Monday, October 3, 2016

12 Traits of Successful Traders

The following are a list of traits successful traders have, which have allowed me to earn a nice income in the trading market after integrating them into my own strategy.

  1. The habit to purchase pullbacks in an uptrends. Purchasing at the proper pullback level generally leads to profits if others are fearful to do the same. I like to buy uptrending stock as the trend already prove that this is a profitable stock. To me the pullback is a discount.
  2.  Successful traders always use position sizing and stop losses to regulate their risk per trade. They won’t risk their lifestyle, capital or careers on any singular trade. Never lose your sleep or get worried over your position. It it does, I will reduce the position till my sleeping point.
  3. Having the ability to sell Short on strength at critical resistance levels. In a market that’s bound or down, having the ability to sell short after a substantial move may lead to profits, and the risk/reward ratio will be in your favor.
  4.  Successful traders tend ride the big trend, and enjoy trading within the path of least resistance in a particular time-frame. Ride the trend till it bend.
  5.  Successful traders are adaptable and can be bearish or bullish sporadically based on the market trend and price action.
  6.  Successful traders perform thorough research on price action trends and historical charts and to determine what is effective, and what isn’t.
  7. They are passionate to make profit in the market, you need the passion and energy to do this work as it does not pay you a fixed salary every month
  8.  Successful traders optimize their winning trades and minimize their losing ones. Keep the losses small.
  9.  Successful traders despise losing money, and as such, ensure that any loss they suffer is minimal.
  10.  Successful traders don’t surrender when they are burned out or have a string of bad luck. 
  11. Successful trader mostly started as losing trader, it is through hard work to turn losing trader to winning trader
  12. Successul Trader manage risk, if you got no money, you can't trade.

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