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Why You
What qualities do you possess that would make you a successful trader?
Solution
Before you can answer this question, you should understand what makes a good trader. Several key traits come to mind:
- Stress Resistance
You should not panic under pressure. A good trader remains calm, maintains focus, and oversees everything that’s happening without making mistakes. - Good Communication
When the markets get busy, fast and efficient communication on the trading floor is crucial. You need to convey information clearly and quickly. - Open to Feedback
You should always be open to feedback. Markets move fast, and so do traders. Feedback on the trading floor can be direct, so you must avoid becoming defensive when people challenge your methods. - Competitiveness
You need to have a competitive nature. Did you just miss out on a good trade? Improve your settings and algorithms to catch the next one. If you’re not competitive, you might not respond effectively to missed opportunities or seek continuous improvement, which is essential for a trader. - Good with Numbers
This job revolves around numbers. You must not only enjoy working with them but also be quick and accurate. Show your affinity for numbers. You should also be able to make good estimations, such as answering questions like, "How many households in the US have cats?" You might wonder why this matters, but when systems go rogue or a black swan event occurs, you need people who can navigate such rare situations. - Problem Solver
You won’t find any trader who doesn’t enjoy solving puzzles. The trading industry is highly automated, running on advanced algorithms. A good trader constantly seeks ways to outsmart the market. - Quick on Your Feet
You should be able to quickly adept to new situations. Markets are constantly evolving, so you should be ready when new events happen.
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