We recently asked our community the question of whether traders are born or made. As it relates to the Crypto space, a resounding 85% of respondents agreed that traders are made. However, there are certain personality traits that are definitely helpful. And if you aren’t born with them, you’ll need to develop them fast to stay in the game.
Traders Can Be Created
While the overwhelming majority of you believe that traders can be created, there are certainly some talented traders who are naturally good at it. But even if a trader doesn’t have an innate affinity for making deals, the basic skills can be taught to anyone with the right mindset and commitment.
At Digitex, we believe that good traders can be made. This is part of our very mission–to create successful traders and give them financial freedom and the ability to design their own lives.
We’ll be putting out plenty of educational material and offering Master Class trading courses with our partners as well because we want to see you succeed! The more traders win on our platform, the greater the demand for DGTX and the higher the price. This makes us the only exchange whose interests are truly aligned with our traders. We can honestly say we want what you do! Win-win!
But regardless of our intentions and where you stand on the question, one thing is true: you need certain personality traits to trade. And if you don’t have them, you better learn them fast. Here are our top six.
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1. A Clear Head – Good Traders Know It’s All a Head Game
No matter what side of the nature of nurture camp you’re on, all parties agree there are certain personality traits that good traders share. Reaching out to Crypto Wendy O (a U.S. Crypto personality and trader), she argues:
“It’s important to know the basics of economics, market cycles, r/r, etc. but the mental aspects of trading are extremely important. The mind plays a big role in how we analyze our personal trades. It’s also important to remain unbiased emotionally while trading. Becoming emotional in a trade will cause mistakes to be made that would otherwise not occur.”
This brings up two phrases we see all the time in the media. FUD (Fear Uncertainty and Doubt) and FOMO (Fear Of Missing Out). Combining FOMO with emotional trading may make for interesting “remember when?” stories after the fact. But it also makes for a lot of hasty and potential mistakes that can cost you dearly.
2. Patience – Practice Makes Perfect
Whether you’re born with an eye for trading or you study hard, you’ll need to learn the art of patience. And understand the fact that the more you practice, the better you’ll become.
Good traders understand that not only do they require mastering the art of patience but they must keep on practicing until they can really read the markets.
As one of our anonymous survey respondents replied:
“Traders are made, no questions asked. Practice makes perfect. You can watch all the YouTube videos or read all the mechanics textbooks in the world. But until you get your hands greasy and under the hood of your car, you won’t learn as much and get better at it.”
3. The Ability to Learn Big-Picture Thinking
Traders need to learn the art of big-picture thinking. This means that they won’t be tempted to make a sell call before time and that they can understand market cycles. Whether you’re a day or position trader, traders always have to look beyond the trade now and have an exit strategy in their minds.
Isaiah Jackson of KRBE Digital Assets Group notes:
“Traders have to learn to suppress emotions and focus on the fundamentals. Also, zoom out on charts and think long-term.”
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4. Adaptability – Traders Need to Know When to Change Position
While you can be born with some of the personality traits that attract people to trading, such as high-risk tolerance, and a champion mindset, you develop into a trader. This can only happen through experience and the ability to make changes when required.
You definitely have to have a tolerance for what many perceive as stressful, high-risk scenarios, but you also need creativity and patience.
The creativity is for your due diligence and research into projects, uncovering as many stones and possibilities as possible to couple with the TA to assist in your trading decisions. And the patience after understanding where you are in the market cycle to see it through and be prepared for what the next has to offer.
5. Discipline – Being Able to Continue No Matter What
Not everyone has the ability to stay in the game after absorbing a big loss or making a wrong call. But the discipline to continue staying in the game and mastering your emotions sets apart an excellent trader from the rest. As one of our anonymous survey respondents pointed out, trading is full of:
“Sleepless nights, stress, and hard sweat! It encourages and also discourages, trades that fail teach us a lot!”
6. Independence – Trading Can Be Lonely
When you’re sat many hours at a computer absorbed in price action and simply stepping away for a few minutes could cause giant losses, trading can be lonely. It takes an independent mind to be able to work alone, to concentrate in isolation without the camaraderie of a team working behind.
With statistics saying that 80% of traders lose money across all asset classes, the odds are not always on your side. At most exchanges, there’s a mechanical edge working against you and testing your courage, discipline, patience, and rationality to the max.
At Digitex, we honestly care about our community and will celebrate every one of your successes. And because we don’t siphon liquidity out of the pool in the form of commissions, there’s more money in the collective pot attracting and producing more and more successful traders.
Anyone can learn to trade, but if you focus on developing these core personality traits, you’ll become one of the 20% that actually win at the game.