6 Character Traits of Successful Traders (Do you have them?)

By: ShortMeTina

This list by no means, is an end all, be all but I got to thinking and wondered; is there something successful traders share in common?  While I don't know every single successful trader to compile an "error proof" list; I can't imagine being a successful trader without the attributes listed below.  

1. Resilience 

An ability to recover from or adjust easily to misfortune or change. 

You will be tested time and time again in the markets.  You will get knocked down quite often and for extended periods of time.  Your ability to bounce back or to be resilient will determine your level of success in the markets

2. Patience

The capacity to accept or tolerate delay.

Over-trading will lead to poor trading and mounting losses.  Possessing the ability to wait for a good trade or wait for favorable set-ups will require your patience.

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3. Confidence

A feeling of self-assurance arising from one's appreciation of one's own abilities or qualities.

At the end of the day, it is you and only you staring at your computer screen.  Lacking the confidence to enter a trade; get out of a trade or to trade period, will only lead to subpar performance.  You must possess a high degree of confidence. 

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4. ​Diligence

Careful and persistent work or effort.

​You have to do your homework.  Any profitable trader has an edge and to obtain yours; you have to put in the work day in and day out. 

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5. Discipline

A way of behaving that shows a willingness to obey rules or orders.

Most traders have a plan or a set of rules (system) that they’ve created to tip the odds in their favor.  The ability to stick to the system, will require the upmost discipline day in and day out. 

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6. Determination

Processing or displaying resolve.

​Remain determined and hungry to succeed in the markets.  If you’re determined to succeed; I reckon you will!

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