20 (31) Habits of Highly Successful Traders

[Abiel 475]

Just watched this video.... "20 Habits of Highly Successful Traders"... but the guy really talks about 31 habits:

 

1.Wealthy traders are patient with winning trades and are enormously impatient with losing trades

2.They realize that making money is more important that being right

3.They look at charts as a picture of where traders are lining up to buy or sell

4.Before they enter any trade they know exactly where they will exit for either a gain or a loss

5.They approach trade number 5 with the same mindset they did on the trade 4 previous losing trades

6.They use "naked" charts and focus on zones

7.They realized a long time ago that being uncomfortable trading is OK

8.The markets are their workplace. They are a participant, not an on-looker.

9.They stopped trying to pick tops and bottoms.

10.They stopped thinking about the market being "cheap" or "expensive"

11.They are willing to change sides if the market tells them to do so

12.They trade aggressively when trading well and modestly when they are not

13.They realize the market will be open again tomorrow

14.They never add to a losing trade... EVER

15.Cash is the goal, but never the measure of success

16.They read about mobs and riots

17.They provide liquidity to the markets while watching price and volume

18.They have a way to gauge fear, greed and speed of the markets: Tick charts 233, 612

19.They practice reading the right side of the chart, not the left

20.Every wealthy trader has an "edge" they can explain to their mothers

21.Their position size is calculated exactly on risk tollerance

22.Profit targets are based on average range or something objective

23.One or two trades a month make their month

24.Confident decision makers in the face of imconplete information

25.A losing trade does not mean they are a loser

26.They buy higher highs and sell lower lows

27.Their business isn't trading, it's finding the right trades

28.They write down or record every trade, price, thoughts, news, attitude

29.Their conviction on an active trade remains unless something major changes

30.A winning trade does not result in taking on extra risk the next trade

31.They trade the reaction, not the news

 

[MichelleJ 1]

Thanks for sharing, Abiel.