Qualities of A Great Trader

Trading is one of the hardest profession any one joins. To be successful in trading takes a lot of training, hard work and right mind set. Through our experience we have identified some of the qualities of a great trader.

 

1. Patience

 

Waiting is one of the most precious quality of the world. One who have the patience will certainly get awarded with great rewards. A lot of trading is waiting. Waiting for the best trade to come to you, waiting for your targets to be hit, waiting for second and third target to be hit, etc. If you are fearful, you lack the ability to wait for a target to hit and exit early you will be a loser. If you are trading for excitement or thrills then you will find yourself taking stupid trades out of a need for action and in return you will not experience the results you desire. To be a great trader you should keep patience and stick to your trading plan.

 

2. Discipline.

 

Trading is all about discipline. Otradinly disciplined traders make good money in trading. To be disciplined a great trader need a good trading plan and a die hard will to stick to the trading plan, then only he can think of making good profit in trading. In our daily life also we see that if are disciplined our health will be good, we will be able to finish our work on time and will enjoy our life to fullest same thing apply to trading.

In  trading Discipline = Profit.

 

3. Decision Making.

 

MS Dhoni is one of the greatest Indian Cricket Team Captain as he won T-20 world cup and ODI world cup. He is know for his decisiveness.  If you have the patience to wait for your setup then you better have the decisiveness to GET IN THE TRADE once price comes to you and your entry parameters are present. I know many people who wait for the trade to come and then when it arrives start analyzing if they should take it? When the trade has arrived it is time for action, not analization. This is what preparation is for. If you have done your homework correctly then there is no need for hesitation – you already know what to do. At the same time trading is not static. There are times when the odds are high that the market will reverse before your final target is hit. Do you have the decisiveness to reverse the position or flatten when this situation is present? It has been said that the number one ingredient to being a great trader is the trading guts to pull the trigger as soon as a reverse is anticipated. Be decisive.

 

4. Gratitude.

 

In traders life Gratitude is very necessary. If you book 5000 rs on the day are you the type of trader that is mad about the 15000 rs left on the table or grateful about the 5000 rs  you pocketed? A great profitable trader is a continuously grateful trader. When you are grateful for what you have you operate out of a state of happiness. How many times have you become upset about missing a trade you were waiting for, or about how far a position ran after you got out, or about getting stopped at the extreme of a move only to see the trade reverse in your favor? It happens to all of us and we all do it. It is normal to think we should have booked more profits or done better – that is a characteristic of most traders – we are never satisfied and always think we can improve on our performance.  The key is to be thankful and grateful for what we do get.

By having a attitude of gratitude we can make our trading and life more meaningful.