Major Behavioural Traits of Successful Traders - Planning, Preparation, Patience and Discipline

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Trait 6) Planning, Preparation, Patience and Discipline.

It is hard to find a book on trading that does not stress these virtues. Yet actually following through and exercising these virtues within one’s trading is one of the hardest things to achieve on a regular basis. All the hard work and preparation that goes into one’s work can be lost in a few moments of ill-discipline. Successful traders place significant emphasis on these aspects of trading, they think through what they do thoroughly. Their planning and preparation provide a solid foundation that allows them to exercise the necessary patience and discipline; it also helps facilitate a reduction in uncertainty and thus helps reduce anxiety and stress levels. Let us not however imagine that successful traders are anything like perfect in this area, they aren’t, however many of them will display higher propensities to display these skills than the majority of traders. It is nonetheless this propensity to perform these skills and attributes that places a trader in the right position to do well in the long-term. As the great South African golfer Gary Player once famously said, ‘Luck is what happens when preparation meets opportunity’. Helpful behaviours to support development of this trait:

• Invest time to developing and implementing appropriate behaviours.
• Review your progress towards achieving your development goals.
• Develop a structure and strategic perspective around your trading. Then, use the right tactics.