9 Characteristics of Great Traders

1. 10,000 hours

In his latest book: "Different: a success story," M alkalm Gladwell describes the 10,000-hour rule, arguing that the key to success in any field is, to a large extent, a matter of practicing a specific task for a total of about 10,000 hours. 10000 hours is equivalent to about 4 hours a day for 10 years. For some reason most people start to trade the markets because they think that is a get rich quick scheme. They find that for a very short period of time will be able to turn $ 500 into $ 1 million! It is this way of thinking led to the current economic barkotiya- 20 years using financial weapons of mass destruction. The great traders understand that trading is like being a doctor, engineer or any other responsible profession, requires time to develop and improve skills. We will not see a doctor performing open heart surgery after 3 months simulation operations. Why trade require less time?

Success in trading comes from spending hours in front of the monitor!

2. Education, education, education.

The old cliché that politicians use when have nothing clever to say to your audience. The importance of education for success in trade can not be put on a pedestal high enough. You must learn to win the best traders work obsessively on the improvement of advantages that keep them on top.

3. Think of yourself.

"NO NO NO!" ... "Bear Stearns is not in trouble" ... "Do not move your money from Bear! That's just stupid! Do not be silly!"

Quote of the well-known guru Jim Cramer aired on CNBC days before Bear Stearns lost 90% of its value. Many followed this call and obviously felt pain as a result. As the old saying goes, too many cooks spoil the broth, and the same trade. Successful traders to distance themselves from the opinions of others, they focus on their own analysis of fundamental and technical information.

4. Adapt or Die!

Market conditions change and technological progress, thus the terms of trade is constantly evolving and the rise of automated trading is proof of that. The best traders through continuous education and adaptation are always one step ahead and create ever new and innovative methods to benefit from the evolution of the markets.

5. As there is no plan, plan to fail.

The best traders have a well documented plan, they know exactly what they seek and follow this plan inseparably. Prepare marketing starts long before the market opened, just that meticulous planning and compliance with the plan helps them to avoid the biggest demons for each merchant-to overdo trade and to trade for revenge.

6. Be like machine

Human beings have emotions that play a role in development and our lives, but for traders, these emotions can become a source of great trouble. Commercial psyche and controlling emotions during the transaction, lead to overall success. Fear and greed can reduce the success and further losses. Emotional control is the plan - the better it is, the less likely it is to fall into their trap.

7. Know your tools

Every trader has the tools that use - graphics, news and events, etc. These tools are the bread and butter of a trader, they are the main arsenal, without which it can not trade. The best traders have perfected opening positions and know all functions of the platform. This improvement leads to the best possible results and implementation of trading ideas.

8. Know Thyself

Behind the pride and inflated ego, the best traders know their weaknesses and limits; focus on what bad could happen in a Trade and much effort and thought how to limit losses before thinking about profits. Have a heightened sense of awareness and focus on personal development.

9. Gains and losses

The best traders concentrate on Trade itself, not on the profit and loss; look at each transaction as a practical exercise, which derive most of their market plan. They do not think about buying food, how to pay the electricity bill or how to cover his mortgage. Focus on the profit from the transaction obscure technical objectivity.

Conclusion

The best traders work hard to stand before the crowd, and even harder to stay there. As widely through and through specialized knowledge, you constantly evolve and adapt to the market and remain profitable in every situation. Zeal, tenacity and will to succeed are the biggest advantages of every successful trader.