Am I a good Trader ?

I think I am not alone asking this question from myself from time to time. The journey to become a patient and consistently winning trader is not an easy one. Marcel Link has written the following list of questions in his book High-Probability Trading: Take the Steps to Become a Successful Trader which helps to answer the original question in the title of this post:

A trader who has a good chance at success has the following attributes

  • Is properly capitalized
  • Treats trading like a business
  • Has a low tolerance for risk
  • Trades only when the market provides an opportunity
  • Can control emotions
  • Has a trading plan
  • Has a risk management plan
  • Is incredibly disciplined
  • Is focused
  • Has backtested his trading methodology

A trader who has a good chance at failure has any of the the following attributes.

  • Is undercapitalized
  • Lacks discipline
  • Overtrades
  • Does not understand the markets
  • Rushes into trades
  • Chases the market
  • Is afraid of missing a move
  • Is stubborn and marries a position or idea
  • Misinterprets news
  • Is always looking for home runs
  • Lets losers get too big
  • Takes winners prematurely
  • Takes trading too lightly
  • Takes large risks
  • Has little control of his emotions
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