 01/08/2021 Trader Traits to Develop Now ✔️ Some of the most talented traders have these things in common... ✔️ What you should focus on when you start trading...  There are four distinct traits that separate the self-sufficient traders from the degenerates.
The best part about these traits is each one can be learned. None of them require unique genes or natural ability.
What trading does require is a lot of hard work. The traits that top traders share aren't easy to develop, but I think anyone can develop them with the right discipline. Let's break them down... Sponsored Ad  Learning to trade stocks takes time...
And it's especially difficult when you may not have a trade plan, a goal, or a process to follow.
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1. Survival Skills
When most people start trading, they only want to focus on profits. What most people fail to understand is no one trade will ever make you rich.
Traders can get hung up on the past. It's easy to think about what you could have done differently and made a lot of money as a result.
It's natural to have those thoughts. But self-sufficient traders don't find consistency by going all in on any one trade.
Don't ask, 'How much can I make if I'm right?' Instead, you should be asking, 'How much will I lose if I'm wrong?'
Keep your losses in check. Never risk more than you can afford to lose. Your maximum risk on any one trade shouldn't exceed 1% of your account.
There's no way you'll ever catch the top and the bottom of a trade. Don't try. You won't get rich from one trade. But you can easily go broke on one trade.
First things first — learn to survive. Learn to manage your risk and keep your losses small. You can't be a trader without a trading account.
But survival is only the beginning. You'll need to be selective too... 2. Patience Great trades are often few and far between, especially when the market slows down.
Every day more than $200 billion changes hands in the Nasdaq exchange alone. That's a staggering number.
If you try to trade everything, you'll never keep up.
Self-sufficient traders know not to chase everything. As a matter of fact, the best traders I know sit on their hands a lot. They wait for the ideal opportunities for their strategies. They'll only place an order when they know they have an edge.
The trades you don't take are often just as important as the trades you do take.
Just because something looks like it could go up doesn't mean you should jump in.
Patience means you look at the parameters surrounding the trade and determine if the trade fits your plan and is worth taking.
When it's not a perfect setup, let it go. Wait for the next potential trade to come along.
One of the best things traders can do is trade less. Only trade the perfect setups for you. Train yourself to wait for those opportunities to come along.
That leads perfectly to the next trait... Sponsored Ad Editor Note: Below is an important message from one of our highly valued sponsors. Please read it carefully as they have some special information to share with you.  3. Perseverance
Trading is a long-term game.
It's all about finding and maintaining a statistical edge. That doesn't mean you'll be making a profit on every trade. And edge just means you're making more than you're losing.
All traders have losing trades. Traders have to grind it out over the long term. Stick around long enough, and you'll have red days, red weeks, red months, and possibly even red years.
You need to have perseverance.
This is one of the more difficult traits to master. Perseverance means you have faith in your plan, faith in your rules, and the ability to see it through — win or lose.
And that plays right into the fourth and most important trait... 4. Discipline
Discipline is the culmination of all the other traits.
It's the ability to wait when you don't have a trade. It enables you to take the next trade after several losing trades in a row.
It means you're taking only the best trades and letting the rest go. It means no chasing a stock when it starts to make a parabolic move. Most importantly, it means taking the loss when the trade goes against you.
Discipline isn't just about what you do in front of the screen either. People are the sum of their habits. It isn't something you can turn on and off when you need to.
You still have a life to live, too. You need to be sure you get enough sleep, eat right, and develop a routine. You need to be disciplined in all aspects of your life.
Creating a set of rules to trade by is one thing. Having the discipline to stick to them is the next level. Sponsored Ad  If you're irritated about why things aren't happening in your trading journey…
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I believe anyone can become a self-sufficient trader. But not everyone is willing to put in the effort required to develop themselves.
Trading isn't for gamblers. It's for professionals. If you want to be a professional, you've got to develop a specific set of skills over time.
One of the reasons it takes most people years to learn to trade is because it can take a long time to develop these traits.
Trading is not a natural ability. These traits are the complete opposite of what society wants us to be.
If these things don't come naturally to you, you can work on them. Focus on developing survival skills first.
Become the trader,
Paul Scolardi Editor, Swing Trade Millionaires
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