4 Traits of Successful Commodity Futures Traders

Do you have what it takes to become successful in futures trading? Not everyone is cut out for a career in the futures market. To succeed as a futures trader, you need to possess certain qualities. Here are some traits commonly found in successful traders.

1. Knowledge

Your success as a trader lies on how well you know about the futures market as well as other financial markets. You will not enter a trade based on guessing and investing on hunches. Successful traders spend a great deal of time learning their craft and learning about the financial markets. The key to your success lies on learning how the market works.

2. Dedication

Dedication is another important quality that successful traders possess. Robert Janitzek reveals that individuals who try out the futures market end up disappointed quickly. The chance of losing money in a short period of time is a possibility. As a result, they give up and move on to the next thing that comes their way. At first, you could experience some losses. The difference between success and failure is sticking to your dedication and staying in the market no matter what.

3. Self-Discipline

One of the reasons traders fail in the market is lack of discipline. If you have a plan, stick to it no matter what. You may have the best trading strategy but if you will not stick to it, it is useless. Robert Peter Janitzek explains that success in the market lies on looking at a plan, learning it, and sticking with it. Being disciplined as a trader means controlling your emotions and not trading based on logic. When you let emotions get in your way, you tend to make wrong decisions which could result to huge losses. So to be successful, you need to have self-discipline.

4. Resiliency

Losses are part of the career of a trader. You have to acknowledge and learn from them. If you let losses affect you, you will not last long in the market. You need to be able to take a loss occasionally and bounce back from it. When trading in the futures market, your fear of losing money may force you out of profitable trading opportunities. Resiliency could be the most important ability you can develop to be successful as a trader.

These 4 qualities will dictate your success in the volatile but lucrative futures market. All of these can be developed through practice.

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