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Archive for October 15th, 2009

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Successful traders do tend to share some common traits. One such trader, nicknamed Big A, has pinpointed 5 charactristics:

1. All successful traders have, or have had, a mentor from whom they learnt the basics. That’s why it is so helpful adopting a mentor who has already succeeded in the market. If you can find an honest successful trader who will teach his system, as it is and as it made him successful, then you will succeed faster than by using trial and error in your trading.

2. Successful traders remain emotionally detached. Once you have entered a trade, you need to ask yourself if you can hold position until the pre-planned exit strategy is met? While it can be fun to closely monitor a soaring trading account, watching it too closely can in fact be quite dangerous. Be disciplined, and his after market trading plan will eliminate 99% of emotion.

3. A successful trader will not try to lead the market and outwit is. You may think you you can anticipate the market, but you can’t, and you will get hurt. The key is to be a follower, not a leader. If you have a proven system, follow it, and don’t try to make things happen outside of the system. If you have a trigger finger and can’t help clicking your mouse, then do it on a demo account. Don’t be tempted to think, when you get lucky once, that “making things happen” is the way to go; it isn’t. That is why you need to adopt a disciplined system and stay with it all the way.

4. Successful trades are prepared. It is vital to not only have a trading plan, but stick to it whatever the market might be doing. You need to learn how to quickly and easily plan every single trade you make. Only 5-10 minutes per evening is needed to trade in BIG A’s ETF trading system.

5. Successful traders expect to become rich. Can you picture yourself wealthy? A successful trader is able to. Try not to limit yourself. Prosperity must be on the inside of you before it is on the outside. If not you will self sabotage your trading account when it starts to get too high because of a subconscious hang up that you don’t deserve to be rich. Thinking how to overcome any psychological barriers to success is imperative. You can ask your mentor to help you with that.

Big A actually has his own exchange traded funds trend trading course, in which he teaches his own system of day trading for exchange-traded funds.

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