Character traits are a fascinating topic to explore. Did you know that being a “dog person” or a “cat person” can reveal important information about your personality? Researchers discovered that dog people are more extroverted and eager to please others, while cat people are more introverted and curious. Does it mean that cat people make better traders? Researchers are silent about that.
However, there is a set of traits that you can see in all successful traders – let’s discuss each one.
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1. Discipline
Discipline helps you get things done. There won’t be a boss or manager pushing you to stay on task or commit to intensive after-hours research. When there’s no one watching, you’ll still need to push yourself to new heights.
In a world full of distractions, you’ll also need self-discipline to keep your focus laser-sharp and drive you to be consistent every day.
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2. Mental strength
Everyone possesses mental strength to some degree. But the stronger (or, as some say, the thicker-skinned) you are, the more likely you are to achieve trading success.
You need mental strength because it can help you to:
- Filter out unhelpful opinions
- Bounce back from failure
- Have the courage to face your fears
- Keep your emotions under control
- Maintain a high sense of self-worth
3. Adaptability
No two trading days are exactly the same. So, every time you start a trading session, you need to be prepared for a new set of circumstances. Obviously, you can’t prepare for every possible situation, which is where your adaptability will come into play.
Most of your trading decisions will be based on your strategy. But someone who only looks at textbook examples and guides will never make it in the real market.
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4. Decisiveness
Decisiveness comes hand-in-hand with adaptability. As soon as the market changes, you need to adapt your strategy, and you need to do it quickly.
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This doesn’t mean you should rush your trades. Trading mastery lies in the ability to gather information and analyze it without delaying your decision. Professional traders can draw on past experiences to read new situations in a matter of minutes, leaving no room for second-guessing.
5. Independence
Independent people naturally tend to be a little more confident, which helps with the character discussed above.
On top of not needing support or permission from someone else, independent people are known for their productivity. They are great solo players, and a team of colleagues would simply drag them down. And if something goes wrong, a self-reliant trader will handle their own situations.
How to adopt traits of a good trader
“Your mind is like a garden. If you do not deliberately plant flowers and tend them carefully, weeds will grow without any encouragement at all.”
Brian Tracy
You can probably guess that simply wishing yourself a new, improved personality won’t work. But what is proven to work is actively engaging in behaviors designed to change one’s personality.
Here is what you can do:
- Challenge your self-beliefs and stop labeling yourself.
- Practice new habits until they become second nature.
- Tell someone who can hold you accountable.
- Focus on one trait from the list at a time.
- Put yourself in situations that force you to practice these traits.
And finally, remember that being a good trader is not only about your personality. It’s also about your skills and experience.
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