Great traders have a few personality traits that do give them a natural advantage. That’s not to say you can’t succeed without them, just that it’ll be an uphill battle and a greater degree of reflection and self-correction will be required. The trader with the best chance of success will be –
Independent. Being happy with a good deal of autonomy will allow you to confidently execute your plan without needing 25 people to concur with your analysis. Trading is a solitary game, and you need to be able to thrive on your own, to a large extent. Support is great but when it comes down to it, it’s all up to you.
Decisive. If you take hours to do something simple like choose a burger off a menu, the odds of you being able to see a trade set-up and coolly pull the trigger are greatly diminished. Especially if you trade short time-frames that can be the difference between success and failure.
Insightful. If a trader can honestly look at their skills, motivations and short-comings and actively work to rectify them, they have the tools to over-come nearly anything the market throws their way. (more…)