Traits AND HABITS of Successful Traders
Successful traders don't just follow the pack.
here ARE the FIVE CORE ATTRIBUTES OF A SUCCESSFUL TRADER - IN ORDER OF IMPORTANCE:
Psychology is perhaps the most important factor in trading and what separates successful traders from the rest of the pack. The attributes of good trading psychology are developed over time, and are something a trader must possess to achieve consistent results through discipline and planning. Traders must come in with the correct frame of mind day in and day out – if they’re carrying over emotions or distractions from other aspects of your life, this will typically be brought into your trading day as well. And it will affect your judgment! In order to achieve stability, it’s critical to learn how to establish a balanced lifestyle that allows you to stay fresh and focused and to ensure your longevity.
TRADING MONEY MANAGEMENT
It’s critical to learn how to trade with the proper lot size that fits your account size. Traders must be properly leveraged so if they have a bad day they’ll still be able to trade tomorrow and the next day without worrying about an enormous draw down in their account. We help coach you in learning how to cut off your losers and let your winners run.
Are you trading the right market? Successful traders consistently analyze the risk/reward opportunity in the markets that they’re trading. What is the volume, volatility, and trend? Traders need to evaluate when the market they’re in has a little, or a lot, of opportunity. We work with you to help you learn how to adjust your market selection accordingly.
Exits will make or break you as a trader - it’s key to establish an exit strategy for each individual position prior to entering each trade. A hallmark of a successful trader is the ability to view exits from multiple time frames and multiple market scenarios. We work with you to help you learn how to identify the best risk/reward ratios for multiple scenarios.
Are you using the best indicators for your entry methods? When entering a position it’s essential to properly analyze all applicable technical and fundamental indicators before putting on a trade. Depending upon the circumstances, the value of one indicator may trump the value of another indicator, so learning how to distinguish and choose correctly is what sets the successful trader apart from the novice. We work with you to help you learn how to identify these circumstances and adjust your entry methods accordingly.