The important traits and factors required for successful trading can be summed up as follows:
- There is no single true path.
- Be flexible and trade your personality.
- Develop a trading philosophy and keep track of your market observations.
- Patience, confidence, hard work, and risk control.
- Be an innovator and not a follower.
- Accept losses and limit downside.
- Verify every fact yourself and set a goal.
- Ego and emotions have no place in trading.
- Use common sense and define high probability trades.
- Pay attention to catalysts and insider information.
- Popularity can destroy a sound approach.
- Accept that it takes time to become a successful trader.