Post
Topic
Board Trading Discussion
Re: Some qualities a good trader should have
by
Barikui1
on 07/10/2024, 11:32:41 UTC
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

2 should have good intellectual attributes

3 should have the mental fortitude for trading

 
Well this is my opinion I'm open for any corrections you may have
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.