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Key Qualities of Successful Traders

 

Successful traders always have a plan and follow it. Traders who fail do not have a specific plan; they enter and exit without reason, or they enter and then do not exit until losses are painful.

In short, the unsuccessful have no exit strategy, or if they do, they do not follow it

 

Successful traders wait until the trade comes to them, they do not force the trade. Rather they exercise discipline and ignore that temptation that always suggests: "let a loss run just a little more, it will come back." The fact is that the loss that runs just a little more often runs a lot more.

Successful traders do not rush to cut profits, the unsuccessful traders often scalp the profit as soon as it appears because they fear that the price could turn South.

 

Successful traders employ strategies that result in following the move up with an exit that is activated on a pre-determined turn down for Bullish play triggers. Unsuccessful traders are impatient. They enter without waiting for a good entry, and exit on the slightest adverse move, not understanding that is the natural action of the market for stocks to move North and South, and fail to realize that losses are a part of trading. Successful traders do not keep their eyes glued to the money. Instead they concentrate on making good trades, knowing that making good trades will ultimately result in success.