characteristics of successful traders

Characteristics of Successful Traders


Michael Parness serves as chief executive officer of Market Visions, a market-based education website for traders of all levels. Through the website, Michael Parness teaches thousands of traders how to find success within the complicated world of stocks.


Anyone can enter into the field of trading and stocks, but there are several characteristics that set successful traders apart from those who are struggling to make money. One such characteristic is knowledge. Entering into the market requires a fundamental understanding of trading, investing, and stocks. Successful traders constantly research different strategies and market trends through various publications and online information. However, they still think for themselves when it comes to what stocks to sell or buy. Although listening to the advice of others can be beneficial, top traders focus on their own analyses and never act solely based on others’ opinions.


Successful traders also create clear business plans that address such important pieces of information as short- and long-term goals, target markets, and tax considerations. These plans are often meticulous, but the time put into creating a clear outline pays off by helping traders avoid pitfalls like revenge trading and over trading. Similarly, maintaining discipline promotes trader success by preventing impulsive trades. Top traders generally separate themselves from their emotions while trading, focusing instead on risk capital.

characteristics of successful traders

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