What Makes A Successful Stock Trader?

I'm going to tell you about 15 things that a very successful trader has.

Not everyone likes to buy and sell stocks. Some can do it, but others can't. Even though some people can do it, not everyone can do it well. Even though there are no hard and fast rules about what makes or doesn't make a successful stock trader, the Wall Street Wizards who made the most money in the shortest amount of time all seem to have some things in common.

1. People who are good at trading stocks are able to go against their instincts.
2. Successful traders are risk Adverse. Successful traders don't like losing money and put limits on themselves so they don't lose too much, even if that means they have to admit they were wrong.
4. A trader who does well is patient. A successful trader let's winning positions run, but is able to back out when proven wrong. Patience can mean that you are strong, brave, and sure of yourself when the markets go against you.
8. Good traders don't care if they look bad when they lose money. Traders who are good at their jobs expect to lose money and know when to stop.
9. Traders who do well use a simple system. No matter what method you choose, as long as you stick with it, it will work. A good trader knows his or her system and only trades based on that system. "The key to being a winner is staying true to your goals." You want to improve both getting into a position and getting out of a position.
11. Traders who do well are not afraid to make mistakes. Traders who are good at what they do have the right and the ability to do the wrong thing. It means being able to learn from your own mistakes.
12. Traders who do well have balanced lives. We all know that the stock market can be addicting because of the thrill of the hunt. A good trader knows when to stop and can do so.
13. A trader who does well has a burning desire to do well. To win, you need to work steadily, not in a haphazard way. A strong desire to succeed can make all the difference when it comes to learning what you need to know and sticking to your plan when things get hard.
14. Successful traders know how to look into stocks, or they learn how to do it. Many traders only use precise analysis, but you might want to learn how to use fundamental analysis as well.

If you know these 15 things, you'll be on your way to being a successful trader.