The 4 Qualities Top Traders Have Nurtured To Become Prosperous
What are the top qualities you need to have to become a top trader? Start nurturing these traits by learning from those who are already at the peak of their trading career.
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- What are the four qualities you need to have to become a top trader?
- Who are the traders who defined their career in trading because of these qualities?
When embarking on a new profession, the first thing you need to do is make sure you obtain the necessary education to support your new venture. It is also equally important to research what personality traits you need to nurture to reach the top. This counts for trading as well, of course!
If you are a new trader, you might gain a lot by seeing what other people have managed to arrive at a level you aspire to. It can be an immense source of inspiration to read about their life story and look at the mistakes they made to ensure you don’t repeat them. Most importantly, you can learn what personality traits made them the success they are today. In this article, we look at successful online traders and the qualities that helped them get to the top as well. You can also learn how you can start nurturing these traits so that you can become successful as well. Let’s go!
Dan Zanger: Discipline is Key
Dan Zanger is a wildly successful technical stock analyst. In a recent tweet, he was asked if anyone can trade. His answer? ‘Not a chance. Most people lack discipline, fail to follow rules, and either hold losers or can’t handle holding winners and sell them.’
In trading, discipline is not only showing up every day and finding the time to trade. It is also a key trait because it can help traders avoid a lot of time-wasting. Why? The live markets present you with a multitude of options and different ways to trade. However, your time is limited and only a few moments of trading can give you great opportunities for profitability. Being disciplined and sticking to your trading strategy is of the utmost importance. It helps you not get swayed by other temptations for opportunity on the market.
Kim Krompass: Manage Yourself And Be Fiercely Independent
Kim is now a successful trader who has been in this industry for 14 years. After experiencing a major loss on the market she did not trade for at least 2 months. She was terrified that such a mistake will be repeated again. This is when she realized that trading with real understanding, has way more value than just relying on mere luck.
In her refreshing Medium article, she claims that ‘understanding your emotions and feelings when you trade’ will be an important key to your success. When you understand your motivation behind trading and why you react in certain ways you are more likely to pick yourself up again after a loss. Gaining control over yourself and your actions when trading can go a long way. Doing your own thing and being certain of your motivation behind it will ensure to keep you on the right track.
Austin Netzley: Adaptability
Necessity is the mother of invention they say. It certainly holds true for Austin. He came up with an automated trading system so as to be able to keep trading during his 9 to 5 job. In his own words, he claims, ‘“What differentiates successful entrepreneurs from everyone else is their willingness not only to face fear, but also to embrace fear. If you’re not really scared of what you’re doing, that means you’re not pushing the envelope, you’re not challenging yourself.”
A trader’s worst enemy is getting comfortable and employing the same strategies over and over again. When trading on the live markets, no two days are the same. This means an investor needs to be able to work in all kinds of market conditions. Adapting to the present markets and the trends that unfold is important if the trader wants to capitalize on the time spent studying the market.
Chris Capre: Mental Toughness is the Only Way To Get Through
Any trader worth his or her salt will tell you. Setbacks and failures will happen. Growing a thick skin and learning to bounce back will help you keep going and keep you motivated for your next trade.
‘Experiencing doubt, worry and fear are normal even for me’, says Chris Capre, day trader and CEO of a forex academy. According to Chris, rather than merely coping with the setback, you should embrace the challenge and thrive in the obstacles it presents. Why? By making sure you overcome the obstacle that is presented to you, you build trust and self-confidence as well as learn new skills and strategies.
What are you waiting for? Sign up now to start trading today on the live markets with Sage FX