The Ten Attributes of a Great Trader (Part 4)

01/29/2009 12:01 am EST

Focus: STRATEGIES

John Netto

Author, The Global Macro Edge

7. Confidence – This comes from a number of areas and is developed through successful implementation of a strategy. It is also a byproduct of the unwavering belief that what you are doing will prove successful. This is critical when you are in a position, and at the moment of truth, self-doubt has a way of creeping in. It’s tempting to deviate from your plan during these occurrences. While I’m not suggesting you not be flexible in your position management, having the belief in what you are doing goes a long way in your success. In fact, it’s the confidence in your trading skill set that can give you the ability to make a decision to get out of a position knowing that things aren’t working out. This conviction is a hallmark of great leaders and inspires others.

8. Focus – The array of information that hits us at breakneck speed can at times challenge us. Having a game plan to lock in on and isolate the markets, strategies, and goals outlined in advance helps us stay on the path to success. In trading, as in life, stuff happens that is unexpected and can force us to deviate. A series of losing trades, or health issues we weren’t expecting. Having the focus to keep things in perspective and understanding what your goals are contributes immensely to keeping ones focus. A common thing I work on with my life coach is making a list of goals and what I plan to do to achieve these goals. My success coach, Nazy Massoud (www.mentaledgetrading.com) holds me accountable, and keeps me focused at times when life or the markets would rather have it another way.

By John Netto, founder and chief investment strategist, NetBlack Capital, LLC

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