Being a trader you might know the fact that there are many traders in the market and all have different trading styles, attitudes, strategies, so on and so forth. However, the most important thing you have to think about is there are only a small number of elite traders present in the market today. Now, you might be thinking what an elite trader is and what are their characteristics? What do all elite traders share in common? Who among the traders end up having it all?
Are they the ones who are aggressive or the ones who like do things in a manner which can be described as calm, collected and above all, calculated? Are all top traders Harvard or Wharton Business School graduates or are they dropouts that went from rags to riches? Mentioned below is the answer to all your questions, and when it comes down to it, everything really is about your tenacity and your attitude and your ideology.
Characteristics of Awesome Traders
Elite Traders Are Always Calm and Collected
Trading is emotional. You have to admit that. As much as it is all about calculations, analysis and evaluations, it is also about losing yourself in the moment. That moment can be good or bad. It is the bad moments that tend to get to traders and plunge them towards the deeper end of regret and loss. And this is where elite traders prevail and become successful. Even in the most impulsive of situations, a good trader will never succumb to anger or any other emotional factor that might sway his judgment and or opinion on anything.
Look, they might sometimes say something which might not suit their personalities, (they are human after all) but the fact that they never let emotions rule them is incredible, awe-inspiring and something amateur investors should learn. So, emotional investing is a big no-no if you want to become the best of the best in trading.
Flexible & Modest
The road to becoming an elite trader begins with the understanding of when to call it quits and when to press on with the trades. Arrogant investors and traders always stake a claim in the market, indulge in revenge trading and never seem to be satisfied with any trade. They waste hours, weeks and months on ridiculous trades, hoping they might someday make it big. This is exactly the sort of style which leads to bankruptcy and humiliation. Brilliant traders will never claim the market for themselves. They know when to leave the market when things get thick and when they know they can’t handle it.
Above all, they accept their losses because everyone suffers losses when it comes to trading. After all, profit and loss is the name of the game. It is imperative you understand that accepting rather than fighting the market is the right way to establish yourself as a trader.
Education & Knowledge
While it is true that most elite traders are formally educated and have degrees from top educational institutes, this is not the case with every elite trader. And when you talk about trading the real education, the knowledge that will help you is the information you have about the market and that is the only reality.
Formal education or not, elite traders make it a mission to learn each and every aspect of the game, of the markets, of different situations, circumstances, long-term and short-term trends. Anything and everything they know about the market that will help them succeed and come closer to accomplishing their dreams and fulfilling their aspirations. It is all about patience, wit and knowledge when you talk about effective trading. And it is only through knowledge about the markets that you will be able to create your own strategies.
Elite Traders are Always Competitive
You cannot get to where you want to go if you are not competitive and if you don’t have that spark and eagerness to win. Exceptional traders come up with something or the other to beat their rivals in the market, but they also think of the various ways they can learn to improve where they think they are lacking. It is always about winning and moving ahead and fixing weaknesses. It is all about practice, learning lessons from losses and understanding the core mechanics of the trade.
Elite Traders Exist to Trade
If you want to be the best of the best, you have make trading a big part of your life. For most of the successful traders in the world, trading has always been a passion, not just a job, not just a source of livelihood, but a passion and an affinity. So, if you want to learn how to trade effectively, you’d have to first learn to love the game.
All in all, these are some of the simple traits elite traders have which you should seek to adapt.