The qualities of a successful trader

I finish my last blog saying that: It is for you to decide if trading is for you.

 

To help you decide if trading is for you, we will look into the qualities that make a successful trader and how to approach the mental aspect of trading so that you can maximize your chance to become a successful trader.

 

I say maximize your chance because in trading, as in anything in life, there is no guarantee. Trading is a financial activity that rests on risk. If you go to my Disclaimer page, you will read that “When trading you are always at risk of losing your money”. That’s what makes trading an emotional activity. No matter how good your system is, no matter how good you are as a trader, there is always a possibility that your trade will not bring the expected result.

 

So, to make sure that you are not emotionally disturb by your trading results (even your winning results could have a disturbing effect on your emotion) you need to control your emotion – fear and greed – when time comes to take a trading decision.

 

The mental qualities of a successful trader are: openness, patience, discipline, self-confidence; self-awareness and self-acceptance. These qualities are all part of your personality’s trait. They are not qualities that you need to acquire. You already have these qualities although some of them may not be very developed where some are dormant within your personality and you may not be aware of them at this point in your life.

It does not matter right now to what degree these personality traits are developed because once you get into trading you will rapidly discover where you are at and what you need to develop to become a successful trader.

There is, however, one quality that you need to look at right now if you’re to decide if trading is for you and that is openness. I mention in my other blog that trading is a learnable skill and as long as you are teachable you can learn to trade. And, to be teachable you need to be open to receive. That is all you need now if you want to get into trading.

Open yourself to what trading is: a learnable technical and mental financial activity that needs to be acquired, developed and that demands commitment.  Present yourself to trading with this winning attitude and you will have fun learning to become a successful trader.

Having fun is a very important component of the learning process. Been open to learn the right thing, the right way will help you to have fun preparing to be a successful trader. After all, don’t you think that it is fun to know how to grow your money? Don’t you think that it is fun to master a skill that allows you to access financial freedom while realizing all your dreams: the small ones and the big ones?

Talking about your dreams, in my next blog I will talk about them. The role they play in your mental preparation and how important it is do define them early on in your development as a trader.

See you soon and in the meantime ask yourself: am I teachable? Am I open to learn to trade?

Phil

 

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