The Characteristics of a Successful Trader

If we reframe the liabilities listed in trader failure list, we can clearly see that the Characteristics of a Successful Trader are:

• Excellent trading knowledge and understanding
• Adequate capitalization
• Realistic expectations
• Patience
• Discipline
• Understanding and Managing Risk

If you look at the advice from the world’s most successful traders today, you’ll notice that they will all agree with this, each in their own way.
Define first the level of risk you dare assume. Start with a small position, and then build it up if it works. -- George Soros, Currency Trader, Quantum Group of Funds.
All it takes to become a successful forex trader is aptitude, training, and experience. – Rick Smith, Forex Market Trader, Forex-Advisor.com

Spend your day making yourself happy and relaxed. Key is to play great defense, not great offense. Decrease trading size when you are doing poorly, increase when you are trading well. Place mental stops, price stops and time stops. Monitor your trading success in real-time. Do not be dwelling on mistakes made 3 seconds ago, but what you are going to do from the next moment on. Don't be a hero. Don't have an ego. Always learn, and question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead. ---- Paul Tudor Jones, Future’s Trader, Tudor Futures Fund


The first rule of trading is don’t get caught in a situation in which you can lose a great deal of money for reasons you don’t understand. A trader has to be patient and willing to make mistakes regularly. -- Bruce Kovner, Caxton Corporation GAMut Fund

When you earn the right to be aggressive, you should be aggressive. (A philosophy reinforced by Soros) The way to build long-term returns is through preservation of capital and home runs. -- Stanley Druckenmiller, Currency Trader, Quantum Fund


Source of From.
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