Ambitious

Makes and follows long term business plan

•Unambitious

Will ignore long term business plan

•Calm

Will handle times of market volatility and make smart decisions

•Worrying

Will panic when markets are volatile and make stupid decisions

•Cautious

Strictly follows Stop-Loss rules and Protects Trading Capital

•Rash

Will not be diligent with Stop losses and will risk trading capital

•Cheerful

Handles losses and down times in markets

•Gloomy

Gets depressed when facing losses and makes poor decisions

•Well-Organized

Daily updating charts, indicators, business plans, Economic calendars

•Disorganized Too many charts, irregular updations, too many instruments

•Flexible

Willing to change view on market based on where the market is going

•Stubborn

Sticks to own views and will fight the market even if he is wrong

•Hardworking

Puts in the hours required for daily research, trading and journaling

•Lazy

Trades based on mood, not bothered with daily research and journaling

•Honest

Accepts his mistakes made while trading and tries to improve

•Dishonest

Does not accept his trading mistakes and blames the market

•Practical

Understands and acknowledges that every day is different in the markets.

•Impractical

Tries to treat every trading day as same and forces his trading style

•Punctual

Follows a strict daily trading routine based on market hours and economic releases

•Late

Irregular with trading hours, does not strictly follow economic calendars

•Logical

Understands why markets are trading up, down or sideways and trades accordingly

•Illogical

Will focus on personal profit or loss to determine trading strategy

•Modest

Grounded and humble after making good profits – knows that he can lose it all

•Conceited

Thinks he has ‘figured out the market’ and feels he can always beat the market

•Not Envious

Focuses on personal trading results and how to improve his own trading

•Envious, Jealous

Is troubled by the results of other traders and loses focus on improving his own trading

•Peaceful

Has the ability to maintain an inner peace and composure during extensive market moves

•Quarrelsome

Is constantly agitated at every up or down move of the market and keeps fighting the market

•Persevering

Keeps trying no matter what happens and does not give up till he starts becoming profitable

•Quitting, Fickle

Gives up too soon if faced with trading losses and blames the market for his failure

•Polite

Because he is polite, he can learn from other traders and benefit from expert knowledge

•Rude

Because he is rude, he is unable to build a network of successful traders and misses out on the learning community

•Responsible

Realizes that he needs to do whatever it takes to support himself and his family and trades systematically

•Irresponsible

Thinks only of himself and takes rash trading decisions – often willing to gamble it all.

•Secure

Understands that trading takes time to become profitable and plans his personal expenses accordingly

•Insecure

Is looking to reap profits in trading from day-one and cover living expenses – makes rash decisions

•Thorough

Will only trade based on defined entry and exit rules

•Careless

Will trade based on mood, greed and fear

•Thrifty

Will ensure that he trades less to keep the commissions low

•Extravagant

Will overtrade and land up giving up all the profits in commissions

•Reliable

Builds a consistent track record of trading profits and can raise outside funds to manage

•Undependable

Inconsistent track record means no one will give him additional capital to manage

•Forgiving

Realizes that all the trading results are of his own making and does not blame markets

•Vengeful

Will revenge trade the markets in order to recover losses

•Self-Disciplined

Follows all the rules of trading and DOES NOT find excuses for breaking the rules

•Weak

Willed Breaks trading rules often based on feeling fearful or greedy

•Rational

Always analyses profits and losses and accepts where he got lucky and where he made a profit based on his strategy

•Irrational

Does not differentiate between getting lucky and making a profit based on trading strategy