Sunday, July 26, 2009

Great Traders: Five Distinguishing Features

* Everyone is wrong in the markets at times. The difference between the great traders and the unsuccessful ones is in how long they stay wrong.

* Addictive traders get high from action; great traders get high from mastering markets--and mastering themselves.

* Great traders do their best work when they are not trading; unsuccessful traders do not work when they are not trading.

* Every loss of discipline is a self-betrayal; great traders are true to themselves and stay disciplined as a result.

* Great traders focus on the two things they can always control: when they play and how much they bet.

You will never achieve greatness by minimizing your weaknesses. At best that will bring you to average. The path to greatness lies in maximizing strengths: becoming more of who you are when you are at your best. Here are five things I look for in successful new traders.