Five Characteristics of Successful Traders
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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 find an honest successful trader who will teach his system, as it is and as it made him successful, then you will succeed faster than by using trial and error in your trading.
2. Keeping yourself detached emotionally, from your trades and the markets, is essential to trading success. Once you enter a trade, are you willing to forget about it until your pre-determined exit strategy is met? While it can be fun to closely monitor a soaring trading account, watching it too closely can in fact be quite dangerous. 99% of emotion can be removed with his after market trading plan.
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 secret is to be a follower, not a leader. If you have a proven system, follow it, and don’t try to make things happen outside of the system. If you are impulsive with clicking the mouse while trading, then make sure you do it on a demo account, and not live. Just don’t think when you get lucky a few times that it’s ok to “make things happen”. That is the whole reason for using a system and milking the slight edge it gives you.
4. All successful trades are pre-planned. It is vital to not only have a trading plan, but stick to it whatever the market might be doing. You must know how to easily and speedily plan every single live trade you make. For example, in BIG A’s system, you only need to trade each night for 5-10 minutes after learning the system.
5. Those traders who succeed usually have an expectation of being rich. Can you picture yourself wealthy? Successful traders have had this vision. Don’t limit yourself. Prosperity must be on the inside of you before it is on the outside. If not, you may even sabotage your own trading account trhough negative thinking about what you deserve or don’t deserve. Thinking how to overcome any psychological barriers to success is imperative. Your mentor can help you with that.
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.
