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Successful trader trading, Successful Traders Cut Losses, Let Profits Run

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Linkedin Charles is a nationally recognized capital markets specialist and educator with over 30 years of experience developing in-depth training programs for burgeoning financial professionals.

Charles has taught at a number of institutions including Goldman Sachs, Morgan Stanley, Societe Generale, and many more. Article Reviewed on August 29, Charles Potters Updated August 29, Day trading is not just about finding a strategy, practicing it, and then making oodles of money.

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Day traders develop certain traits, which in turn allow them to implement a strategy effectively, in all market conditions. When someone starts trading, it's unlikely they will possess all these traits. They may be strong in one, two, three, or even four of them, but might need to work on the other traits.

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That's good news. It means successful traders aren't born; they develop through arduous work that includes these traits.

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Day Trader Discipline Discipline is a key trait every trader needs. The market gives you infinite opportunities to trade.

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You can trade thousands of different products every second of the day, yet very few of those seconds provide great trading opportunities. There are only about five seconds of actual trading activity during the day. Every other second is a chance to mess up those five trades, taking more trades than you should, getting distracted or skipping trades, prematurely exiting the trades you are in, or holding trades too long.

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That doesn't mean your trades only last five seconds. Five seconds of activity means it only takes one second to place an entry order, and then you need to sit on your hands again. Successful trader trading you adjust your stops and targets, this may take another second.

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The bottom line, though, is that your actual trading time is minuscule each day, even if you're an active day trader. The rest of the time, you need to sit there, disciplined, waiting for trade signals.

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Then, they need the discipline to act instantaneously when trading opportunities occur. Once in a trade, traders require discipline to follow their trade plans. Patience Patience is related to discipline. As discussed above, day trading and trading of all types requires a lot of waiting. When a trader is entering or exiting the market at inopportune times, they will often say, "My timing is off.

What makes a successful trader?

They simply haven't developed their patience enough to wait for the great entry and exit. This trait goes hand in hand with discipline, and you need to be patient until there is a call to action, then you need to have enough discipline to act without hesitation.

There is a constant seesaw between prolonged periods of patience, followed by split-seconds of action, which are then followed by patience, and so on. Adaptability You will never see two trading days that are exactly alike.

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This constant difference poses a problem when someone only looks at textbook examples of a strategy. When they go to implement it, everything looks different than it did in the example.


Successful traders implement their strategies in all types of market conditions and know when they shouldn't use their strategies—for example, during a range if they use a trend following strategy. This need for quick changes requires mental flexibility. Traders must be able to implement their strategies in real-time, in all market conditions, and know when to stay away. Mental Toughness You could also think of this as successful trader trading thick-skinned.

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The market will constantly throw losing trades at you, and you need to bounce back. If you feel discouraged every time you lose a trade, or your strategy fails to produce the result you expect, your life will be miserable.

Losing successful trader trading are constant; most successful day traders will have losing trades every day. In either case, losing trades happen. Daily profits can still occur despite those losses, but only if the losing trades don't discourage you.