reasons, to feel good, to get high, to work out long-standing
psychological needs.
Is skillful at self-mastery in the setting of high tension and
stress in the marketplace. Is confident of ability to deal with reality
rather than be governed by interpretation and reactivity.
Builds confidence from experience and learns skills from adversity.
Regularly monitors his or her performance so as to enhance it
.
Is able to see low-risk ideas. Can read reality without misinterpreting
it in terms of hidden agendas or unrealistic dreams. Is
able to drop low-risk ideas that don't work, without investing
in failure cycle, or overreacting to own reaction.
Has basic disciplines of hard work and concentration, and
knows about extra effort. Has self-monitoring skills and capacity
for visualizing future events and rehearsing them mentally.
Interested in activities and'in the processes involved.
Is committed to objectives and able to modify strategy based
on feedback from performance. Is able to cut losses and increase
risk appropriately and not hedonistically or foolishly.
Is able to empower others to assist him or her in realizing objectives;
able to identify with others compassionately and to assist
them to stretch and grow; able to rely on others and to
profit from them but not dependent on their approval. Takes
responsibility for success of efforts. Is humble in recognizing
the necessity for the support of others.
Is adaptable to change and able to modify course as he or she
progresses.
Sees the challenge of the trading game. Is not overly invested
in money. Is able to enjoy profits but not dominated by them;
able to bounce back from failure; able to recognize that losses
are inherent in die process.
Can handle success and failure without self-destructing.
Trading requires the drive to take new risks. Ideally, you minimize
losses by measuring the risk/reward ratio, but you cannot trade without
living with some inherent uncertainty. Losing is part of trading. The
best traders don't get perturbed by losing trades, since over the long
run they know they will be successful more often than not. When you
are afraid of losing, you end up losing or missing opportunities because
you are afraid to trade.
The best traders are able to distinguish between the right trade and
the comfortable trade. In fact, they know that the right trade is often
uncomfortable and have devised a strategy or set of rules that will let
them override their emotional fears. Less experienced traders have a
hard time distinguishing what is really happening. When they are under
stress, they don't adapt to the new market but rely stubbornly on what
they think they know.
To continue rising to the challenge, successful traders need to increase
the money available and find new ways to maintain profitability.
They try to identify new trends in the market and reassess their own
personality traits in order to determine how best to trade. The great
trader will view this as a magnificent adventure, a great challenge. Most
of all, he or she will trade even if there is no money in it, simply because
he or she loves the game.
Read More : Characteristics of the Master Trader
