* Successful traders have absolute control over their emotions, they never get too elated over a win and too depressed over a loss.
* Successful traders seldom think of prices too high or low.
* Successful traders do not panic, they make adjustments rather than revolutionary changes to their trading style.
* Successful traders do not flinch at making the decision to take a loss, they never let loses ride and never add to loosing trades. (One old trader told me he thought his positions like stock in a store. If something sells it’s making you money and you add to that line, if something does not sell it is losing you money so you discount and unload it).
* Successful traders treat trading as a business not a hobby.
* Successful traders stay physically fit.
* Successful traders are prepared for all eventualities on any given trading day. they come to work with a plan that includes many contingencies and not what they just hope will happen.
* In your trading program you should therefore have answers to the following what if:prices open sharply higher or lower?
the market is quiet?
the market is very volatile?
the market makes new highs?
the market makes new lows?
the market goes up early then reverses later?
the market goes down early then reverses later?
* The successful trader only trades with money he/she can afford to loose.
* Trading can result in substational looses. It is also exciting, exhilarating and can be very ADDICTIVE. The more you are emotionally involved in your money, the harder it will be to make objective decisions about market entry and exit.
* Successful traders spend as much time focussing on money management as they do on trading methods.
YOU DO NOT HAVE THE PROFILE OF A SUCCESFUL TRADER IF YOU DO NOT HAVE AT LEAST SOME OF THE ABOVE TRAITS.
* Successful traders keep a low profile.
* Successful traders listen to the markets. Unsuccesful traders try to impose thier will on the market.
