Do you want to be a successful trader?

With all the recent action I think we all need a reminder of what makes a successful trader.

With the bear market in full force and volatility at record highs every investor needs to be trading at their best. For the active investor there is no room for error when the market is swinging up to 9% in a single day.

Here are five traits of a highly successful investor

Discipline: Every investor has to be disciplined to trade the market. If you can not follow your own rules and stick to a strategy, you may find yourself loosing your trading capital faster than you know. Mental discipline is the most important trait of a successful trader because the market is full of temptation to make silly mistakes.

Patience: If you act too quickly you may get burned. Some traders will step back and wait for many days before making a trade, because they are patient and wait for the right moment. Right now I believe cash is best.

Hard Work: Traders that are not prepared to put in the effort required to follow their own goal will get punished. Spend sufficient time to work out your potential plays. Preparing for each and every day is critical.

Perseverance: This is probably the most important factor of successful trading. Perseverance is critical to success. Not everything will be going your way. History has shown that the game repeats itself. Traders may loose their play today, but next time when the same trade comes around they will know what to do. They will have learnt from their mistakes.

Please take time and review your trading plan, refine it and stick to it. Remember: the market has changed.