Traits of a Successful Trader

After all the studying, the trial and error, finding your edge and your rules, there is one thing left to work on.


The mental aspect of this game cannot be underestimated. It’s a make or break issue.

The most extreme example I can think of is the great Michael Jordan. [I]Probably the best basketball player of all time![/I] Did you know he did NOT make his high school basketball team? A big fat NO. But this guy had something else. A very strong desire to win that seemed to be a natural part of his personality. A teammate of his once called him “evil” for lack of a better word to describe his drive to beat his competitors.

I don’t have that trait and chances are neither do you. So I compensate. I get myself revved up. I remember what I’m doing this for. I find the inner fire. If I am less motivated and focused, it shows in my results.

I rarely start new threads but this is crucial. I want a place for people to go to get inspired. To learn the ways of the winners and emulate them. If you are chasing your tail, loosing money, chances are you have come across a system or two that works. The problem is you. Your state of mind.

I’ll update this page over time to have a collection of vids on this topic.

The 7 Habits Of A Highly Successful Trader - YouTube

Trading Psychology and Emotional Discipline (Series): The Psychology of Trading - FOCUS !! - YouTube

Eric Thomas Keynote at Affiliate Summit West 2012 - YouTube

Dealing With Losses - YouTube

Trading Psychology - Decision Making - YouTube

Trading Plans: Your Roadmap To Success - YouTube

Forex Pep Talk - YouTube

Secret to Success by Eric Thomas (Full Video) Motivational Video - YouTube
Contributions are welcome.

What a great start for a thread Petefader.

I agree that everything starts in our mind because thought lead to feelings, feelings lead to actions, actions lead to results. So, whatever you feed your mind into that is the end result of your actions.
If you feed your mind enough positive thoughts, motivations, ideas, creativity, etc. this should help you become successful for any career or business that you chose…or atleast this is the best start.

Results is what the finish product is…so when you reflect where you are now today and compare it where you were 2 yrs, 5 yrs before that, how is it working for you? If you can go back the time, would you do it differently of what you have done before? Or would you do the same thing? Same apply to trading… reflect what mistakes that we make and try to correct some (if not all) to make it work moving forward.

Also, every successful business has established their own objectives or some kind of mission statement. So, why not apply it in our trading business as well since we are all saying that “treat trading as a business not a hobby”. So, what is your main objective the intended to attain or accomplished in these trading business/career. Sure, number one is to make money… So, when you are making money consistently, what are you going to do with it?.. maybe to become financially free, not working 9-5 jobs, take more vacations, buy a paid for house/car…maybe give more money to charity and help others people who are in need… What is your main objective?

Oh I may add…. “I wish for World Peace” (from a pageant girl… :wink: )

-------------------------[B]We trade our beliefs.[/B]-------------------------

This is powerful stuff. You may have a trading plan all worked out, but if you don’t believe 100% in your success, then you wont execute it.

This lack of belief can come from anywhere. Your parents, your childhood experiences. Your past failures in trading. Fear of alienating people, even family members, by your success. PULL OUT THOSE WEEDS and be renewed.

Donald Trump became a billionaire, lost it all, and became a billionaire again. Do you see his personality?
It is who he is. He believes 100% that he is number one.

For those people it’s easy. For most we have to transform into that, even if it’s for a few hours a day when we trade, and otherwise a secret part of ourselves perhaps. I wouldn’t want to hang out with the guy lol.

Agreed, it takes grit, sweat and tears to make that dream come true and in Jordon’s case, that’s exactly what he did. You’re right, in the end it’s how we perceive things that make all the difference between closing a losing trade or using the loss to learn from the mistake and trade profitably…

So the general idea is to have believe on our system that we will win. the mind state should be such that we eliminate the word loss from our thinking. I got it right ?

That’s only part of it. Example: You may meet a successful trader in person. He can show you exactly what he does to make money until you learn it. But…

[B]If you don’t believe in the deep recesses of your mind that you deserve success, you will find a way to fail. The subconscious is a powerful thing.[/B]

About losing…to use Michael Jordan as an example again. I heard him say something like this once: “I’ve missed a lot of last second shots that would have won us the game”. Sorta reminding people that he is human. But, he still believed that he is the one who should be taking that shot. I’m sure he realized that losing is part of success. It’s what you take from it, and how it affects you afterwards that makes the difference.

Congratulations :slight_smile:

Brilliant - positive mental attitude in action.

40 years ago when I first started out in the business world, at my first training session we were taught a valuable lesson - to fail when trying is not failure, to fail without trying is failure.

I have always admired the American attitude to a businesss person who may have gone bust - he is viewed as a trier, often in Europe he is viewed as a failure.

Great stuff.

the voice in that video is sooo annoying.

Forex is like a mind game. The mind controls everything a trader does. As a trader you have to learn to think fast, make quick decisions and deal with pressure. Unfortunately, our mentality can affect the way we think and trade. So, one of the ways to become a successful trader is to be always optimistic.

LOL, I’m going to update the first post with more videos, or links to videos, on this topic. I just wanted to get it started.

The mind is the ultimate frontier to master. After so many years spent in the trading field I reached the conclusion that you must have some innate ability to be able to master your mind. You must have this innate ability from where to start working on yourself, and let me telling you that I’m just speaking from my own experience don’t have any academic proof to back it up.

By the way great thread.

Profits aren’t generated or maintained by adhering to optimism.

Successful trading is all about -

  • initiative
  • organizational ability
  • preparation
  • familiarization
  • strict discipline
  • cognitive behavioral recognition

Your’e dealing with human emotion and human decision making when transacting these markets. Most humans are creatures of habit. They feel comfortable when dealing with familiarity. You think habit and familiarity get tossed aside when engaging with money?

Not everything a successful trader actually requires is accessible through books or internet sites. Unfortunately, most of the crap you don’t actually require makes up a large proportion of the content of books and internet sites.

This business (successful trading) can be as simple or as complex as you choose to make it.

That’s why successful traders try to trade without emotions and do not let them influence their trades.

hi Petefader;
thanks for your video, may I check with you in the video on the 7 habits, there is a recommended blog, what is the blog name?

I didn’t make that video. My intent is to collect videos from others on this topic and list them in the first post, which I can update.

*Number 1 on the babypips top 5 forex news email today…cool!

Lol awww…it never gets old…I knew it always works…lol thanks d-pip!

hi Pete. thanks for your help

Yup! This is one thread that all newbies need to check out, and on the videos, nicely done…wonder if you also plan to host live webinars…

Great thread Pete. I know I thought I had it all figured out and then went into a nasty drawdown and I cant tell you how much it played with my head. Good thing is account is back in the green and its like the weight of the world just got lifted.