Which is the most important quality required by a trader to be a winner?

Trading
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What according to you is the most important quality required by a trader to be successful in trading and come out a winner?

Name the quality in one word and then you could add a small description of why you think that’s the most important quality.

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Hello @Tintin,

I think being patient with profitable position and impatient with losing trade is the must have quality of a successful trader.

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@Tintin

HI FRIENDS,
ACCORDING TO ME,

“STRICTLY FOLLOWING TRADING PLAN”

I HAVE BOOKED MANY PROFITABLE TRADES EARLIER, DIS-FOLLOWING MY SYSTEM. AND LEFT HUGE PROFITS TO MARKET.

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  1. Plan your trade and trade your plan.
  2. Patient in winning trade AS WELL AS losing trades too. you never know when will it form a Hammer patterns!!!
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"Being Emotionless"
The urge to book small profits and holding on to the losing positions
A trader needs to keep emotions away while trading.

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SPEAKING From My own Experience from a daytrader’s Point Of View.

1) Good Memory Power:

Do you often find committing the same trading mistakes over and over again? Bad memory is not good for making a career in trading. A good memory retention capacity is number 1 quality required by a trader. Success in trading depends of learning from your own mistakes. To learn from your own mistakes you need to remember what those mistakes were.

2) Discipline to follow one strategy over a reasonable period of time.

Majority of the Traders in India lack the discipline to follow any given strategy over a reasonable period of time. After a good weekend we forget what we were doing last week, now we need a new strategy to carry us over this week. Lack of seriousness to what we are doing, ends up creating too many losers. Discipline to follow one strategy over a reasonable period of time is another important quality required by a trader.

3) Self Determination to succeed

Mojority of the traders give up too quickly, they are in to try their luck. Are you one of them ? Do you wake up with the same Self determination to becoming a winner at the end of every trading day ? Do you wait for some GURU to teach you their formula? Are you googling for tips, trade signals ? Self Determination tops the 3rd on the top 3 quality required by a trader.

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Reviewing the trades gone wrong. I do this on a weekly basis and this practice has helped me to make better trading decisions.

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Not being greedy.

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It may be difficult to convey the most important quality in just one word. But if that has to be described in one word only then that word is FLEXIBLE .

Yes, FLEXIBLE is a magical word & can be said as an abbreviated word containing almost all of the qualities which are required to be a successful trader.

F = Focus
L = Love
E X = Experience
I = Intelligence
B = Balance
L = Loss cutting
E = Enthusiastic

Further, each of these words resonates closely & are synonymous with following.

F = Focus ( Eagle eye, Concentration, adjustable)

L = Love (passion , attachment, devotion, dedication, fidelity)

E X = Experience (confidence,wisdom,practical knowledge)

I = Intelligence (judgment, reasoning, intuition, perception)

B = Balance (stability, self control, calmness)

L = Loss cutting (profitability, success)

E = Enthusiastic (Energetic, excited,committed, ardent, fervent)

Yes, a successful trader is flexible in his approach. He may follow strategies with technicals fundamentals inplace yet knows that nothing is foolproof in markets. A successful trader has to have a flexible mindset. A person with a rigid mindset wont last long.

One should have passion for markets. The day you love your work, you don’t have to work a day in your life! Everyday becomes a holiday & life becomes a celebration.

But if you don’t love your work, life becomes a punishment resulting in stressful living with imbalance between your professional & private life.

For a successful trader, everyday (weekdays) becomes holiday and (public holidays) weekend becomes a work day!

You spend quality time with your family & work on weekend by taking your loved ones out on lunch/ dinner or small tour. Also listening to your scolding wife on weekend maybe worth alot of hardwork ! :smile:

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learning from our wrong trades and not repeating the mistakes

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Discipline - Trade as per your plan (Setup, Exit levels).

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@Tintin I believe that How a trader lives his life beyond trading hours tells me whether he can be a winner or not in trading( I am specifically talking about trading not investing although it applies to both).

Most of us , while learning our craft pay so much attention to trading while completely neglecting outside trading hours.

Let me share with you sports analogy, How sportsman performs on his day not only depends on his skill but all the training he has put in before the match. In individual sports events like olympics, it may take years of work to bring winner in a moment of opportunity.

In real life if you are a angry person chances are that you react to markets same way. In real life if you are not hard working chances are that you look for short cut in markets.

Treat market like a giant person with giant mind then your response to different stress situations as well opportunities is same as your real life.

if you lead a life of discipline, healthy habits then you can see the same reflected in your trading. If you are the one who has kindness and compassion while dealing with problems with your friends and family then same reflects in markets too.

so to me if you can exercise regularly, have a healthy lifestyle, know how to enjoy company of friends and family, if you can meditate, If you can have enough dedication and time management skills to do your home work outside trading hours where emotions play less and decisions can be methodical, have balanced approach to Money matters in life, …I believe you are setting yourself up for winner in trading too.

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100% agree

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Such genuine and trustworthy inputs so far. Thank you, you guys rock!
Hope others add too.

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it is patient and not to exit on the basis of fear

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Experience.

It will take time for this. During which one must try to keep losses at minimum.

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I think maintaining a journal and reviewing it weekly really helps with discipline and avoiding repetition of mistakes. I think journal is a must for every trader.

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In order to maintain a track of mistakes one should maintain a diary and keep noting the mistakes and reviewing on regular intervals

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  1. A good trading plan.
  2. Discipline to follow it.
  3. Patience.
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Buy stocks which you are familiar, known. Do a small reaserch before investing, keep observing for some days and their behaviour during correction. Their fundamentals should be good. Investor should have patience, definitely price would rise some day. We have to wait for it. @Tintin

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