Other Qualities and Skills

Are there other qualities and skills needed to be a successful trader? Yes there are. Traders are a different bunch of people and they have a key essential quality and that is Flexibility. A Trader must be able to adjust to various conditions to survive and that is normally not seen in typical jobs. I have listed other skill sets and characteristics that are needed in my humble opinion.

Tangible Skills:

Sound Money Management (Standard Stop Loss and Flexible Take Profit in every trade)

Market Psychology / "Tricks" (Experienced traders will know that markets occasionally will trick you even if you got the calculations right. I have experienced these "tricks" firsthand and there are ways to minimise these tricks.

Intangible Qualities:

Hardworking (Like every job, a trader must be hard working as markets will not be kind to those who do insufficient homework)

Analytical (the markets move in fractals and analysis is essential)

Discipline (To survive in the long run, a trader must be disciplined and only enter worthy trades with good setup)

Endurance (Sometimes even with good setups, a good trade plan can fail. Thus an iron will is essential to try and try again and never give up)