•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