Attributes of a Successful Trader

What Makes a Successful Trader?

One of the great things about becoming a successful trader is that there is no one formula for success. There are many successful traders throughout the world, all of whom approach their trading in a different way. This is one of the elements of trading that makes it so enticing.

To us, there are four attributes that all successful traders have in common:

1. A Personalised Approach
2. Discipline
3. Persistence
4. Passion

A Personalised Approach

Some would-be traders believe that all they need is to follow ‘a one size fits all’ trading system to be successful in trading. Unfortunately, there are many trading systems available in the marketplace but even more traders who fail to make consistent profits in the market. Having a trading system that does not suit your trading style, is unlikely to provide you with long term trading success.

Others focus on analysis, believing that if they can read the charts with precision, they will be successful traders. Although your analysis is important, it is only one step in the process of trading. In order to be successful in executing and managing your trades, you must approach your trading in a style that suits your personality. Only a personalised trading plan designed to take into consideration your trading style and personality will be successful for you.

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Discipline

There are two areas of your trading that require good discipline: Account management and self-management.

You must have the discipline to develop a sound trading plan and then develop the personal discipline to ensure you execute your plan and your trading strategies in accordance with your plan. A trading plan without the self-discipline to implement and follow it is about as useful as no plan at all.

However the good news is, that going through the process of creating a trading plan helps you to foster that discipline. A systematic approach that examines all aspects of your trading will subconsciously reinforce the importance of this plan. The effort and detail you put in to a quality trading plan will create an emotional buy-in to your decisions and assist you to take the time and effort to ensure its implementation.

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Persistence

Trading is a skill and like any skill, it takes time and practice to develop and master it. Only those who work their way through obstacles and keep going despite setbacks will be successful. As Benjamin Franklin said, “Energy and persistence conquer all things.” Or as Rachel Hunter said in the Pantene Shampoo ad 🙂 “It won’t happen overnight but it will happen” (but only if you persist).

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Passion

A vital but often dismissed aspect of all successful traders is passion. This passion can take the form of a passion for trading itself or a passion for the lifestyle that a trading business is (or will) bring you.

During the time that you are building your trading business, you will experience many highs and lows. You will have times that are stressful and upsetting, and other times when you experience jubilation and a sense of achievement. A passion for trading will help you to ride the roller coaster and in particular, allow you to approach setbacks as a challenge and an opportunity to improve.

An important aspect is the need for your passion for trading to be tied to your goals. You need to define, understand and believe in your goals to ensure losses do not damage your enthusiasm and confidence.

To become a successful trader over the long term you will need to harness your passion for trading by drawing on all your enthusiasm, motivation and commitment to become a trader. Successful traders really enjoy their trading. They know why they are traders and what they want to achieve from it. That is their passion.

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So do YOU have what it takes to become a successful trader?

Assuming you have the 4 attributes, the answer is a resounding YES. Ordinary people from many walks of life have achieved great things because they set their goals, created a successful plan, stuck at it and had the passion to follow through.

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Key Message

Trading can provide a fantastic lifestyle, personal fulfillment and financial success but for this to happen, you need to identify and take a personalised approach, apply discipline in all aspects of your trading, foster a never give up attitude and possess a genuine passion that is tied to your goals.

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