3 Crucial Character Traits That All Great Traders Have in Common

[Image] 3 Crucial Character Traits That All Great Traders Have in Common Throughout my decades on Wall Street, I’ve watched a lot of traders enter the market with wide eyes only to go back to their day jobs with their tails between their legs… The truth is that professional trading isn’t easy. If it was, everyone would do it. That said, there are certain character traits that I’ve noticed in common with the best traders I know. In particular, I find that three specific aspects of your personality have an enormous effect on your success (or lack thereof) as a trader. With that in mind, keep reading and I’ll show you the three personality traits that all great traders have in common… Discipline More than anything, traders need [discipline](. If you aren’t disciplined in this market, you’ll lose. It’s that simple. The whirlwind price action we’ve seen over the past several weeks is the only evidence you need. Imagine a trader approaching these up-and-down, green-to-red days without a disciplined game plan … do you think they’ll achieve roaring success? Probably not. But what do I mean by discipline exactly? And what specific steps can you take to stay disciplined? One of the biggest enemies of discipline is the fear of missing out (FOMO). I see FOMO leading to bad trades all the time… It can be tempting to see someone else making a play, and then try to piggyback onto said play, regardless of whether it fits into their strategy or not. But this is a critical error — one that I’ve seen ruin otherwise promising traders. You see, FOMO can lead to traders taking on setups they aren’t ready for. Even worse, it can spark a vicious cycle of overtrading, which can lead to huge losses. So, if you’re alerted to a play that looks intriguing, don’t simply jump into it without discipline. First, decide whether the setup fits your strategy and determine your game plan beforehand. Then, work hard to execute your ideas with discipline, and I promise you’ll be a better trader for doing so. With that in mind, here are three simple tips for staying disciplined in your trading: 1. Develop a Trading Plan A disciplined trader always has a well-thought-out trading plan in place. This plan outlines their trading strategy, risk tolerance levels, profit targets, and more. It serves as a blueprint that guides them in making informed decisions rather than succumbing to emotions like greed or fear. 2. Practice Strict Personal Money Management Disciplined traders adhere to stringent money management rules. They determine in advance the percentage of their portfolio they are willing to risk on a single trade, thus avoiding catastrophic losses that can result from overly aggressive trading strategies. 3. Emotional Control Traders who have honed their discipline are proficient at controlling their emotions. They don't allow excitement, fear, or greed to dictate their trading decisions. Instead, they remain calm and focused, even when the market is highly volatile, making decisions based on logic and analysis rather than emotional reactions. Patience The second trait that has helped me in the markets is patience. I learned the importance of patience during my 20+ years as a Wall Street floor trader. You see, on Wall Street, the impatient often get chewed up and spit back out before the opening bell rings. But the same goes for retail traders (trading their own capital)... If you don’t have the patience to wait for truly five-star trading setups, you’ll find yourself entering a lot of subpar positions that could’ve been easily avoided. And in the options market, the most important aspect of patience is how it affects the timing of your trades. The truth is that promising trades are ruined by poor timing every single day. You can be 100% right on a trade thesis, but if you enter the position too early (or too late) … you might as well be 100% WRONG! This effect is even more exaggerated if you’re trading options. Consider this… If you’re trading stocks without leverage, you probably aren’t gonna lose more than 20-30% on your worst day (unless you’re scalping sketchy penny stocks). But if you’re trading options and the underlying stock moves just a few percentage points in the wrong direction, your contracts could lose more than 50% of their value. On the other hand, this is why nailing your timing can be so incredibly profitable. In the options market, a few percentage points in the right direction could potentially yield you a small fortune. So, wanna start timing your options trades like a pro? Do the following: 1. Don’t Trade Strike Prices Too Far Out of the Money (OTM) Never buy contracts that are too far OTM. It may seem like a tantalizing way to make money quickly, but in reality, if you pick a strike that’s too far OTM … you’re setting yourself up for failure. 2. Don’t Trade Expiration Dates Too Near in the Future Just like a far-off strike price, a close-dated expiration can lead you to timing troubles. Don’t buy 0DTE contracts and expect to make 100%+ overnight. Give yourself more time on your contracts to realize your trade thesis. 3. Always Have an Entry and Exit Plan for Every Trade Would you hike unfamiliar territory without a map? I’m guessing not. Well, the same principle applies to your trading strategy, and the way to map your trades is to create an entry and exit plan. Before executing any trade, ask yourself … What’s your price target? What’s your risk level? How long do you expect it to take for your thesis to play out? Passion Finally, if you wanna have long-term success in the stock market, you’ve gotta be truly passionate about trading. There are no shortcuts here… If you only trade because you’re looking to make “easy money,” you’ll eventually get humbled by the market and lose all of it. Take me, for example… I could’ve retired comfortably years ago and sailed off into the Florida sunset, spending my days hanging out with my kids, playing poker, and watching Liverpool. But I’ve never even considered that because I love to trade. Rather, I live to trade! At this point, it’s clearly not about money for me. It’s about passion. So, take a look in the mirror and be honest about your motivations for entering the stock market… Do you have the passion for trading required to weather hard times, tough losses, and brutal bear markets? Do you want it more than anyone else?! Closing Thoughts Harnessing these personality traits isn’t a suggestion … it’s a requirement. Find your passion for trading, exercise discipline, and whatever you do, stay patient. By simply focusing on these three areas, you can potentially improve your trading by leaps and bounds. Stay Street Smart, Jeff Zananiri   66 West Flagler Street STE 900 Miami, Florida 33130 United States [Facebook]( [Twitter]( [Instagram]( [YouTube]( [Click Here to Unsubscribe]( **Our gurus teach skills others have used to make money. Any results displayed are extraordinary and are not typical and will vary from person to person. For more info read our [Earning Claims Disclosure]( About: Making money trading stocks takes time, dedication, and hard work. My goal is to teach you how I have succeeded in the market, but you may not achieve my results. Remember, there are risks involved with investing, including the potential loss of money. We are strongly committed to protecting your privacy and providing a safe & high-quality online experience for all of our visitors. We understand that you care about how the information you provide to us is used and shared. 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