Traits of Successful Traders
What sets successful traders apart is a combination of belief in their trading strategy and their determination not to make impulsive decisions due to fluctuating market movements. These traits, proven to be linked to their highly effective trading performance, can be acquired through hard work. This implies that successful traders are not born, they are self-made individuals constantly seeking to develop their expertise.
Learning from their Mistakes
While making mistakes can sometimes be a frustrating learning experience for all, successful traders learn from their mistakes. They perceive mistakes as learning opportunities and never assume that they know everything. Ray Dalio, probably the most successful hedge fund trader of the last decades and founder of Bridgewater Associates, not only believes in this concept, he integrated it in the culture of his business as well
Discipline -Successful traders usually go by the saying “Plan the trade and trade the plan” while “excitement seekers” are tempted by the thrill of trading. Volatile financial markets can present opportunities to make high profits, however “excitement seekers” usually end up making the most costly mistakes. Disciplined traders have a well-developed approach to trading with a carefully planned risk management strategy in place. They steer clear of temptation and follow their plan thus increasing their chances of capitalizing the financial markets.
Patience - One of the most important virtues for traders to possess is patience. Waiting for the right signal to open or close a position can be time-consuming, it can make traders grow impatient and jump into unplanned trades with negative results. The best way to avoid making such mistakes is for you to preoccupy yourself with another task such as studying the financial markets, while waiting for the ideal trading opportunity.
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Financial markets tend to be unpredictable from time to time, so being able to adapt to the changing market conditions is an invaluable asset for traders. You need to be able to swiftly determine the best way to implement your strategies before you start trading. Adopt a broader view of the markets, as the inability to adapt to ongoing market conditions can have detrimental effects on your trading account.
Modesty - After a series of successful trades, traders tend to feel overconfident and they may continue trading, hoping to capitalize further on the financial markets, when they should have stopped. Greed is one of the most common pitfalls novice traders often fall into and it can result into a swift depletion of their account. Staying modest can be a challenging task but it can be a determining factor for success in trading the biggest market in the world.
A well-rounded trading education should include studying technical and fundamental analysis, learning how to develop and implement trading strategies as well as perfecting the fundamental personality traits every trader needs to possess. All of these elements carry the same weight and should be extensively studied by experienced and novice traders alike.
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