Apr 07

What Makes A Great Trader?

By Mandi in Trading Performance and Psychology

Excerpt from http://news.yahoo.com/fx-traders-seek-coaching-battle-dominance-080909184.html By Nia Williams | Reuters – Sun, Sep 30, 2012

…”Most traders and coaches agreed the most important attribute for making money in financial markets is self-confidence. Along with discipline and a clear process, it can help traders run profitable bets and cut quickly out of losses.

Without it traders may start second-guessing decisions, doubting their instincts and over-reaching for trades, said Graham Davidson, director of FX trading at National Australia Bank. He had a period of coaching around six months ago after slipping into bad habits that led to a 12- to 18-month “rough patch”.

“We talked about all kinds of stuff. It was mostly trading-centric but equally you have to be able to look inside yourself and figure out what motivates you,” Davidson said. “If you understand your subconscious and what the drivers of your behavior are you can become a better trader.”

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Please note even though the website name is tradingpsychology, we are not psychologists but highly trained qualified professional coaches.
Trading the financial markets (especially on margin with leveraged products) carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any instrument you must carefully consider your objectives, level of experience, and your personal circumstances.

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