5 QUALITIES OF A TOP TRADER

neotrend

Trader
Feb 23, 2011
11
0
17
Lagos
5 QUALITIES OF A TOP TRADER
Talking about qualities of top traders means talking about some of the characteristics that you will find in successful traders. During my research I found out about some five strong qualities that affects a traders performance in the market.

1. ACCEPTING TRADING RESULTS AS THEIR OWN PRODUCE
Top traders believes that they are responsible for any of their trading result. They will never shift blames on any form of external source or any other thing. This is the mistake most traders do they often play the blame game, blaming one indicator or the other for their flaws in the markets. This is what you will not find in top traders, they accept responsibility for the results they come out with in the markets.

2. THE INTERSET AND DESIRE TO REALLY UNDERSTAND THEMSELVES
No one can really understand how he/she creates results if the person does not first understand himself/herself intimately. This is also true in the trading world. The desire to truly know yourself will greatly improve your results in the markets.
Great traders continually study and challenge themselves, their thinking, their actions and their reactions.

3. DISCIPLINE TO CONTINUALLY WORK TO IMPROVE THEMSELVES
Discipline creates excellence. Top traders continually work to improve themselves. The study and research never stop. The market is dynamic so it needs to be followed day in day out with a lot of study and research. A top trader or potential top traders always work to develop a discipline that makes them improve themselves.

4. THE ABILITY TO STRATEGIZE WELL
Top traders execute their strategies based on robust business plans that they have created to guide their trading. They have taken the time and effort to form meaningful objectives. They have also developed effective strategies to reach those objectives by understanding the multiple scenarios that are possible and how they will respond.

5. THE ABILITY TO GET IN THE ZONE
Top traders can become one with the market and accurately sense what it is doing. They have the ability to live in the present moment without being influenced by the past or the future. It's a very intuitive state and often gives them a total sense of how successful their moves will be in the market even before they make them.

Now, take a look at yourself and consider honestly if you have what it takes to be a top trader.
Have a splendid time trading.
neotrendfx@yahoo.com
 
Oct 17, 2011
103
1
0
India
Also add this

A belief that you create your results in life.

Most people don't understand this concept. They repeat the same mistakes over and over again because they blame their mistakes on external factors. For example, if you blame your bankruptcy in one of my marble games on the person who pulled the 5R marble against you, you are not taking responsibility for your position sizing error of risking 20% (or more!) of your equity on a single trade. Consequently, you'll repeat this mistake over and over again and there will always be someone to blame for pulling the 5R marble against you.

Conversely, top traders are constantly determining how they produced their results and working to correct their mistakes. They create their reality.
 

fx4ever

Active Trader
Mar 22, 2013
62
0
27
According to me the quality that a forex trader should have:
1) Have to accept the loss.
2) Have to be disciplined in trading
3) Must have an effective trading strategy.
4) Must have two or more trading Plan
5) Must have to follow good money management.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
What produce? Oth, most of the tips are essential, hopefully the new traders will review the thread prior to opening any trade..
 

jacobw

Trader
Mar 29, 2013
5
0
12
dicipline and no gaurantee/confidence is best characterists.

too many traders are too sure of themselves and lose theirs and other peoples money
 
20 Habits of Wealthy Traders...

Got this from an old article from a magazine a few years back, and some of the points are a bit of an eye opener. My favourite is 16. Pracitice reading the right side of the chart, not the left.

1. Patient with winners, and impatient with losers.
2. Making money more important than being right.
3. View TA as a picture of where traders are lining up to buy and sell.
4. Before they enter every trade they will know their profit target and/or stop exit.
5. Approach trade no.5 with the same conviction as the previous 4 losing trades.
6. Use naked charts (PA).
7. Comfortable making decisions with incomplete information.
8. Wealthy traders stopped trying to pick tops and bottoms long ago.
9. Do not think of markets as expensive or cheap.
10. Aggressive with trade size when doing well and modest when not.
11. Realise the market will be open tomorrow.
12. Never add to a losing position. EVER.
13. Judge their trading success on anything but money.
14. Study MOB’s & RIOT’s and human psychology – The wisdom of crowds by James Surowiecki, the art of strategy by Avinash Dixt and Barry Nalebuff, Markets Mobs and Mayhem:A modern look at the Madness of Crowds by Robert Menschel, extraordinary popular delusions and the madness of crowds by Charles Mckay.
15. See themselves as market makers. Think like a market maker and not just a trader.
16. Practice reading the right side of the chart, not the left.
17. Always have an edge, don’t trade if you don’t.
18. Determine position size based on risk, not round numbers.
19. Buy strong markets, sell weak markets
20. Play reaction, not the news
 
Last edited:
Apr 25, 2013
1
0
12
According to me the quality that a forex trader should have:
1) Have to be patient.
2) Have to be disciplined in trading and acquiring knowledge properly about forex.
3) Must have an effective trading strategy.
4) Must have two or more trading Plan
5) Must have to follow good money management system.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
24
32
Canada
Discipline, discipline, patience, patience and discipline. I think you get my point here. Without discipline and patience you should not even bother. Trading, forex or any other financial market, is not an online business or get rich quick scheme.
 

BoroVai

Trader
May 25, 2013
16
0
17
I think it is not only a post it is a way to be a successful trader and it must help a lot new trader like me to make their own strategy and build up their career on Forex Trading.I am Really pleased to have these advice.
 

Master Forex IB

Active Trader
May 23, 2013
174
1
27
These are the key qualities of a good trader. He has to accept all results either they are in loss and profit because he is free to do trading. A planned managed and desciplined trader gets really best results from trading. He should be patience and emotionaly stable.
 

ituglobal

Master Trader
Apr 17, 2013
517
31
69
And the list could go on... but if I may ask, what's the single most important key to trading success, which must be possessed by all successful traders?...Stay tuned.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
24
32
Canada
And the list could go on... but if I may ask, what's the single most important key to trading success, which must be possessed by all successful traders?...Stay tuned.

Scroll up and you shall find your answer.
 

ituglobal

Master Trader
Apr 17, 2013
517
31
69
Long-term survival in the trading world means that your past errors have made you to become a better trader.