“The more you know, the less you need.”
This is the mantra of most veteran traders, and I’m no different. Software and indicator vendors would have you believe that they and they alone have the most important and key tool(s) to your profitability. The truth is the most important weapons in a trader’s arsenal cannot be purchased…they must be developed.
The Top 3 Attributes Simple Swing/Day Traders Need To Prosper
Here are 3 of the most important tools the proprietary Day Trader must have/develop:
- Discipline The single most important attribute of the professional trader. It is the net that catches you when your zen like calm, your patience, and your positive attitude fail you. Discipline refuses to do other than that which is best for you and your account balance. I’ve never taken an outsized loss that didn’t involve a failure of discipline. NEVER. Do yourself a favor. Develop, love and, above all else, maintain your discipline.
- Patience There are times when your optimal setup refuses to show. Flat out refuses. Or, worse, it hides out amidst a lot of superfluous price action. Your carefully researched and painstakingly tested ideal does not present itself for hours (days). What do you do? Simple… you wait. To paraphrase Jesse Livermore (perhaps the single greatest private trader ever) “the money is made in the waiting.” To do other than wait is to chase sub optimal trades because you’re afraid to miss a move (another mortal simple trading sin). There will be other trades. Wait.
- Thick Skin It’s interesting to me that the person who takes the less traveled path will often be ridiculed and insulted…until they meet success. Whether private traders, entrepreneurs, athletes, etc., individuals pursuing seemingly unattainable goals are derided as foolish dreamers tilting at their own personal windmills. As an aspiring trader, you must develop a laser focus on your trading program and goals to the exclusion of all else…especially the discouraging whispers of those neither strong enough nor willing to travel your path.
If you have these attributes already, great… you’re off to an awesome start down the never ending path to trading mastery. If you don’t, do yourself a favor and develop them.
You won’t be sorry.[divider style=”1″]