We often hear that 95% of people who try trading for a living fail within the first year. These are not very good odds and it is natural for new traders to wonder if they have what it takes. In this issue, I give you a list of 20 characteristics I believe could be found in most winners. I also included some Truths about trading.
The methods employed by winning traders are extraordinarily diverse. Despite the broad spectrum of traders, certain characteristics are found in most winning traders (in no specific order):
– Winners have a trading plan with a strategy that incorporates effective money management. They have the discipline to execute their plan relatively flawlessly and the self esteem to accept the money the market gives them.
– They use their head and stay calm they dont get excited or depressed because of their trades. They dont act on emotions. They can handle success and failure without self-destructing.
– They dont trade to feel good or to get high.
– They handle trading as a serious intellectual pursuit.
– They always protect their capital because they know they cannot trade...