Thread by @SquareoffIn

⚡️12 Qualities of Good Traders

Let’s explore 12 qualities that good traders have, knowingly or unknowingly these qualities are the reason they thrive in the market and are net-profitable in the long term, while others lose their shirt sooner or later

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#1- Good Traders Are Excellent Risk Managers

We don’t know when trading losses are going to hit us. Good traders understand this, and they know that managing risk not only preserves their capital, it also protects their emotional well-being.

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#2- Good Traders Know How To Manage Their Emotions

Good traders understand how their emotions can influence their trading performance. They have mindset management routines like mindfulness, physical exercise, or journaling.

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#3- Good Traders Embrace Change

Good traders are confident in their ability to embrace change rather than resisting it.

Their focus is also on what they can control rather than what they can’t. And they know the difference.

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#4- Good Traders Have An Empowering View of Failure

Failures, although sometimes uncomfortable, trading is simply a tale of struggle, reassessment, and adaptation. You fail, you learn, and eventually, you win. That’s how the progression looks like for most people.

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#5- Good Traders Like To Help

Losses and drawdowns are challenging periods that cause many new traders to break. Good traders have been through tough times also, they can relate and are often eager to show support.

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#6- Good traders Have a Long-Term Mindset

Traders fail because they focus only on day-to-day profits n losses. Good traders on the other hand understand that trading is a numbers game. So they don’t focus short-term outcomes. They are comfortable sticking with their rules

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#7- Good Traders Are Independent Thinkers

They do not let other people’s opinions affect their judgment and shake them out of their trades. They go Long and Short when their system suggests that they do, not when social media influencers tell them to.

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#8- Good Traders Are Doers

They talk less and do more. They understand of their trading system. Trading is not an intellectual game for them. It’s not about grandiose theories and big talks, it’s about experience and practice which they have plenty of.

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#9- Good Traders Are Disciplined

Good traders are disciplined. They have a trading plan and follow their rules religiously. They view their trading goals as a marathon, not a sprint, and they’re willing to tolerate short-term pain when it can provide long-term gain.

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#10- Good Traders Are Open To Learning

Good traders understand that trading losses are part and parcel of the process of trading.

Only then can you fully prepare for them via proper risk management while staying open to the lessons and opportunities it also brings forth.

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#11- Good Traders Don’t Obsess Over Money

Believe it or not, the very best traders don’t care that much about money. They care about playing the game well of which money is simply a by-product.

Money is just a way to gauge their progress on this path.

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#12- Good Traders Cultivate A Positive Attitude

Good traders know that their trades might fail. They’re able to accept a bad day as well as a good one because they trust their trading skills and the long-term expectancy of their system.

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Conclusion

Good traders are excellent risk managers, independent thinkers and focus on their own growth and development. They are not concerned with recognition and validation from other traders.

Shared by Yvan Byeajee

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