what makes a good trader

[oparealwon94]

Successful day trading usually requires a lot of hard work to develop the necessary skills. Many day traders have some natural traits to get started but will have to work at others. Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.

 

[royalp12]

Successful day trading usually requires a lot of hard work to develop the necessary skills. Many day traders have some natural traits to get started but will have to work at others. Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.

Good writeup

 

[Spaxfx]

Experience is the best father and patience goes a long way

 

[quintuny]

I think that discipline is what make you a good trader

 

[Nidology]

In my opinion, a good trader must have analytical skills and a sharp mind. You must be able to stick to your guns while trading forex. You must be dedicated to doing whatever it takes to achieve your goal, no matter how many times you are knocked down.

 

[Isocracy]

I agree. All the listed qualities are important to become a successful trader. Also, a successful trader adheres to the rules strictly. They are committed, realistic, and have immense self-control. They do not chase the market rather wait for opportunities patiently.

 

[HeavLeighGill]

Absolutely agree with your list. All of those traits are crucial.

 

[Gymnosophy]

Your knowledge, skills, expertise, discipline, and mindset all together make you a good trader. You need each and every quality mentioned above to be a good trader in the forex world.

 

[Balshine]

I agree with you. A successful trader must be disciplined and adaptable. The forex market is risky and volatile. This is why it is important for the traders to be flexible so that they can adjust to the market behaviour easily. Also, a successful trader must be able to take losses as a lesson rather than being furious or in paic.

 

[Mucivorous]

Commitment! If you are committed to the cause, you stretch miles to make the most out of it. Many traders lack this. They are not serious about this profession and end up losing.

 

[Overpoise]

Very true, patience, adapting to situations and being mentally strong, as well as maintaining discipline , is necessary towards the end goal. Controlling risk, managing emotions and trying to make profit in spite of market changes can take a toll. Hence, knowledge is important to make the right choices.

 

[festo4]

Have expert money management know your risk appetite ..well managed positions are sure to give you profits
Even if you close your eyes and do random 20 trades with expert money management you will turn out profible because you will be right in a few of those 20 trades

 

[xpydaman]

A good trader also needs mental toughness, discipline, focusness, good use of trading psychology and consistency to be successful.

 

[mikejjoseph]

Commitment! If you are committed to the cause, you stretch miles to make the most out of it. Many traders lack this. They are not serious about this profession and end up losing.

Second this. Personally I'm vey impatient for everything and trading is not an exception. Because of this thirsty attitude to trading, I have made a lot of losses and mistakes.

 

[Seminule]

These above-mentioned qualities are great no doubt but if the trader refuses to learn from past errors, how will they move forward towards earning profit? They have to have an adaptable attitude and open mindset to revise their strategies if needed. They should be patient and open to learning.

 

[Quirky]

Your knowledge and expertise make you an extremely good trader. Aside from that, you'll need patience, discipline, and, most importantly, a trader's mindset. These factors, when combined, can help you become a better trader.

 

[Momo89]

Successful day trading usually requires a lot of hard work to develop the necessary skills. Many day traders have some natural traits to get started but will have to work at others. Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.

I agree with all that, but you are missing, staying away from technical analysis and consistency.

 

[Gumshoe]

A good trader is disciplined, open to learning, and learns from their mistakes at all times. They try to get better at trading by analysing the market sentiment and bringing consistency to their trading plan.

 

[BinarySumo]

Consistency. Nobody becomes a trader in a day. You become better at trading with small efforts. If you can’t be honest with your work, then becoming a successful trader is only a distant dream.

 

[Mcmoin]

- Account management
- Patience
- Proper trade size
- Target (TP&SL)
- Correct broker selection