Topic: Some qualities a good trader should have - page 3. (Read 977 times)

Understanding how the market works well is indeed a must for anyone who wants to trade and without understanding how the market works well, of course, they will lose their money when trading and regretting it certainly does not mean anything anymore, but they can use the experience as a lesson for them so that when they want to enter the market and trade they must really understand it well so that they do not make the same mistake again.

When someone has unstable emotions in trading, it will be difficult for them to decide something well so that they miss some of the steps that must be taken and this will certainly make them not get results that benefit them when trading, having patience when trading is certainly very important because without patience, of course they cannot know exactly when is a good time to enter or exit the market.

Some people find it very difficult to learn through online materials. They prefer to have face-to-face lessons because it makes them understand faster. Such people could locate physical crypto trading schools where they can get the basics of trading. They might then proceed to online platforms to expand their knowledge because trading is vast and dynamic.

Most people who become impatient assume that crypto trading is a field to make quick money. They become restless when the money is not forthcoming as fast as they predicted. Patience is very important because every successful trader has also lost money. But with determination, they were able to recover and keep going.     

Thank you for this, friend, but you are still moving around the psychological qualities of traders, we need more than that and could have just been explained as "psychology" as a point where you discuss Discipline and others you added to it. If I were the one who wanted to point out the qualities of a good trader, I would rather make them as 1. Such that possesses a strict/balanced psychology, 2. Must have a working trading system, and 3. Must not joke with his money/risk management and plan. All are important because if you have the best trading psychology but lack in how to trade and how to manage your account, you are still wasting your time.

Is all end up in a good trader should have understanding of how the market works. Market movement is what makes many traders lose their money; they don’t study the market well before taking any further decisions, and that’s why many of them will later regret their actions at the end. Some of them are not emotionally stable when trading, and that is why instead of making the right decision, they think if they continue leaving that trade they will lose the money.

Instead of having patience and waiting for the right time, they are not doing that; they rather sell or close the trade quickly. patience is very important in trading, but many traders failed to understand, or maybe some of them use a large amount of money to trade that is they won’t want to risk too much. 

Yeah, doing it responsibly, with no emotions intact, is the key to learning something new on the market and keeping yourself together.
There may be many temptations on the road ahead of you, but you will be able to shrug them all off.

Leaving your emotions at the door is the most important one. I believe you need to have zero emotions when you are trading, and because of this we are going to end up with a lot more profit when we are trading without fear or stress.

Secondly a bit of mathematical understanding, we are not going to need too advanced math, this is a simple level math, doesn't go beyond high school levels of math, but some people fail even at that, so there are people who will not become good traders. I am barely there, sometimes not even there, so I can understand math being a deal breaker for some.

Also spending some time learning, means you need to be willing to spend time on reading and watching material that will make you better as well without getting bored. If you do all these three, have these qualities, then you are going to eventually be a good trader without much trouble, and the results will come in without much trouble, just need time and patience to be great.

When someone trades and they do not have patience of course there will be many losses that will be obtained from the trades they make because they cannot trade well, with patience in trading they will be able to know the right time to enter the market and also exit because someone could make a mistake in holding on while they have to release the assets they hold for the profits they have earned.

You are right even though someone has understood well the right strategy for trading but they still have not overcome emotions when trading then they still experience failure and for beginners of course must continue to train so that they can always overcome emotions when trading if they do not want the trades they make not in accordance with what is desired.

People would really be making out some adjustments on the time or moment that they will really be able to experience those shit conditions or on the moment that they will really be able to encounter such situation that they've been losing up money. Yes, for someone who do have that experience then we can really make out that immediate advises and opinions but actually applying it out on what we are doing is really actually hard.

This is where we are can see some individuals who do really still keep repeat on the same mistake just because of those some common factors or problems on which a certain trader been doing. You are the ones who would really be making out some adjustment and not other people. You wouldnt be finding yourself to be that a successful trader if you are someone who doesnt really welcome out some changes or wont really be realizing on what are the things that should be done first for you to be able to have such success. We do know that it might not easy but its not impossible.

When you do deal up with a volatile market then of course you would really be needing up those kind of qualities on which this could be resulting for you to be able to sustain up this unpredictable space.
You would really be needing out to adjust accordingly so that you would really be able to survive.

There are quite often topics shared to people about things that we should already know. The frequency of these topics could be tied to both people who want to write what is obvious and want to share some stuff, or could be tied to people who are still not doing it.

Like for example patience you talked about, sure that is an important part, but we should know that being patient could make us money, this is a known thing and nothing that crazy. Whereas, we are talking about a situation where things aren't all that easy to handle because people still do not listen to us, so a month from now another person will talk about how patience is the key, and then after another month another person, because there are people who just don't listen.

Certainly agree on this. You are one good trader if you are trading in profits, and not just to satisfy your greed and end up losing at a consistent basis. Another quality is that if you are trading with the trend and not go against with the market, then you are one good trader. You don't trade and make your own rules, but instead you abide with the rules and turn your trades into a successful process.

There is so much to learn as a crypto trader. You can know it all and if you are striving to be successful at it  , you can't do it alone. You need to be an active member of the trading community.

A lot of the successful traders I know don't trade and then forget about the trade whether it was a loss or a win. They have a way to document their trading history such that they remember each trader and what they learned from it. This discipline keeps them from distractions and manages their expectations.

Dear OP all you have said is okay and not a bad idea, these Information you share actually are basics and I would love to add, Patience ,  it's a very key habit to put to consideration while trading but a whole lot of traders don't have it fir sure, even a discipline trader needs patience to execute their trades, needs it to stick to their trading plans and all other factors that would be needed to maintain a good and healthy trading system.

Management of emotions is another, I have known of people who have brilliant strategies, excellent trading plans and very effective risk management system with which they trade but still struggle with their emotions bringing everything to a zero sum struggle all over, if they are able to overcome emotions I believe even a beginner wouldn't be long before they will start trading like a pro.

Could be in a different factor, but I consider a good trader if they know how to stick to their plan, and follow their trades analysis like they don't over commitment because people recently becomes more greedy every time they saw the market they keep holding much instead doing. a cut loss and take profit. Next is they count the wins not the trades. We know people getting derived with their emotions but at the end of the day we are aiming for the gains not on the counts for a trade.

All qualities of a good trader can be learnt hence trading is something everybody can learn if they wanted to. Patience is needed to learn trading and we need to develop this habit to succeed. Studying the market and understanding the trends should be among some of the quality we should learn to help us become good at trading. Money management and not being a procrastinator should also be in our minds as quality we need to have to help us make profits. Not many people are good at deciding and this affects them when trading because we have to be very smart and fast when trading as well have patience and know when to strike or wait on the market.

In order to be a quality trader, one must know and analyze the market well first. You can’t be a good trader if you can’t interpret the market charts and patterns, and identify its trends that determine as to where the prices of the coins are heading. If you have already skills for this, then proceed to developing your positive mindset and attitudes as a trader. And always be patient when trading and learn to wait for the right timing to trade, that will help you minimize or control your losses and maximize your future profits while trading in the market.

I guess you have mentioned some few qualities of a good trader should develop when trading in the market.

A good trader should know how to exercise patience when trading in the market, because that is where some traders use to face losses in their trading, they believe that the price will not go higher than the current price. A good trader should have the knowledge to carry out her research before trading which is very important for good traders who want to make different profit from other should develop because you will notice something that will make you not to go ahead when the bear season occur, which you have to wait for bull season to occur before you can trade to earn profits.

Every trader may be able to understand the theory because it is only limited to learning that we can read or learn, but what is more complicated is when trading directly. Because there will be a difference between theory and practice and we must be able to adjust to the situation we are facing. In theory, we may talk about mentality, for example, what we should be like and how. However, when we are directly in trading, the mentality is very different because we feel it directly. We can no longer speculate for a long time, because we have to be quick in making decisions. Sometimes when we theorize we say we are ready with that mentality, but when we trade directly, it turns out that it is not as easy as we imagined.

Not really that like on being down to earth person but rather it would really be that ideal on not to make yourself that being not too much confident specially on the time or moment that you do make out some good trades on which it did really cause up for you to make out some good profits or huge amount of money. You would really be definitely be thinking that you will really be spending up like a mad man because you do know that you could be able to make again with some money on the moment that you do make out some trading. Just like on what you have said that there's no way on replicating on what the result or outcome would be into your next trades. This is why it would really be that so wrong that you will really be that presuming that it could happen again, you would really be able to realize on the moment that you do encounter such decision.

As a trader then luck factor is one of the things needed to have a profitable trade because there's no assurance to have that a winning trade even if you do put up some good strategy that you had made.
Somehow having those analysis is really that much more better in compared into those people who havent been able to apply anything at all.

Making a decision on when to enter the market should not be from our own thoughts without having a backing from the charts. All traders need to be relying on what the charts are saying therefore a trader not knowing how to interpret the market from chart is not ready to become a professional trader. Alot of traders just depend on their instincts to enter the market and that is why they love trading during the bull market because they know regardless of when they enter the market, they can just hold and get profits but if they do that in the bear market and get their timing wrong, that they are going to be losing. Timing the market is a quality that most traders do not have and they are not trying to acquire such skills instead they prefer to rely on trading signals which is not going to help them professionally.

The theory that a trader must have to be successful is almost known to all traders but not all are able to carry it out well, about discipline sometimes traders will break it even a soldier who is used to discipline will also find it difficult to remain disciplined when becoming a trader.
Intellectual or skill about trading is what traders sometimes do not have so they trade like gambling just following feelings and eventually lose everything.
To become a quality trader we must continue to evaluate what trades made us lose that day and vice versa.