Every good share market trader must possess these qualities
- No emotions attached with stocks : A good trader never marries their stocks.A stock is just an instrument for him.
- Strict stop losses : Statistically speaking a 70% success rate is a huge profit potential.A good trader has predefined targets and stop losses. If you are not ready to take some losses in share market and accustomed to experience, what we call ‘blood on Dalal street’, refrain from trading.
- Discipline : A good trader is infinitely disciplined, relies solely on news and technical analysis. For example if a share went up 20% in two days and you have you share of profit, it is natural that some profit booking will come soon. Hence do not choose stocks based on recent rationale.
- Do not change mind in between of running market : It is said that do you research when market is closed and not in running market.You learn to swim in calm water and not in running current.Never change your initial out look with unknown market trends, unless backed by some sudden development.
- Trend is friend : Markets moves according to none. Always pay attention to trend and not to your gut feel.Your gut feel and market moves are not best of friends.