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The answer from any other colleague trader for can I become a trader for life time? Answer is Yes. Is stock market for all? I can argue on this question for many days/months. Market Is For All. It is about be aware of what we do on the trading hours and our preparation for it.
So what personality traits are needed?
1) Learning: Be ready to learn the market. By saying learn. It is not just about how to buy and sell. It is about knowing what are all possible avenues in stock market to earn. It is important to learn especially after a trade is one. We should analyze where we went wrong and what we did right. To share my personal experience, it took me about 15 to 19 good months to know where was my mistake and what was my mistake while doing stock market trading and investment.
2) Passion: We cannot login to trading account each day and keep watching for many years unless we have the passion. Take a tupical example of a IT person. He/She loses passion in their job after 5 to 6 years. Remember IT job gives lucarative and consitent money and enhancements to life style, status-quo and personality. It is the very same for professional traders. We need to have passion and have appetite to explore new things.
3) Confidence: The moment we start trading in real life we should start with confident note. Example: You should know why do you enter the trade. There is no point in thinking after the fact.
4) Less Greedy And Less Fear: Once we learn and start following a strategdy in trading, we should not be over greedy to win it in one day. At the same time not to fear and doubt the strategies especially after you practised a lot. A gradual win over market will help you too.
What are professional traits needed to become a life time trader?
1) Hardwork: We need to be smart in knowing which stocks give us the right trade. Just like in any job hard work leads to smart work. Without having willingness to work hard we cannot become successful in market.
2) Self-Appraisal: We should appreciate and reward ourself to keep going forward! We should enjoy the success. It is important to take care of our own emotions too and not just trade numbers! Better way to do is document the emotions and mood we had during a trade on a weekly or monthly basis. Better to review the document every 6 months or Quarterly basis.
3) Understanding Co-Traders And Market: In a office job, we always talk and be knoweldege sharers with co-workers and our company. Similar to it, we need to respect the trading instruments market trends and remember market is all about fellow mates' psycology. It is imperative to understand what my fellow trader/investor thinking.
4) Not bad to have a butterly in tummy: It is very much true that every person have their own stagger at beginning. I have listened to one of interviews of Dr. SPB (Singer and Legend) saying, he fears on every stage till the first item is sung by him till date. So when legends have their initial hiccup, why not normal person like us.
5) Stand steady: Always have positive mind about a trade setup and believe it. When success comes to you never say I can never be beaten. You Need To Stand Humble after every win and never stumble even after a defeat.
