The essential qualities of a trader is what you will learn in this article. Make sure to have these qualities.
Less than 10% of traders manage to be winners in the marketplace. It is not me who says it but the AMF. This is easily explained by the pressure that a trader undergoes when he wants to invest in the markets.
Everyone can try it, but not everyone can become a trader. To be able to pull out of the game, you have to have certain qualities. In this article, I will tell you about the essential qualities that a trader must have to hope to win in the markets.
Below are the Qualities of a trader
To be effective in trading , you have to be particularly rigorous. You must have a clear method that leaves no room for indecision.
Concretely, you must, therefore, have a trading plan that you will follow to the letter. And believe me, it’s not that easy. It is also recommended to keep a trading log to regularly analyze and critique your trading method. The markets are evolving and you have to evolve constantly too.
A second essential quality in trading is patience. We often spend hours waiting before opening a position. You have to understand that it is the market that provides opportunities.
A novice trader often tends to want to enter at any time, hoping that the market will do what it hopes. This is why many novices lose money, they open positions at the wrong time and generally, things go wrong.
Another important aspect of patience comes when you are in a winning position. We often tend to want to cut too quickly to secure the gains. Here too you have to know how to wait for the right moment to get out of position while maximizing the result.
When we trade, our emotions are put to the test. Opening a position is always risky and is the first fear to overcome. Then, once in position, you see the price go up, go up, … then a red candle arrives and brings down your accumulated gains.
This is when you have to keep your cool and not close the position. You have to control your emotions constantly to be effective over the long term. Don’t panic at the slightest negative sign. Let the courses work and stick to your trading plan.
A moral of steel
You will lose regularly. It is inevitable, no one wins permanently in trading. One-off losses aren’t hard to take, you’ll see. What will be frustrating at the highest point is when your method that seemed to work will chain several losses in a row.
You will then question the method and look for another one and the scenario will repeat itself in a loop. There is no miracle method. When you are going to chain losses, you will have to accept them and not be discouraged or question everything.
Learning to trade and implementing a functional method takes a lot of time and testing. You will inevitably make mistakes and maybe even lose all your capital. This has happened to a large number of traders. But where some people are doing well is that they do not give up. Learn from your mistakes.
Find out why you lost this or that position. Continually train yourself by reading books or watching trading videos. Take the time to train yourself in fictitious money and don’t give up! It is persistence that will help you succeed!
What you must remember
To become a profitable trader, you must have certain qualities that seem essential to me. Some can be acquired, others cannot. It is for this reason that not everyone can become a trader.
If you have these qualities and you are interested in trading, do not hesitate to try your hand at fictitious money, maybe you will discover a certain hidden talent that can bring you big profits … And if in advance you know that you do not have these qualities, avoid unnecessary losses and go your way, trading is not for you.
Thank you for reading this article, I invite you to ask me your questions in the comments. I will answer it with great pleasure.
Thank you for reading this article!