A lot has been said about, “what makes a winning traders traits”, in this post I am going reiterate what are those and try to make it more clear. Although the points remains abstract in nature.
A profitable trading career a rare thing to see,, as it demands combination of multiple skill-sets in a single person. A successful trader usually have to pass through three phases, and on mastering 1 or 2 of these itself is not enough to believe you are done! Some peoples may have built-in traits to handle situations better, hence little time is needed for them and they can move to next phase.
Three phases are, discipline, knowledge and intuition and if they are learned the the same order, earlier you reach goal, if you ended up in jumbled order, you will need to again go back to earlier and learn missing ones. Needless to say these three fields are from three different worlds, and usually a person strong in one area is likely to struggle in other.
Discipline comes the first, most trader in their start of trading career believe that knowing, how the markets work will put them profitable position and so first priority to learn that, this is not true! The fact is knowledge part requires some mentor-ship and with time only you will learn them, whereas a trading discipline is in your hands ( although most difficult )
Knowledge, is your IQ, it is made of the part of our physical world, an intelligent person may find it easy to grasp existing financial markets know-how. he/she maybe able to understand technicality and math side of market very well Technical analysis, and Fundamental analysis you learn in this stage.
Part of this knowledge is learned onset of this phase and then its a lifetime learning. Sadly knowledge alone is never been substantial for making a profitable trading, but it cannot be ignored also, as without basic knowledge a trader will fail badly no matter how lucky he/she is.
Finally,most important, intuition part, but no one talks about it, if you are doing everything right and still failing, this is where its lag is. ask yourself, world is full of intelligent analysts who share very good tips, but their own trading suffers, else why would they choose to be an analyst. intuition is your subconscious minds power. it guides you all the time without you knowing.
Lets go in this deeper, suppose your trading system has edge of 60% means 6 out of 10 trades are found to be winner in backtest. if you ended up trading only losers and missing winners, so despite a winning trading system, it fails you in trading, on the contrary an not so sophisticated trader whose, who relies on simple moving average cross but mostly ends up taking winning signals, now who tells you a certain trade to take ?its the subconscious mind.
Many successful traders may not realize about helps coming from subconscious mind, and not even bother. Some peoples call it luck, again persistent luck or bad-luck is something to look. Mediation is a proven technique to fix-up the vibrations in your subconscious mind and make it work in your favor.
Finally to conclude, all these phases unless you have not mastered don’t quite trading, as without that its not even imaginable.