Characteristics of a Sucessful Traders:
They do what they do in their own way – they have developed their own approach.
They put in the work – they really are experts in their field. The focus may be narrow, the field may not be large, but they know it inside out.
They have effective money management systems – they are not going to get wiped out.
They know themselves extremely well – they do not put themselves under too much pressure so they never panic.
They have developed the ability to run profits.
Now not one of these features is that difficult. Go through each one and work out whether you already do this or what work you need to put in to tick that box.
ONE and TWO are fairly straightforward. The more research and trading you do the more you will find what you like.
THREE again requires research and, in particular, research into the winning and losing parameters of your system. Once you have those you can tailor your MM system to suit.
FOUR is something that simply develops as you trade more. However you will need to monitor yourself especially when …
•you win
•you lose
•you increase the amount of money at risk”
FIVE can be the toughest of the lot but is truly essential – this one separates the big winners from the rest!
Excerpt From: “The Business of Trading.”