Oct 6, 2013

14 ATTRIBUTES OF SUCCESSFUL TRADERS

14 ATTRIBUTES OF SUCCESSFUL TRADERS:

1.      View TA as a picture of where traders are lining up to buy and sell
2.      Approach trade no.5 with the same conviction as the previous 4 losing trades
3.      Use naked charts
4.      Comfortable making decisions with incomplete information
5.      Do not think of markets as expensive or cheap
6.      Aggressive with trade size when doing well and modest when not
7.      Realize the market will be open tomorrow
8.      Judge their trading success on anything but money
9.      Study human psychology – Use ful books are- The wisdom of crowds by James Surowiecki, the art of strategy by Avinash Dixt and Barry Nalebuff, Markets Mobs and Mayhem:A modern look at the Madness of Crowds by Robert Menschel, extraordinary popular delusions and the madness of crowds by Charles Mckay.
10.  See themselves as market makers.  Think like a market maker and not just a trader
11.  Practice reading the right side of the chart, not the left.
12.  Always have an edge, don’t trade if you don’t
13.  Determine position size based on risk, not round numbers

14.  Play reaction, not the news

SOME TRADING SUCCESS MANTRAS BY RENOWNED TRADING COACH TODD MITCHEL

SOME TRADING SUCCESS MANTRAS BY RENOWNED TRADING COACH TODD MITCHEL:
Trade for skill, NOT the money=.  If you’re focused on the money aspect of trading…you’re not focused on the ‘trade’.  And SCARED MONEY NEVER WINS!
Concentrate on what you are trade.  Each market has personalities, habits and friends…get to know them all.
Focus on your executions.  Remember, every execution is a trade.  Money is valuable…don’t leave it on the table.
Remember that even the best of the best traders lose money.  Learn to accept your losses and move on to the next trade.  That’s just part of the business – you will NEVER win 100% of the time.
When in Doubt, Get Out (or Stay Out)!!  Deal with reality, if the market doesn’t behave like you expected, Get Out Immediately!
Learn the difference between gambling and trading: (1) Don’t trade just because it’s irrationally high or low, (2) No positions before major market announcements, (3) always use a protective stops,  and(4) always have a high probability trade set-up before putting on a trade.

Anticipate, identify and take full advantage of momentum in the market.