What Do Traders That Are Successful for a Long Time Have In Common?
By Dave Mabe
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.