictions.
- Traders that make money have the edge of patience, they are patient to wait for their set up, they are patient with letting their winning trades run, and the only thing they don’t have patience with is losing trades as they cut them when proven wrong.
- The best traders have no issue in taking their trading signals. They have faith in their strategy and faith in their self to follow their trading plan.
- They have big wins, small wins, small losses, and break even trades but have eliminated big trading losses from their process through proper position sizing and trade management.
- Successful traders tune out the outside noise of news and talking heads and focus on their own signals.
- The traders that make it long-term in the markets are the ones committed to being life long learners.
