Trading is one of those professions that I have always found to be super intriguing. It is also a great career choice in the current times of the pandemic when most people are required to be working from home or remotely! With the right training and desirable attributes, one can be anywhere in the world and be pursuing this profession.
Of course, one also needs to have a knack for numbers. Other skills can be developed while undergoing training; however, having the right personality traits and attitude are equally important, if not more, to pull off being a successful trader.
Let’s have a look at some of the must-have personality traits that make one a prosperous trader:
Good planner: Having the ability to plan is absolutely imperative for a trader! Once you have figured that your interest goes beyond keeping track of the stock market and pursuing this as a career choice, the next step should be developing a strategy with tactics to achieve goals as a trader.
Patience and Discipline: A plan in place without patience, perseverance and discipline are no good! You have to stick to timelines and schedules, especially because you are going to be working on an individual basis.
Learning from mistakes: The entire process is a learning curve. I do not have an “I know it all” attitude. Making a mistake while trading is inevitable; however, the important thing is learning why you made a mistake and how to avoid it the next time.
Will to compete: Trading is highly competitive. There is a constant requirement for learning, training and development of skills. Initially, it is about the money, but as the year passes, it has to become a passion; otherwise, it can get hard to survive in a high-stress atmosphere like here.
Reduce Stress: Because trading is such a high-stress profession, it can really take a toll on one’s mental and physical health. Every now and then, one should be able to keep a tab on their anxiety and take some downtime to reduce the pressure from work.
Stay humble: Money is really big when trading, but also the downfall can be as quick and come unannounced. One of the important attributes of a great trader is humility. The ability to stay humble through the ups and downs of a flourishing career is a very desirable trait.
Risk Management: Risks and uncertainty are part and parcel of a trader’s life. The markets are extremely volatile at times and can go up and down with no warning. As a trader, you need to have the foresight and be prepared for such scenarios. You should not be playing with money on which your day-to-day life depends and have a financial cushion between the two.
Work-life balance: Every time you go off track, please remind yourself that trading is a part of your life and not just your life. This profession can get overwhelming, and it may seem like it needs all your time; however, you need to work smart and find a balance. Find time for other activities to lessen the level of stress, maintain a healthy body and mind, and have a social and family life!
While all of these are mostly traits, they can also be learnt or taught over a period of time. Wondering if you have one or all of these traits? Then you must head over to Wealth Dynamics personality tests and find out for yourself!
