Ten Takeaways From A Top Trading Coach on How To Be A Successful TraderJan 10th, 2013 | By Bella | Category: General Comments, Mike Bellafiore's (Bella's) Blogs
SMB had an elite trading coach (name cannot be shared for compliance reasons) visit yesterday for an informal presentation with tips on how to improve trader performance. This coach has worked with the top traders in the world, at prop firms, investment banks and hedge funds. SMB Trader, King of Men, put together a list of ten takeaways from this talk. We thought you might consider them for your trading.
1. Successful traders have meaningful attachments or some other source of motivation and happiness outside of the financial markets.
2. Successful traders are proactive, they know what they need to learn and they know what they need to do in order to execute. Being active alone is not sufficient.
3. Successful traders tend to be process driven, they develop and refine routines that turn good trading behaviors into habits and execute these routines habitually.
4. Successful traders have a unique signature, they have an edge that they execute consistently and improve constantly.
5. Successful traders treat every trade as a learning opportunity, especially losing trades.
6. Successful traders identify their A+ setups, best products, and optimal timeframes that are most intuitive for them and work to maximize their production in those ideas
7. Successful traders avoid thinking in dollar terms, they standardize in terms of percentages to measure performance as well as put on risk.
8. Successful traders have a sniper mentality, they are prepared to wait for as long as it takes and ready to pull the trigger when a valuable targets appear in their scope.
9. Successful traders have a comprehensive set of measurable and challenging yet realistic goals, they regularly evaluate their progress and always ask what they need to do to make further progress towards their goals.
10. Successful traders use all their resources to improve, particularly other traders.
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