Topic: Some qualities a good trader should have - page 4. (Read 1308 times)

While a great deal of the time we concentrate on skills like reading the charts, money management, the signals created by your system and other similar skills, I consider the emotional stability of a trader to be even more important, this is because it does not matter if you have the best strategy ever created, if you cannot apply it under pressure and you crumble because of it then you will lose money, while someone that has a mediocre strategy but that can take difficult decisions under pressure will make money given enough time.

Many traders galet carried away with the fact that trading can make them rich over night, and that is why many of them have jumped into cryptocurrency trading lately, this change have shapen alot about how new gambler's gamble but have to rely on their luck to win the game as a gambler, but when it comes to trading, luck have nothing to do about it, and while trading you have to rely so much on your intellectual capacity so that you can be able to analyse before you open the trading position. And another thing also that you should know is that, while relying on you luck to win you games in gambling, trading on the other hand is that you don't lose total assets until you close the trading position below the entry price

So while trading cryptocurrency involved alot of techniques and expertise one need all the above mentioned features because it is through those features that you can rise up as a trader.

Probably, this is the most hard part/ requirement that a trader needs to have in order to stay focused on his goal. Most of the people that trying to become crypto traders are impatient and that makes them prone to wrong decisions. Also, they forget that the money that you put for your trading, can't be touched since is your tool for your trading. Your profit, if any, is different from your trading funds...


Basically, you always try to buy as much as possible less than what you sold. And there is the trap. Because most of the people entering the crypto market/ trading trying to catch percentages like 15% per trade or even more. For me, these are "crazy" numbers and I think that there is no need for someone who considers himself a trader to chase them.

Hmm, OP's post is quoting the emotional side of the trader but there are many other basic needs to be a trader no doubt that emotional control is one of the core attributes of a trader. To be a good trader what I've recently learned in the past few months is never to trade against the trend it can cost you a lot more than your expectations from risk to reward. In the current market trend, I can see that due to the previous desperate period, most of the faded seasonal traders are jumping again into the markets let's see how they end up now.

Note: Keep in mind a reason is necessary why you want to be a trader why not an employee why not to be an enterprise and anything else you can be.

On the moment or time  that you do step your foot into this market on which its a volatile,unpredictable,decentralized and totally random then of course you will really be needing up to be prepared for that.
Never ever make yourself that become too delusional that you could be able to handle up this market very well. There's no such trader will be able to predict precisely on where prices could possibly go.
Market is volatile so it will really be needing up for you to apply some analysis on which basing up into its previous behavior but there would be factors that will really be constantly changing on which it will
really be making even more that hard to predict due to those factors. Applying any possible analysis is recommended and wont really be sticking into a single strategy.

Being a trader will also be requiring that having the patience on dealing up with volatile space. You would really be that prone into tons of busted positions because of market unpredictability.
This is why it would really be that relevant that you do have those back up plans whenever your initial strategy had been busted out.

As you do go forward on which you will really be finding yourself becoming progressive as you do gain experience on which this will really be that developing you into a more better trader than on yesterday.
Just dont make yourself in a rush and you would really be just that fine.

I would say traders fails to meet up with discipline and skills in trading. The amount of knowledge one has towards trading will determine what will be the outcome in trading. The reason why traders normally jave challenge with their outcome in trading is because is because they feel the amount of knowledge they have concerning trading is enough to make trading successful.

  Trading strategies do change overtime and one don't need to rely in a trading strategy, it is important for a trader to acquire skills that can enable him to be successful in trading. When it comes to discipline it is something most people find it very difficult to practice, knowing that trading is about discipline to obtain a successful trade.

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.