9 Character Traits you Need to Become a Good Trader
It’s no secret that there are certain character traits you must develop to become a successful trader. It’s not only about your formal education and depth of pockets, there are several character traits you need to have in order to be a good trader;
1. Patient
Patience is an important trait, crucial for becoming a profitable trader. Success in trading takes time and you need to gain it slowly.
That’s the secret of successful traders, consistently sticking to their well-planned strategies, no matter what happens. Waiting throughout market movements can be hard, but you need to take your time, being patient and consistent, following your trading plan.
2. Composed
Your trading results are a direct outcome of your actions and reactions to the markets. To be profitable you need to create a structured trading plan, patiently stick to it and control your emotions in case of sustaining losses.
You can’t let your failures define your trading and affect other trades, and to achieve that you must remain composed no matter the results.
3. Responsible
Becoming a successful trader depends on your ability to make your own decisions about your trading through hard work and knowledge.
You must not rely on trading tips or advice from forums or “Guru's”. You should be educated and secure enough to create, stick to, and adapt your trading strategy at all times, by yourself, without relying on advice from others.
Be sure to always make your own decisions and take responsibility for their consequences without blaming the markets, circumstances or other advisors. If you won’t take full responsibility for your trading actions you might adopt negative behavioral patterns that will harm your profitability.
4. Adaptable & Informed
Professional traders understand that a losing trade isn’t necessarily a bad trade, and vice versa. Learning to build a solid trading plan, stick to it, and modify it, according to market movement and predictions is what will determine your trading results.
Always remember that the markets change constantly, so you’ll need to learn how to recognize patterns, understand the changes and decide which strategies and ideas are worth paying attention to, and which are not relevant.
5. Persistent
Persistence is key for becoming a successful trader, you have to constantly maintain the discipline to stick to the plan no matter the doubts, trust yourself and be devoted to investing countless hours in preparing and monitoring your actions.
Discipline and the willingness to work hard are essential for trading successfully and lead to the development of self-confidence, one of the most important traits in a trader.
6. Dedicated
A traders’ day starts with preparing or modifying his or her plan according to market research and trading scenarios for the coming day or trade round.
To become a profitable trader, you must be dedicated to track, analyze, review and conclude, constantly preparing and revising a plan. You must stay organized at all times, keeping track of your actions and results. All these actions require a large amount of time and determination, that will enable you to not give up no matter how hard of a day or how bad of a trade you just had.
7. Resourceful
All traders lose money at some point, the earlier you accept that the better your chances are to overcome this hurdle and become a good trader.
The character trait that differentiates good traders from bad is the ability to keep going and be resourceful enough to learn from your loss and improve your trading strategy to reduce the risks.
8. Humble
A humble trader has much more potential to become a profitable one, because good traders do not personalize losses. They understand it’s part of the process and move on to the next trades.
Overconfidence can harm your trading results by blinding you to changing market conditions. Your decision-making ability at times of uncertainty is crucial and you cannot afford to make these decisions while being led by your ego.
9. Optimistic
A successful trader stays optimistic, even if you just lost a trade, because a good trader knows it doesn’t say anything about their trading skills. Successful traders also know that their thoughts can create their reality and always picture themselves on the winning side.
This is an important trait that lets you open the next trade with a clean slate, without the baggage of losing the last one.
Conclusion
These character traits are important for all aspects of life. But if you are looking to become a successful trader, you must develop them for yourself. Trading can be tricky, and requires huge amounts of time and hard work, but if you become a profitable trader it will be worthwhile.
That seems like a long list… The painful truth is that if you are not willing to fully commit to trading, or you don’t have what it takes, you will be thrown out of the game faster than a speeding bullet.
Well, don’t you worry, you aren’t the first to ask yourself, “How can I skip all the scrutiny of becoming a successful trader myself and still enjoy trading results of one?”
For that reason, exactly, copy trading was invented.
Using a copy trading or an automated trading service allows you to copy the actions of professional, successful, full-time traders that have been working for years to gain the knowledge, composure and skill-set needed for trading successfully.
With DupliTrade’s copy trading platform you can create your own portfolio, based on the actions of selected experienced traders, saving you the time, effort and money you would have spent trying to learn what they already know. Our Free 30-day Demo lets you try it out, with fully transparent data that will show you what they have been doing so you can see for yourself and decide who you’d like to copy.