The trading world attracts many different personalities ranging from Strategic, Planning, Detailed, Facilitation, Innovative, Spontaneous, independent, Administrative, Social, Value Driven, Accurate, Adventurous, Artistic, Fun-loving and Supportive. Take a look at which one of these categories you fall into and are you cut-out for the pressures of trading the markets.
Most Successful Traders
To be a profitable trader you must overcome these ten things:
- You must beat the market benchmark you are competing against or you might was well just buy and hold that index.
- You must beat your emotions by following a trading plan.
- You must beat your ego by taking losses early when you are proven wrong.
- You must beat your greed by managing your position sizing to limit your risk exposure.
- You must beat your fears by letting a winning trade run when there is no reason to exit.
- You must beat your desire to predict the future by reacting to what price action is actually happening.
- You must beat the trader on the other side of your trade.
- You have to make enough money to beat your commission costs.
- You must not let the market beat you up with too many losses and make you quit.
- You must beat the naysayers who think active profitable trading is impossible.