I late wrote a foreword for a real interesting majority of interviews amongst successful daytraders that volition endure coming out shortly. Among the first-class contributors were @modernrock, @OzarkTrades, @InvestorsLive, @lx21, @offshorehunters, @elkwood66, @kroyrunner89, @DerrickJLeon, @johnwelshtrades, too @TomKellyLV, Although my trading is dissimilar from theirs–and theirs is quite dissimilar from that of portfolio managers I function with–I notice 3 wide areas of overlap. These appear to endure mutual elements of what makes traders successful:
1) Resilience – Successful traders accept risk. Successful traders are sometimes wrong. Successful traders accept hits. Successful traders larn from the hits, acquire up, too movement on. They are resilient. They succeed, every bit Churchill observes, yesteryear moving from failure to failure amongst enthusiasm.
2) Selectivity – Successful traders create got clear criteria for what makes proficient merchandise ideas. They too create got divide criteria for what turns proficient ideas into proficient trades. They don’t scout everything, too they for certain don’t merchandise everything. They expression for proficient ideas to acquire proficient trades.
3) Calling – Successful traders create got an uncanny sense that this is what they’re meant to endure doing. It’s non a job, too it’s non a career for them. It’s a calling. That’s the entirely affair that tin laissez passer the axe occur people searching too re-searching, banging away for proficient ideas too proficient trades. And it’s the entirely affair that enables them to gain the immersive designing recognition sense that separates them from average traders.
To endure sure, at that spot are other success ingredients, from dependent area to creativity. What I come across amidst the traders listed above, every bit good every bit those I function with, is an odd combination of these 3 factors. It’s a pleasance too a truthful instruction to report successful people. There is much to a greater extent than to success than avoiding failure.
Further Reading: The Real Source of Trading Success