What are the key skills of a trader? According to research, successful traders have excellent analytical skills because they analyze and analyze a large amount of information during the day. In general, it can be said that a trader is constantly dealing with numbers, charts, indicators, different trading patterns, and so on. This is why traders are always looking for a way to improve their analytical skills. Traders, on the other hand, scrutinize all financial market information shared on news and virtual sites. So you need to be thirsty for research. Some traders even record the history of important economic events that had a significant impact on price changes in their calendars.
Simply put, the more information you have than other traders, the faster you can analyze and decide on market conditions. Focus is also one of the key factors. Even traders do special exercises to increase concentration. The sheer volume of information reviewed throughout the day confuses traders who are not focused enough. Of course, some traders focus only on one stock and increase their knowledge in that area only, so that they can use this as a competitive advantage later. Emotion control and concentration are two important and influential factors in risk management. Always consider a specific plan and strategy for yourself before entering into a deal and proceed accordingly, because acting without a plan and recklessly will cause you significant losses. Most professional traders and traders keep charts, analyses, and final results of transactions to avoid repeating their past mistakes and errors by re-examining them.
Now, what are the characteristics of successful and famous traders in financial markets? In this section, we examine the morale and ethics of people who perform better in their jobs and trading professions.
Focus and Commitment to Trading: Trading is a very complex profession. According to research, people who are busy and disturbed lose a large part of their capital in the financial markets and can not perform well in this job. So it is better to choose a calm and quiet space for work. Experts even advise traders to stay away from anything that distracts them until the end of the business day.
Self-awareness: Those who know themselves well will perform better in financial markets. Most traders are constantly looking to identify their strengths and weaknesses because then they can look for ways to strengthen their strengths and eliminate their weaknesses. Successful traders do not compare themselves to anyone and do not seek to follow in someone else’s footsteps. They have their standards and always try to perform better than before.
Restraint: A trader must be able to maintain his composure under any circumstances. Successful traders do not allow emotions after any gain or loss to affect their performance in any way.
Realistic: You must have realistic goals. Always keep in mind that you have no control over the market. Even experienced traders know that losses in the trading profession are inevitable.
patience: An experienced trader knows that the market trend is not such that it can quickly satisfy traders. Therefore, patient people will be more compatible with the trading job, because the final result of your work will be known after a certain period, not immediately! Never blame yourself for missed opportunities and be sure that you can always make up for past mistakes.
Strong adjustment spirit: In general, there are many unexpected events in the trend of financial markets. So you have to be able to adapt to any situation. Every trader indeed has his own rules and principles in trading, but in some cases, unpredictable changes in market conditions force traders to abandon their usual rules and principles and use new strategies.
Reliable and responsible: A successful trader always takes responsibility for his mistakes and shortcomings. Take risks, but only if the return on risk is significant.
Creative thinking: Proper analysis of the situation and the courage to implement creative ideas are recognized as the main characteristics of a successful trader in financial markets. Always keep in mind that creative thinking and different perspectives can bring significant benefits to you.
Confidence: You should not question your abilities when you lose and always believe that you will succeed. When traders admit that they can not go back in time, they no longer regret the mistakes of the past. Rather, they are referred to as an experience that has enabled them to perform better in the financial markets in the future.
High motivation in continuous learning: Most successful and prominent financial market traders are always looking for different ways to increase their level of awareness. So be sure to add reading to your daily routine and read at least one book on analyzing and understanding financial market trading patterns during the month.
In the second series of trading articles, we learned about the different skills that a trader must-have for a good trade. In the last series of this article at textoken.io, we will learn about the difference between investment and trade and more key points.
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