List member Don Brady asked me to give a presentation to the local traders’ meetup group in the Raleigh/Durham area and I jumped at the chance.
We all know that most traders fail, but there are a few who make it for a short run and even fewer who make it over a long period of time. I was excited to share a window into my trading and present what it takes to be successful in the long term.
Here is an overview of what I presented to the group:
Common Traits of Successful Traders
They Keep Score
- They keep track of their performance by trading strategy in a trading journal
- I can easily identify a losing trader: they don’t keep a journal
- This habit encourages you to define the reason you take a trade
A Process to Test Strategy Ideas
- Successful traders aren’t “born that way”
- They develop a constantly improving process to backtest ideas
- Functions as a BS detector
- The foundation for all of their trading
Not Primarily Motivated by Money
- Important word “primarily”
- They like money of course but they also love the process of trading
Driven to Constantly Improve
- After successful trades, others celebrate, but they ask “How could I have made more?”
- “Are there more trades like this I can find and incorporate into my routine?”
Systematize Everything They Do
- From simple systems for entering trades faster all the way to full automation
- Systematizing what you do improves accuracy and increases capacity
Share Ideas with Other Trusted Traders
- “Networking is a trading skill.” — Mike Bellafiore
- Develop relationships and trust over time with other motivated traders
Ability to Adapt Over Time
- Change is a constant that successful traders acknowledge and embrace
When you’re ready to be a successful trader, I can help.
