Hello everyone,

My name is Henry and having been studying the materials and trading in the Challenge for about 9 months now.  I have found that (for myself at least) the psychological side of trading is responsible for roughly 75% of your success, maybe even more.

I have always struggled with this side of trading and after reading a selection of trading psychology books, watching countless interviews, and speaking with many of the successful traders in this Challenge, I have put together what I see to be the qualities that elite and successful traders possess.

Hopefully this can help some of you as much as it's helped me recently!

 

 

6 Qualities of Elite Traders

 

1)      Capacity for Sustained Focus

 

         i.            - They are either Greatly Fast Thinkers or Greatly Deep Thinkers.  This is a Distinctive Strength with great traders

 

2)      Originality & Creativity

 

         i.            - Need to have Distinctive Process in order to generate Distinctive Results

 

       ii.            - Need to either Look at Different Info than others or Look at the Same Info but in a Different Way than others

 

     iii.            - Uniqueness & Adaptability are Key

 

3)      Learned from Mentors & Great Traders

 

         i.            - Mentorship is Predominant Path to Success. It greatly Accelerates Learning Curve

 

4)      Emotional Resilience

 

         i.            - They don’t forget about bad trades, rather, they Learn from them

 

       ii.            - Treat Losses as Learning Experience.  Embrace your Losses

 

     iii.            - Use Losses to Make you Better, not Tear you Down

 

5)      Attention to Detail

 

         i.            - Generating a Trading Idea is not All-Important.  Once you have the Idea, you need to Structure that Idea into Plan (Risk/Reward, Entries, Exits, Timing, Sizing, etc.)

 

       ii.            - Success is 1% Inspiration, 99% Perspiration

 

     iii.            - Execution of Idea comes down to Detail

 

6)      Always Working to Improve their Game

 

         i.            - Markets are Constantly Changing, and you Need to Adapt

 

       ii.            - Any One Approach to trading has a Shelf Life, so in order to have a long-term, successful career, you need to be Evolving with the Markets and Striving top Continue to find an Edge

 

     iii.            - Always be Engaged in Research & Development (Innovation)

 

 

 

Final Thoughts

 

·         - It is Paramount that you Identify what your particular Strengths are (both Cognitively and in terms of Personality) and how you can Leverage those Strengths within your Trading

 

·         - Play to your Strengths