Successful traders, I’ve found, are self-aware and self-awareness is one of the traits they follow markets with. They maintain meticulous records of their successes and failures, so they always know where they stand financially. They’re not simply looking for moral backing when we get together. They are always looking to better themselves and their business. Excellent traders are always looking for ways to improve, regardless of whether they are winning or losing money.
Second, I have noticed that successful traders tend to concentrate on the good rather than the bad. Successful traders know what they should be doing and translate it into daily, weekly, and monthly objectives. Traders with less experience tend to focus on the bad. They are able to articulate what they do not want to be doing, but they are unclear as to what they should be doing in order to be successful traders. That’s why they never set any real targets for development.
What if I went through today’s trade with you and asked, “In this session, you were working on what exactly? Just what were your primary objectives when trading?”
How definitive of an answer could you give? Was your primary goal developing as a trader, or making a profit?
Top-tier traders often willingly submit to being studied. They are always learning new strategies and honing their skills.