11 traits of great traders

Published 01/05/2018

The 11 traits of great traders include: 

  1. They are open minded to new opportunities while average traders are often closed minded.
  2. They are always learning as they are a student of the market. Average traders either believe they know it all or believe that information equals education.
  3. They set goals and work towards them while average traders wait for thing to happen to them.
  4. They accept responsibility for their beliefs, thoughts and actions. Average traders blame others for their situation.
  5. They admit a bad trade or mistake quickly and move to rectify it quickly. Average traders hide their mistakes and live in hope that things will turn out fine.
  6. They think with an abundance mindset while average traders have a scarcity mindset.
  7. They are self-sufficient and rely solely on their own judgement. Average traders, on the other hand, seek external validation for what they are doing, and they often seek tips from others.
  8. They know the value of a having a good education. Average traders know the price but not the value and so they pay the price for a poor education.
  9. They are disciplined and put time into their education, research and trading prior to entering the market. Average traders look for the easy way and are reactive to the market.
  10. They see challenges as an opportunity to learn. Average Traders treat them as all too hard and so get stuck at a roadblock and give up.
  11. They have faith in themselves and treat their tools as something they can utilise. Average traders put their faith in their tools to make them successful.

So, what do we expect in the market?

Last week, solid gains were made on the Australian market, with the All Ordinaries Index (XAO) rising to around 6,040 points on the last day of trade. 

This really is a positive sign for the Australian market as it has risen steadily from a low of 5,834 points on the 3rd of April. 

This move has occurred over three consecutive weeks, which is often an early indication of the start of the next rise. 

That said, it will be beneficial for you to sit back a little, as around this time we would normally see the market fall for one or more weeks to test the low of the 3rd of April.

Remember that the biggest mistake a trader can make is to assume they are right about the direction of the market, even if previous forecasts have been quite accurate.

Now let’s get into the charts.

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