HH Five Characteristics Of Highly Successful Traders

For the most part, trading success comes from years of experience, lots of screen time and a certain set of universal qualities. Fortunately, these qualities are all attainable with the right frame of mind. The following article should get you to think critically about your own trading habits so that you can develop better ones that are more conducive to success.

The following is our list of the five characteristics every highly successful trader possesses.

1. Discipline

This one seems obvious, but it is rarely demonstrated. Discipline is one of the most critical aspects to becoming a successful trader and must be demonstrated at all times if you’re going to achieve lasting success in the markets. Discipline is all about sticking to your plan and not letting emotion get the best of you. Even risky trades require discipline because a disciplined trader knows how and when to take calculated risks. By becoming more disciplined, you master your trading psychology, which is key to your overall success.

2. Student of the Market

A highly successful trader never stops learning about the market. They are constantly plugged into the economic calendar, financial news and other factors that can potentially impact their trades. They are constantly refining their trading strategy based on new information. They have mastered both fundamental and technical analysis and are expert researchers. It’s no coincidence that the most successful traders are often the most knowledgeable. If you’re passionate about becoming a successful trader, you should be prepared to become a lifelong student of the market.

3. Proactive, Not Reactive

Successful traders pursue the markets intelligently and are rarely surprised by the outcome. They may not always be right, but they certainly don’t chase the markets and don’t overreact or make hasty decisions based on emotion. The world of financial trading requires meticulous planning and vision. By being proactive in your trading strategy, you have a better chance of anticipating the markets rather than just reacting to unforeseen circumstances.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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