People often ask the experts “What qualities do the best traders have that make them what they are?”. It may seem on occasion that large traders, those who make money constantly in the market have special features that make them better than others, But the reality is quite the opposite. There are a number of simple yet fundamental characteristics that have allowed them to succeed where so many fail. We present below the five most important qualities that every trader should have:
1. The ability to understand that good and bad results are due to us and not to external factors.
Many traders do not understand this concept. On the contrary they repeat the same mistakes over and over again because they blame external factors for their failures in the market. For example, many operators do not manage the concept of monetary management and perform operations with a volume greater than that recommended for their operating capital. Then, in a sudden movement against the market takes away almost all of their money or worse still leaves them on the street. Until those traders are unaware that they need to apply monetary management techniques they will continue to repeat the same mistake and thus losing money in operations too risky for them.
Good traders constantly determine how they produce their results and work to correct their mistakes. In short, they create their reality.
2. Have the interest and desire to really know ourselves.
It is impossible to become good traders and create our own results in the market if we do not know each other intimately. Most people live their lives as automatons, doing things without knowing why and only because they were programmed by the culture, the environment that surrounds them, their family and their friends. People rarely understand that in life there is always an option for everything.
Good traders study and challenge themselves constantly, as well as their actions, thoughts and reactions.
3. Acquire the discipline of working continuously to improve itself.
Good traders generally maintain a constant interest in working and improving themselves. Continuous improvement is something that never ends, as there is always something that can be done better, and that is something a good trader knows. Rather than looking for a perfect trading strategy that never fails, it focuses more on eliminating those aspects of your personality that affect your performance in the market.
In trading as in everything in life, discipline creates excellence, and working on ourselves is something that all traders must do without exception, if they want to be successful.
4. Have the ability to develop good strategies
Good traders tend to have great skills for games such as chess, poker, backgammon, ladies, etc., because they are able to create good strategies and follow them to the letter. These traders execute their strategies based on robust trading plans that they have created to guide their trading.
They have also taken the time and effort to formulate meaningful goals. In order to achieve these objectives, they have developed effective strategies that take into account the multiple scenarios that can occur in the market and the response to be faced.
5. Develop the ability to enter “the zone”
The best traders can become one with the market and feel precisely that they are doing this. These operators have the ability to live in the present moment without being influenced by the past and the future. It is a fairly intuitive state and usually gives you a total sense of how successful your operations in the market will be even before you do them.