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Tuesday 27th of June 2017

What Makes A Successful Stock Trader? PDF Print Email
Finance - Stock Market
Written by: Enrique Quezmad   
Wednesday, 13 July 2011 13:06
I'll be telling you about 15 characteristics of a very successful trader.


I'll be telling you about 15 characteristics of a very successful trader.

Trading in stock isn't everyone's cup of tea. Some people can do it and some can't. Even among the some who can, not everybody can be successful at it. While there are no hard and fast rules on what makes or doesn't make a successful stock trader, those Wall street Wizards that you hear about who made the most in the least amount of time, all appear to have certain characteristics in common.

1. Successful stock traders are able to go against their natural instincts.

2. Successful traders have an easy system. Irrespective of which methodology you use as long as you stick to it. A Successful trader knows their method and makes trades based ONLY on their system. "The key to being a winner is consistency of purpose". You wish to improve a fresh methodology for getting into a position and for exiting one.

3. Successful traders are risk Adverse. Successful traders don't love losing cash and proscribe themselves before losing too much, even if it implies admitting they were regarded as making a mistake.

4. Successful traders are willing to make mistakes. Successful traders have the right and ability, not to do the right thing, but to do the wrong thing. It's the ability to make your own mistakes.

5. Successful traders don't care about being humiliated by taking a loss. Successful traders expect to take losses and know when to chop them.

6. Successful traders know, or find out how to explore stocks. Many traders only use exact research, but you may wish to learn how to use fundamental investigation also.

7. Successful traders lead balanced lives. Everyone knows the thrill of the pursuit and the stock exchange can be addicting, a successful trader is one who knows when to move away and can.

8. A successful trader is Patient. A successful trader let's winning positions run, but is able to back out when proven wrong. Patience can mean resilience, courage, and conviction for when markets go against you.

9. A successful trader has a biting wish to succeed. Victory takes steady work not a chaotic effort, a biting need to succeed can make a very great difference in training yourself about what you need to grasp and sticking to your technique when it gets coarse.

10. A successful trader is trained. Totally controlled. A successful trader will do what he has to do, whether or not he is not in the mood. Discipline also suggests Sticking to your technique, not brusquely purchasing or selling on an impulse, or due to a" hot tip"

11. A successful trader knows the difference between defensive and offensive behaviour, and when to use each. - protect your money first, profit later.

12. Successful traders don't eavesdrop on rumors or get emotionally concerned. To be a successful trader you've got to be very harsh on yourself. Your need to be able to fight the urge to prove you are right and be prepared to mess up. You also need to be well placed to not let feelings influence your choices. Setting up stop loss points for each call you make is something you are going to do. That may mean more than infrequently admitting you are wrong. You and your portfolio will survive and you'll be able to get into the position again when trends indicate the time is right. You will need to learn how to disregard any emotional connections you have got to your stock and make fast stock trends your master. You may miss the lowest entry points and the top selling points, but you'll be ready to sleep at night. You'll need to learn how to get out of a stock position before your profits turn into losses.

13. A successful trader knows themselves. Successful traders must be attentive of their strengths and weaknesses. Your strengths and weakness will become very important. Play on your strengths when you can.

14. A successful trader knows their investments. Your investments are nearly as important as you are. Know the past history of the stock and their weaknesses and strengths too.

15. A successful trader sticks to the rules. The system is there for a reason. Nothing can spoil a successful stock customer as fast, or as actually as flouting the rules.

Get to know these 15 characteristics and you are on your way to becoming a successful trader.

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