20 Traits Required To be a Successful Trader

• Don't dig yourself into a hole early in the day or in your career. Be willing to observe the market & make an informed decision. Missed money is better than lost money, so wait patiently for the best opportunities to arrive.

• Trade with a blend of anticipation & confirmation. Balancing these two will mean that you adopt a system of "if this happens, I will do that." Wait for your pitch! 

•         Beware of your trading process following a winning streak. Many will make money in the market, but discipline is required to KEEP it. Stay on your guard @ all times!

• When you lose, don't lose the lesson! Forget the names but remember the events. Those who don't remember the past are doomed to repeat it. Make mistakes with composure & character, without blaming others & Don't dwell on mistakes. 

•  When in doubt, get out. Be willing to change direction at any time, because your flexibility as an individual investor is a big advantage which should be embraced!

• You are too greedy. Thinking abt trading profits instead of how u could better execute your plan is an obvious sign of greed.

• Evaluate your results at least monthly. Reviewing these results helps u continually improve your understanding of the markets & yourself. 

• Finally (perhaps most important), always be patient. Long-term patience will keep your confidence & optimism high, & short-term patience will help u wait for the best trades. Success doesn't come easy, and rarely are fortunes made overnight. Sometimes traders find themselves clicking into trades just to be involved with the markets.

• Do u find yourself making acceptances for your trades tht are not in your plan?  What causes this? Is it a need for action? Is it a need to be right? Is it a fear of missed opportunity? One of the reasons many traders struggle - over trading or forcing the trade. 

• The most common misconception among new traders is tht they have to constantly be in the market. 

• Remember it's not the quantity of trades u take, but the quality of your trades u take. 

• By being in the market all the time the trader does not give him or herself a chance to pause and will eventually lose because of the unfavorable market conditions. 

• Don't force trades just because you feel you need to be in the market. 

• Trading out of boredom is the worst reason to be in the market. You need to have PATIENCE 

• Patience is one of the keys to becoming successful trader. 

• Patience will keep you from overtrading. 

• Patience will give you enough time to observe & look for a potential setup for the next trade. 

• Trading is all about probabilities. You must make many trades to get the law of averages to work in your favor. 

• You blame others when the full responsibility is yours. Accepting responsibility is the fulcrum point for succeeding in anything, especially trading. Doing something about it is the criterion. Execution is the reward, not the money. Money is the by-product of executing to plan. Do not blame the broker for a bad fill, when it was you who hesitated. This is just one example, but we are all aware of many others.

• Losing traders often take themselves quite seriously and seldom find humor in market analysis or the trading environment. Successful traders are often the funniest and most imaginative people you will ever meet. They take joy in trading and are the first to laugh or relate a funny story. They take trading seriously, but they are always the first to laugh at themselves.