Traits of a successful trader

 

Choose the type of trade

A person should know the type of trade in which he wants to work and choose the professional option that suits him best, since there are many options before him, for example, owners of money flow (buying and selling to bank clients), traders deal with banks (buy and sell) Merchant Sales (work in the market directly with customers). 

 Build a business plan

 A business plan is defined as a set of provisions including criteria for managing money and entering and exiting a trade, it is preferable that a trader does not start implementing his business idea before testing his plan through some means and technological applications, determining if it has the possibility of implementation, reasonable expectations for it, and if the results are Positive, then the tested plan must be followed literally, to ensure profits on the one hand, and on the other hand to ensure the success of the trading of according to the expected results 

 Trading as a profession

It means respect for the business profession so that a person treats her trade as a job and does not consider it a hobby or a job. In trading there are losses and expenses and the trader must take responsibility for the matter and be prepared to spend and take risks according to the challenges of the trading world. 

 graduation projects

The trader is recommended to start with a small project, even if he has enough money and experience, since he has to try a new strategy with less capital, and then expand the project after making sure of its success, according to the markets and opportunities. commercial. .  It stays forever, but it can be difficult to regroup money, money spent on the project if it's big from the start, but if you start with a small project to test it, it's easy to regroup money spent, thus ensuring that you can expand the project every again. 

Skills development

 Skill Development There are a few skills that need to be developed to become a successful trader, and they are:

•  Discipline, as the market provides the individual with many opportunities to market various products, but there is a small part of them through which the individual can achieve a successful business, and therefore must focus on a certain number to take advantage of the right opportunities, and Don't get distracted by skipping through the masses of businesses and companies. He just has to be prepared. for potential opportunities. 

• Patience and forbearance are related to discipline, as business requires a lot of patience, waiting for the perfect opportunity to enter the market, and acting quickly to seize any suitable opportunity. 

•  The ability to adapt, every day in the life of the trade differs from the days before and after, as there are many fluctuations in a good or bad direction of the trade, and a successful trader applies his appropriate strategy depending on the situation. in the market. .  , use it at the right time or stop it, does not adapt to market conditions and often leads to a reduction in capital.

• Accept losses Many losing projects and deals can happen in the market, so a successful trader should accept losses and not get frustrated when his trading strategy fails, because his life will become miserable. 

• Independence, the trader can get help through articles or books, or receive guidance, but in the end it is he who decides his success and takes responsibility for his profits and losses.

•   Thinking ahead, a successful trader does not cling to the past, but uses it to develop his future, planning his next moves in his trade.

business experience

 A successful trader needs to gain the necessary experience regarding trading him; To find suitable ways to improve and develop his strategies, and also to let him know the market trends and how to exploit them in his own interest. He has new horizons.

Knowledge of the markets. 

To be a trader, a person needs a solid foundation of knowledge on how the markets work, as he must be familiar with stock exchange trading hours, holidays and there are many more complex matters, which are very important for he as as: Effect of situations and information media on market requirements and negotiable matters that are in high demand in the market; Therefore, a person needs extensive knowledge of the relevant markets to be a 

 rational decisions

 The trader must ensure that he practices his trading in a rational, methodical and non-emotional manner, developing himself by managing emotions and controlling them to adhere to trading strategies, without panic or exaggerated fear; In case of market depression or irrational purchase, and considering these issues as critical issues that must be controlled so as not to affect your business decisions and the success of your 

 Good communication with customers.

 One of the fundamentals of successful trading is for the trader to be aware of the needs of clients or clients, and this requires listening well to them and helping them articulate those needs. 

 Exploitation of technology

The use of technology in trading helps to see and analyze market conditions; Getting the latest updates via mobile devices helps control trading from anywhere, and a quick online subscription, for example, helps improve trading performance. 

capital protection

The trader must maintain his capital, despite his exposure to losses, because a person needs a lot of time to provide funds to use in trading, and so he is advised not to risk in trading to ensure business continuity.

stop loss

The term stop loss is a common term in the business world, it refers to a percentage or potential amounts of money that were determined before the start of the project, which can be assumed by the trader as a loss in his operation, and determining this amount is good because the assumed loss on the trade is expected and limited, and it reduces the exposure loss during the trading process. 

  honest self-assessment

  An individual must have a set of skills and characteristics before starting a business, such as: financial analysis proficiency, behavioral self-awareness (of their own and others), business skills, as well as knowledge of business requirements, such as long hours of work, access to short work periods as well as credit for self in learning without direction, not being afraid to take risks, and committing to activities required for job success.