The 10 Elements That Create a Winning Traders ‘MENTAL EDGE’

The 10 Elements That Create a Winning Traders ‘MENTAL EDGE’


The 10 Elements That Create a Winning Traders ‘MENTAL EDGE’

 

 

 

 

 

 

 

 

While having a great trading method is a good start and managing risk is a must for long term survival the element of a strong mental edge is a must for a winning trader. The ability to manage stress, losses, losing streaks, the ego, and even big wins will determine a traders long term survival with all other things in place.

Here are ten things that make up a mental edge for a winning trader:

  1. The discipline to follow their trading plan regardless of their emotions.

  2. They are patient with winning trades and  impatient with losing trades.

  3. They have the perseverance to not quit at the height of their own frustration.

  4. They are mentally and emotionally balanced whether winning or losing.With the best traders you can’t tell if they’re winning or losing.

  5. They have the ability to use logic & reason above emotions in difficult market environments.

  6. They are mindful of their ego and self and are able to overcome strong impulses.

  7. They stay focused with a strong work ethic and do many hours of research to build systems and methods.

  8. They have a strong passion for trading that gives them the energy to keep trading even through many setbacks.

  9. They are able to filter the noise from other people and ignore it and instead focus on the price action, the chart, and their trading system.

  10. They don’t believe everything they hear, they do the homework to see if it is really true.