Forex Traders’ Crucial Traits — Poll

Every trader’s personality is different. There are no two identical Forex traders. Nonetheless, most of the traders share some common personal qualities that either help them become successful and earn money with the FX market consistently, or become losers who destroy their account balance and return only to lose again. What are those personal qualities? What psychological traits or combinations of them are vital for a financial trader? I’ve read several books, dozens of articles and hundreds of forum discussions on the psychological part of trading. The most important factors outlined by many authors were the following:
Cautiousness — trader’s capability of minimizing the risk exposure during high level of uncertainty.
Erudition — a general level of trader’s knowledge on factual subjects. It shows how learned the trader is.
Independence — the ability of a trader to act independently, without the market crowd’s influence.
Intelligence — a general level of trader’s capability to learn, analyze and make reasonable conclusions.
Patience — the ability of a trader to wait for strong signals — entry or exit. The ability of a trader to learn and test before acting.
Update (suggested in the comments): Self-awareness — the ability to see and admit one’s errors and negative traits.
Self-confidence — the ability of a trader to act in conditions with a very high level of external uncertainty.
Self-discipline — the ability of a trader to act or cease acting according to his plan even when some part of his mind tells him to do otherwise.
For me, the choice of the most important trait of all the listed above isn’t very obvious as they all seem quite important. But, looking deeper into them, self-discipline stands out as the really crucial trait for a trader — I can imagine a successful trader with other qualities at a low level, but self-discipline is something what is really keeping any trading plan from falling apart, in my opinion. And how about you?

What is the most important personal quality for a trader?

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If you want to share a detailed opinion or ask some questions about the importance of various personal qualities in Forex trading, please feel free to do so using the form below.

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