Topic: Some qualities a good trader should have - page 5. (Read 1308 times)

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.

Another good quality is to be a down to earth person, basically many traders fail because they expect they will make a fortune in a matter of weeks, thinking that since some people were able to get that kind of success then they can do it too, not realizing those people just got lucky and there is not really any way to replicate their results, then a good trader needs to keep their expectations in check, because if they cannot do it then it will not be long until they fail.

4. Emotion control
5. Risks management
6. Versatility or adaptability

These are the points on which i do like to add it up or something that will really be that relevant on this case or simply becoming a trader should have this qualities.
When dealing up with trading on a speculative market then it will really be normal that you will really be able to experience a series of events that it doesnt really that go in line with any fundamentals or technical analysis on which no matter how well you are on doing this but ending up on still losing a trade, then it will really be normal that will come up into your mind that there's no point on doing this on which its partly true.

Somehow application of these stuffs could really give out that kind of advantage in comparing into those people who do just simply making up trade positions without any basis.
It will really be that understandable that results or outcomes cant be known but it will really be always best that you are basing your positions with your own analysis and best approach you do have.

Totally important and this is something a skill that you cant really be able to learn in a short period of time. There might be some lapses or there might be some errors that we might be able to encounter or able to experience. If we do speak about qualities of a good trader then this is something that you would really be able to find for yourself and this would really be basing up on the experience that you do able to gain up
overtime. Its not really that something that could be obtained and you are the ones who will really be able to realize and deal up things accordingly. This is a market on which it will really be that truly unpredictable.
There's no way that you could really be able to learn up trading skills in a short period of time and this will vary into each person because there are ones who are really that whose that fast learners and there are
ones who are really that slow. Profitability will really be just that basing or depending on how well you do make out trades. Just like been said that this is something that cant be learnt in a short
period of time on where it will really be basing up on how well you do.

Well I actually applaud you for all  you have stated down here, mental strength, discipline and intellect is very much important in other to be a successful trader, but in as much as all these are important, you will never be successful in trading if you don't know how to control your emotions.

I think emotional control is the most important skill a trader must have in other to be successful in the craft, and saying this because in my early days as a trader, even though I knew of technical and fundamental analysis a little bit, I will not be confident in my analysis because i can't control my emotions, once the market start going against me I will just close the trade in a loss without even waiting to see if my stoploss will be triggered, and when I have closed the trade in a loss, that is when the trade will start going as planned and it will certainly get to where my take profit is, I mean where I initially set my take profit.

Even when I am in a profit, I will just run away with a dollar or even some cent, a trade that would have given me a whole lot of money, but due to lack of emotional control, I will keep on struggling and losing money in a trade I should be winning.
So in essence of what am trying to say is that without emotional control, all your trading knowledge and abilities are useless.

It is important characteristics but you only can do this well if you have good knowledge about this market, basics like market cycle in price and psychology. Without understanding about the market history, it's really hard to be disciplined and have strong mentality in chaotic market movements.

It starts with how a trader begin in this market, research and learn must be vital steps to do, before anything else. Technical analysis will be meaningless if you lack of knowledge and are easily fearful and panic.

It's good advice but from dummy (demo) trading and actual trading (with money), there are many big differences. With dummy trading, you have no fear, no greed, no panic while we know these emotional and psychological factors can affect a trader seriously.

Discipline and mental fortitude are important in trading. A short pull up or down should not make you nervous because you know that it is common. This becomes more powerful if trading is a side hustle and you have a cushion of income available. Also why I discourage people from taking up trading as a full time job.

Intellectually strong? maybe that person would not go for trading and try something else for a job, these people usually go down good entrepreneurial routes.

But another important thing is to practice with dummy trading and if you have prior experience of traditional markets, that is an added advantage too.

Tips are easy but implementing them is difficult. A book can be written about the tips you should follow to be a good trader but you may not make any profits from reading that book, so experimenting, creating a demo account and learning from your mistakes will make you develop your trading skills faster than following tips.

It is actually quite difficult to determine when is the right time and when is not the right time to trade, because we must be able to understand ourselves first to be able to see that. I mean sometimes we forget that we are in a bad condition to trade, be it when our emotions are unstable, thinking a lot about something and so on, that is not the right time to trade in my opinion. The reason is that in trading we must have stable emotions and a calm mind so that when analyzing we can be more optimal. If it is related to the market then it will be more difficult in my opinion, because determining when is the right time to start entry is not easy at all. We can indeed follow the current trend, but we must also be able to find the right point to start entry.

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.