What Do Traders That Are Successful for a Long Time Have In Common?

List member Don Brady asked me to give a presentation to the local traders’ meetup group in the Raleigh/Durham area and I jumped at the chance.

We all know that most traders fail, but there are a few who make it for a short run and even fewer who make it over a long period of time. I was excited to share a window into my trading and present what it takes to be successful in the long term.

Here is an overview of what I presented to the group:

Common Traits of Successful Traders

They Keep Score

  • They keep track of their performance by trading strategy in a trading journal
  • I can easily identify a losing trader: they don’t keep a journal
  • This habit encourages you to define the reason you take a trade

A Process to Test Strategy Ideas

  • Successful traders aren’t “born that way”
  • They develop a constantly improving process to backtest ideas
  • Functions as a BS detector
  • The foundation for all of their trading

Not Primarily Motivated by Money

  • Important word “primarily”
  • They like money of course but they also love the process of trading

Driven to Constantly Improve

  • After successful trades, others celebrate, but they ask “How could I have made more?”
  • “Are there more trades like this I can find and incorporate into my routine?”

Systematize Everything They Do

  • From simple systems for entering trades faster all the way to full automation
  • Systematizing what you do improves accuracy and increases capacity

Share Ideas with Other Trusted Traders

  • “Networking is a trading skill.” — Mike Bellafiore
  • Develop relationships and trust over time with other motivated traders

Ability to Adapt Over Time

  • Change is a constant that successful traders acknowledge and embrace

When you’re ready to be a successful trader, I can help.

Leave a Reply

Your email address will not be published. Required fields are marked *