Topic: Characteristic of trader - page 3. (Read 847 times)

I think this is the most needed characteristics of a good trader.  Patient is the first thing that trader must be learnt as their first lesson.

Here are few things I would like to add:

• Patience
• Willingness to loose

• Descipline
• Dedication

Understanding the technology is also important and needs to be checked before trading.

yes you mentioned very true and currently many new players who only have emotions and do not have a very high level of patience because if you know the key is in the patience you have.

The characteristics needed when you are trader is to have a too long patience in able to deal in every  trading and also it requires a wise thingking that also can lead into success in every moment when you are trading. Entering a trading is needed a more effort and willingness to sacrifice just to gain  and be a successful at the other side everyone can avail ti trade but time,effort and long patiece needed and when you have these thing you would be able to become a successful trader.

All of us experienced this, doubts is there but you need to believe in your coins no matter what, also there are down market but we need patience to wait for the best price. Never become greedy because that will make you lose which is very true. You are right when you hold or we hold we need to have price goal to not lose your profit again. You must hold with goal.

Yes this is true that trading plan is very important to prepare for succesful trading.
Technical knowledge too, not only technical, fundamental knowledge also not less important. But this thread specially concern about characteristic only. But thanks for feedback.

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Its very helpful too. Thanks for adding.
Those two also all about technical. I know without technical, trading will not have rule and goal. Its like blind trading.
But one more this is special for characteristic so thats why i dont add in thread.  Once more thanks

For me im a trader but im not a perfect trader or proffesional im a simple trader that starting study about a technique of the best trader. For become a trader you need to study the basic candle sticks and pattern. You need to control your emotion to make some profit for every trade if you dont have emotion you will lose or make some profit about trade you will sell if you have profit and you sell if the coin dump so control your emotion .

And I see a trader as a person, who is intelligent, patient, thoughtful, risky and the guy, who can take decisions very fast. I suppose all traders should be also educated people.

That's an interesting thread!
Here are my characteristics of a good trader:

A GOOD CONTROL OVER SELF EMOTIONS: Be rational in your decisions, not emotional

PATIENCE: Don't chase a trade, instead let it come to you

ANTICIPATION & ABILITY TO READ MARKET SENTIMENT: Know when to buy (or sell) before everyone else know they need to buy (or sell)

HAVE A PLAN: Know what price you want to enter, what price you want to exit, your trade size and stop before you play your trade

LESS IS BETTER: It's better to know all the ins and outs of just a handful of tickers (coins) vs. jumping around 50-100 different tickers in the hope of finding the perfect setup

DIVERSIFICATION IS NOT FOR TRADERS: Diversification is a "BAND-AID" against ignorance.

CHART STORY: Learn how to read the story the chart is telling you

Each broker loses cash, and you should have the capacity to acknowledge this as a reality of your recently picked existence without freezing. Everybody in this field loses cash, yet the character attribute that isolates terrible merchants from fruitful choices brokers is the capacity to continue onward and to gain from the misfortune. Utilize the misfortune as a learning opportunity, to see where you can move your technique on, or alter it to lessen the hazard.

I think it could be misleading when it comes to trade something like an altcoin that created for short term purpose to die soon or long term purpose I mean like when you do so patient waiting the price move up to the highest level but then it's so stable on low value, your patience could be mean nothing but a huge loss. It's pretty clear conditional not only about patience but various factors.

This is a very good article to observing the quality of your trading, based on what you said is all about emotion and how to overcome it but i think mostly people failed in trading because they dont have strategies in every trade they make and only depend based on guts and how low the price has been dropped. Based on my experience i would like to add this few things and hope it works  
1. Always have and exit plan
Getting into the market and buying a coin is easy, what harder is having an exit plan. When will you close your position when you already gain some profits but the chart still looking strong and the price keep pumping? When will you cut your losses when the price dropped, or you just hold your coin and hoping in uncertainty that one day the coin will back into my open position price.

2. Maintain your capital / leverage
Either you trading using full capital in exchanger or using leverage in some trading platform, you should be aware that cryptocurrency trading has lots of risk and you should never overtrade or eat more that you can chew. Instead of using all your capital to buy 1 coin, i suggest to diversify it into other coins. Whether you diversify half into a long term investment and the other half for trading is based on your choice. However you should always keep some of your cash money for your own expenses and not overtrading and throw it all in the exchanger otherwise in market condition like these day, you will surely trapped with emotion whether you need to eat and cutloss your position or holding your position hoping for miracle while you starve to death  

That's a basic thing to consider when you are a trader, actually you need a lot of things to consider because the market does not
only move in one direction, there are times that it's profitable and there are times also that it's not, every situation requires different approach.

Good traders are well aware of what the trade is all about. They have mastered all the necessary skills for trading apart from just the knowledge about their trade. They know how to be patient when things does not seem to work for us, they realize their fears and they face them. Their decisions are based out of anger or emotions. A good trader must know how to calm in situations when others are expecting them to behave violently.

All the trader must have target and must be consist so there wouldn't be any regret. Target when PUMP or DUMP. And you have to feel enough with the result, Good luck

what a great advice this is the most important attitude traders must have,the Patience which always reason why traders failed to success in this field,never go with you emotions you must follow your instinct and feelings..panicking is the result of every uncontrollable emotion that will lead you to decide quicly though the end is failure.for the potential traders,you should read this thread its very helpful

I believe that to become a trader you must be very good and smart. In order to make a good judgment about the market you have to be able to analyze the chart and combine it with the market information from the information channels and make the quickest and most accurate judgments. You also need a calm personality and a good sense of market, so you know the right time to buy and sell. Traders are really good people.

Trader must learn more about trading psychology, it so important to make the right decision while trading. Trader must avoid greedy ,and afraid . Trader should create strategy before start trading so the decision that they take will always right.

Tradee should know to decide on their own, do proper research before following FUDs or making fake news, we should know to read the graphs and mastery on the coin we chose.

In addition to this traits are the following:

1. Discipline
Discipline is a key trait every trader needs. The market gives you infinite opportunities to trade. You can trade thousands of different products, every second of the day, yet very few of those seconds provide great trading opportunities.

2. Adaptability
Successful traders implement their strategies in all types of market conditions, and also know when they shouldn't use their strategies (for example, during a range if they use a trend following strategy). This requires mental flexibility. A trader must be able to look at the price action of each day and determine the best way to implement (or not implement) their strategies, based on the conditions that are present that day.

3. Mental Toughness
A trader must withstand a continual barrage of punches from the market. Losses are a fact of trading, but it's we how we act (not negatively reacting) after getting punched that makes all the difference. After getting punched, or taking losses, move on, and continue following your trading plan. If you are following your plan, but you just keep losing, market conditions likely aren't right for your strategy. In that case, walk away until they are. Sometimes being mentally tough means making the hard choice of not trading.

4. Independence
Initially, you'll likely get some help with your trading, whether it's from reading articles or books, watching trading videos, or receiving mentoring. Ultimately, though, it's you who will place your trades and determine your own success.

5.Forward-Thinking

Day traders can't be stuck in the past. While day traders use data from the past to help them make trading decisions, they must be able to apply that knowledge in real-time. Like a chess master, traders are always planning their next moves, calculating what they will do based on what their opponent (the market) does. As discussed in the adaptability section, the markets are not static. We can't say we will buy at a particular price in five minutes, and then ignore all the price information that occurs during that five minutes. Day traders are constantly planning their next action, based on new price information that is revealed every second. They consider different scenarios that could play out and then plan out how they will implement their trading plan (entries, stop loss, targets, trade management, position size) under each of those various conditions.



Most day traders aren't born with all these traits, rather they possess a few, and must work rigorously on the others. These traits can be learned, which is a great thing because it means successful day trading is determined by you, and not necessarily your genes. Some of us are prone to certain weakness, but these are often offset by strengths which can help us mitigate the damage of our weaker qualities.