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Three must read traits of successful traders

by , 29 October 2013

H.M asked a very difficult question this week which, I thought I'd try tackle.

“Hi Timon, what does it take to be a successful trader?"

I'm going to try answer this question and tell you three traits that I think every successful trader should have.

So let's find out what I think it takes to be a successful trader.
Trading success is an everlasting journey

We all know that the future is uncertain and so how will we ever know if we’re successful traders or not?

You know what they say, “past performance is not indicative of future results.”

It sounds to me that trading success is more of a long-lasting journey, than a destination.

I’m going to break it up into three traits which should tell you, if you’re a successful trader or not.

Trait #1They keep at it

A successful trader is always equipped with a successful strategy, risk money management rules and strict criteria to follow.

If you have a plan in place whether you’re following other trader’s winning strategies or your own, this will be the guide to your trading success.

Not only must you have a plan in place, you must also have the discipline to keep at it and follow every trading signal that comes your way!

If you take every signal without blinking an eye-lid, you’ll gain an incredible level of discipline.

This is a necessity to achieving trading success.

Trait #2 They sleep easy when trading

I’m sure you’re thinking that this is a very arbitrary statement to make.

How does this determine levels of trading success?

Well metaphorically speaking, I believe that trading should be done with a calm state of mind.

Whenever you take on a trade, it needs to be done with no questions asked. You shouldn’t worry about your trading positions over night.
If you do worry about them, it tells me two things.

Firstly, you’ve probably gotten into a rather large trading position for your liking.

Or secondly, you’ve not yet conditioned your mind to be able to stomach any potential losses.

So, reduce your trading positions to the point that you can sleep easier.

And read some psychology books until you’ve conditioned your mind to handle these annoying losing trades better.

Trait #3 They confess they're not successful even if they are

As I mentioned above, successful trading is only based on your past performance and not your future results.

The markets are ever changing and with these changes needs adaptation.

You’ll need to adapt to change to remain as a “successful” trader.

Even after 10 years of trading, I still don’t feel like a successful trader because I’m constantly learning and reading and checking my statistics.

Every day I come into the trading day, I have no idea what is going to happen and so, I just keep to following my strict and winning strategy.

One of my biggest mentors Igor Marinkovic (@alsitrader), has been successfully trading for well over a decade.

He’s taught me almost everything I know about keeping strict to a winning strategy, I asked him if he thinks he’s a successful trader.

Here’s what he has to say.

So, now ask yourself, are you a successful trader?

Always Keep in mind

“Wisdom Yields Wealth”

Timon Rossolimos

P.S If you'd like to see how a winning trade could cost you your trading account and you'd like to delve into the psychology of successful trading. Click here...

Editors Note: If you’d like to boost your trading performance, success and learn more top insider tips and tricks Timon has learnt over the last decade then follow him on Twitter @timonr.

Three must read traits of successful traders
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