Aside from learning the technical aspects of trading in interpreting price action, we’ve found that traders who inhabit these 3 characteristics do better than those who don’t. Consider your own trading and whether or not these are present in your trading:
- Are patient – Successful traders are patient and they wait for the market to meet their criteria. They are not rushed by price action. They ride the waves and wait for the perfect wave (surfing analogy) to set up.
- Are able to take a loss – Successful traders know (with clarity) when the trade is not going to work according to their plan and they take the corresponding action.
- Have a game plan – Successful traders come into each trading opportunity with a plan. This includes zones of interest to enter a trade, zones of interest to exit the trade, and behaviors to monitor for that would confirm or contradict the stated market hypothesis.
We assist traders who want to develop these characteristics.