The best traders I know are all different. Some dress like they are coming from the gym and some dress like Liberace. Some are family men and some aren’t. Some are 100k millionaires and some are millionaires that spend like a 15 year with an allowance. Some are a part of trading and for some trading is a part of them. Some came from resources and some made their own. They are all different but have learned and honed a few basic skills.
The more you experience situations and take the time to learn about yourself, the market, and the relationship between the two, the faster you gain perspective. I know which situations lead me to poor decisions and performance. This is very fluid but I can usually see a problem starting early. Now I do not always fix it right away. Or I cannot fix it right away. Or I attempt to work through them. Having quick perspective is the ability to tell the difference between an aberration and a trend. Both in market conditions and internal conditions. They know the difference and take appropriate action. Like the market you do not have to buy the low or sell the high, but the closer you are to that place the better.
They be who they are.
This ties into having a quick perspective but they are unapologetically themselves. They trade who they are. They do not try to be something they are not. When they do not have an advantage they don’t try to make one up. When they are done, they are done and they do not look back. They do not accumulate emotional baggage. They are cognizant of who and where they are.
Separating an event from how that event made you feel is hard. It is also necessary. There is hardly a day I don’t get burned. Some hurt worse than others. Emotions cloud our judgement. I do not fault myself for the actions I take in the heat of the moment. But, I am hyper critical of what I did that lead me to that moment. It is not that successful traders are not emotional, it is just they are not there for an extended period of time. They give up psychological rewards for monetary rewards. They have great memories because situations are not saturated in emotion.
To summarize in one sentence. A successful trader knows how to best use their skills, they know when to make an adjustment because their vision is not clouded.
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