Topic: Some qualities a good trader should have (Read 172 times)

As a trader, you could actually have a market condition that you prefer between a bullish trend and then a very bearish trend, but however, you should be able to trade both the bullish market and the bearish market and make money. Also, just because you are trying to place a trade and make profit, you shouldn’t always jump into the market, even though you do not see an opportunity. Another attribute of good traders is the ability for them to decide when it is proper for them to trade and not proper for them to trade. You do not always need to trade.

Alot of people do not know how to trade but are doing it based on guess and luck therefore it is the reason for many traders losing and not making profit after many trails. A trader is meant to be capable of winning in all market conditions and not waiting for the market to be favourable for them before they can begin to trade. I see some traders say they do not trade in the bear market and only when the market is bullish, they do not know how to trade that is why they do not trade during the bear market and not the excuse that they are giving. A trader should be capable of adapting and making profits, this should be one of his qualities and there are other qualities too that will make you become a successful trader. You need to be smart, you have to be willing to learn both from your mistake and the experience of others.

The mental state of trading that involves the emotion of the trader is the most important factor for me that I consider most while trading. For a trader to be successful at trading and what they do, they need to have this control over their emotions while trading. You may have learnt the fundamental and technical aspects of trading but when you don’t still understand how to take charge of your emotion, it becomes hard to be successful at trading. Emotions have traders entered a market earlier (FOMO) and also has made them to leave the market early which is very important for a trader to know when to enter, leave or hold on to a trade while at it. Trading may be risky but with proper risk management, knowledge and emotional control, you’ll succeed at trading.

Newbie traders mostly make that mistake, though it does correlate with patience, I believe a lack of knowledge can also be the reason behind people making hasty trades because as soon as they see the market moving either up or down, they think it's an opportunity they need to cash. The term FOMO (Fear of Missing Out) can also be used for such instances because such traders usually think they are going to miss the train if they don't act quickly without realizing that they are getting themselves in trouble with this.

I don't blame them though, I have been in that position myself. I know I was wrong but I still made a lot of mistakes and I admit it. When you don't have enough knowledge, you shouldn't waste your money. Start making trades only when you know you are ready for it, otherwise, just learn and wait. The market isn't going anywhere, cycles will change, prices will change, but you can still make money later if you know what you are doing.

So I would urge newbie traders to take their time instead of rushing it because you won't get anything out of trading this way. If you think it's not easy for you to do, simply invest in some good coins such as Bitcoin and keep holding until it goes up and then sell it for profit. Don't get into trading if you can't handle it.

Patience is another important quality a trader is expected to have if they plan to succeed for a very long term trading. Every good trader already has a strategy he works with. Without patience, he might likely deviate from his initial plan to pursue what is not part of the plan. With patience, he should be able to know that he doesn't need to neccessarily trade every time he sees any small movement. Every trader needs to focus on the goals they intend to achieve, especially long term goals.

With the way the  market is volatile, patience is still needed to enable the trader remain calm and not make hasty decisions which might ruin his trading ambition or career. Patience is indeed a virtue every trader cannot do without.

* Ability to adapt bear and bull market conditions, and not just explaining themselves that this is just a dip or a pump and dump.

Anyone can claim to be a good trader, when they are actually perma-bulls or perma-bears. So when their era hits, they just make money by doing what they always did, bears are shorting and bulls are longing. While in reality that's not good trading. That's just waiting for market to adapt your philosophy and making money for how ever long that bull or bear run is going to take.

For some reason these people believe their own skills, and i keep on seeing these people being praised as some geniuses who predicted the change. They never predicted anything, they are always bulls and bears and naturally they can be seen as being ahead of the market. When in reality they were just wrong about markets half of the time.

Yes, we have discussed this often and I think we should always remember it because this is the basic foundation as our guide before trading. The points presented are points that are indeed very useful, especially for beginners. I agree with you that when we can diligently continue to learn from this forum, then we will learn many very useful lessons, not only lessons that we can take from theory, but lessons from the experiences of many people who share their experiences here. This is why we are required to continue learning whenever and wherever. As long as there is a will, there will definitely be a way, that is the principle that I hold.

To master trading, it is very difficult and we will need very long time to master trading and can get profit from practical trading.

Some months for trading is not enough experience because corrections in a bull market are different than many bad months in bear market. In bear market, there are many bad news that cause a lot of pressure and stress on a trader. These things affect psychology than trading decisions a lot, and bad decisions in trading mean losses.

Well done, but this is obviously a replica of what has already been said here many times. If you take your time and Secruitize this board, you will find more useful guidance to your trading lifestyle. It's an advice.

A positive mindset and proactive actions are the qualities that a trader should possess. The kind of person who cannot easily give up due to just one mistake, and the person who can rise again after a painful loss. Because trading is something that should not be rushed, that is why this is not suitable for someone with low patience. 

Therefore, we should carefully examine ourselves to see if we can endure several days, months, and years in the learning stage with minimal income. Because if we can't handle it, we shouldn't push ourselves, because in the end, we will be the ones to suffer. 

A trader must of course have good qualities in trading crypto and not only quality is needed but also he must have enough money and understand enough experience to be profitable. Apart from that, continue to develop what he wants to do as a crypto trader. It is clear that many traders resign when the market is no longer as stable as it is now. A good trader is good at seeing opportunities when he should sell and when he will enter to buy coins that have the potential to rise quickly whenever there is a certain opportunity.

 Many traders, even though they have a lot of money, have difficulty trading because they lack trader knowledge and are lazy in analyzing. The point is, if you want to be a good trader, focus on the main goal, always follow complete information, take it easy, don't rush into taking a stance that can cause losses to traders.

You can trade, everyone can trade but whether your and their tradings are like trading or more like gambling, it depends on how the trade is made.

Trading if is done properly, will start with your analysis for your entry, your exit and assessment of risk and profit if you open a trading position. A responsible trader will open a trading position if analysis shows that chance to get profit is higher than risk of loss. But above all, that trader has a solid plan on his exit with two possible exits: one exit for profit, and another exit for a draw or small loss to take the initial capital back.

Defending initial capital is most important and if a trader can do this, it's truly trading. If a trader can not do this, it's gambling, and no longer as trading.

To be truly a trader, make sure of using Stop loss order or Stop limit order.

One of best weapons in trading. It's a stop loss order but there is another weapon in trading, stop limit order.
What is a stop limit order?

I think many people will be against this statement that trading is not gambling. Trading is involves prediction without actually knowing the outcome and this is why most people don’t trust it and rather easily relate it to gambling. Personally I wouldn’t debate on that even if I think it is not but I tell people that even if it is gambling then it is a calculated gambling because the odds are in your favour if you do the right analysis unlike the other gambling


I have to agree with you that the portion of ones portfolio needed to trade with shouldn’t be that much because of the risk involve. But the percentages are what I don’t go with because I feel like everyone should have his own risk management plan and one shouldn’t be following others management plans. As a trade quenching the fire of greed is the best risk management strategy because it consumes one’s funds easily

Thank you very much
Yes you are right the qualities I mentioned I not enough to adequately describe a good trader those are the few qualities that I personally took not of as a trader that is why I started I'm the post that they were my opinions
And I really love the qualities you also pointed out they are also necessary thanks 😊

The three points you convey are not enough for a crypto trader.
There are other points that you must master and understand before you dive into the world of trading or the crypto market.
The main thing is that in order for you to become a professional or quality trader, you need to understand what crypto is, because each type of crypto has its own uses and characteristics, choosing the wrong type of crypto in trading could result in losses for you.
The other thing is that you also need to learn regularly about technical or fundamental analysis. Both of these things are important for a trader. If you have this knowledge, you can master charts or indicators price movements, as well as the fundamental concept of focusing on events or news about crypto developments are important in trading in order to become a quality person.
And others, it is important to monitor market conditions on a scale and also adapt. I think some of the things I mentioned above are very important for those who want to trade crypto and there are many others that you need to underline.

If you're speaking based on your opinion and experience, I won't object any of it because most of them really are right.

A good trader should have a lot of qualities and those that you've mentioned are just a part of it. It's hard to be a good trader when you don't know yet your goal why you trade.

Many trades are in that situation so they're having hard time in adapting these qualities to themselves. So, one easy quality on how to determine a good trader is when he's simply profitable.

A good trader should trade with small amount of money. Wait for bear time and hold more money than trading. Out of 100% money that should be used for trading and holding, a good trader will hold 70 to 90% of the money and only trade with 10 to 30%.

A trader should stop trading if he has not been making money for 2 years or more. Trading is not what is easy. It is very similar to gambling if talking about risks.

Well although I'm new to this platform I'm not actually new to trading and during the little time that I have been trading I would love to share with you some of the qualities I think a good trader should have

First we should know that trading isn't gambling and isn't about luck if you wish to become a successful trader there are some qualities you should possess
Although I myself do not possess all these skills

1 you should be disciplined
Know that discipline is one of the key to success when trading
 it is the ability of a trader to be able to adhere to trading plans the he or sha has created for themselves, ensures he follows strategies and make logical decisions that are not controlled by emotions,should have consistent risk management,and patience


2 should have good intellectual attributes
For a trader who intends to be successful he or she have this quality as it enables you to be able to take good decisions while trading you should be able to properly and carefully analyse the market and also be very adaptable this is because the market is constantly changing and you should be able to change your strategies to match this change you also be willing to learn you can never know it all when it comes to trading always have room to learn more never be overconfident

3 should have the mental fortitude for trading
This basically means that you should be mentally ready for the ups and downs that come with trading  especially the downs you should try as much as positive to have control over your emotions this will enable you to be able to avoid over trading, avoid  impulsive decisions and revenge trading
 
Well this is my opinion I'm open for any corrections you may have