14 ATTRIBUTES OF SUCCESSFUL TRADERS

14 ATTRIBUTES OF SUCCESSFUL TRADERS:

1.      View TA as a picture of where traders are lining up to buy and sell

2.      Approach trade no.5 with the same conviction as the previous 4 losing trades

3.      Use naked charts

4.      Comfortable making decisions with incomplete information

5.      Do not think of markets as expensive or cheap

6.      Aggressive with trade size when doing well and modest when not

7.      Realize the market will be open tomorrow

8.      Judge their trading success on anything but money

9.      Study human psychology – Use ful books are- 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.

10.  See themselves as market makers.  Think like a market maker and not just a trader

11.  Practice reading the right side of the chart, not the left.

12.  Always have an edge, don’t trade if you don’t

13.  Determine position size based on risk, not round numbers

14.  Play reaction, not the news