Want to be a Top Trader, Be mentally tough


What makes top traders stand out from the crowd and achieve results that for the most are just behind imagination?

The key to success is being mentally tough

What does it take to be mentally tough? There are three qualities for traders who say they want to perform at the highest levels.

1) Be Ambitious

Can you work on your trading alone or you need to be constantly spend time on Social Media, watching Blue Channels, watching World maret ? Can you find ways to make your daily and weekly trading preparation regardless of family, friends or other potential interruption?

Usually traders that can work and prepare themselves alone tend to have higher levels of mental toughness and are way more ambitious.

2) Discipline is key to success

Do you work on your mental and psychological weakness to pursue those goals? Do you write your Journal and write your mistakes. Do you work on them and make sure it does not get repeated again. DO you know when to STOP trading.

If you don’t really believe that you can improve, it is difficult that you can really grow as a trader.

3) Perseverance and Patience

Are you willing to trade, train and struggle with markers for all of your life? Are you looking for immediate success, or you can postpone it until the time is right, even if that is years in the future?

Successful traders are nimble and determined to improve for all their life, no matter how rich they become. Traders need the patience to work steadily during tough times, drawdowns and family issues.

Mental toughness is maybe the area of trading where the nurturing part of the success equation is most evident.  Some traders have internalized these qualities from the very beginning of their adult life and come to trading already mentally fitted. Others have not. For the latest trading can be a double challenge that starts with improving their mindset first and their technical trading skills later.

Perhaps the best thing you should do to improve your mental toughness is to work as much on psychology preparation as you do with market preparation. And, yes, it takes double time and double effort!

11 thoughts on “Want to be a Top Trader, Be mentally tough”

  1. Hi Ramesh,

    The answer to Dipak was very perfect.

    My problem is even though I know the stock will go up, I book my profit in a very low margin. At the same time, if it goes down, I always hold them. There are two instances in the recent past. When Jet was around 555 I bought it, but it slipped to 539 and just boomed towards 585 and then the following day it went upto 599 and fall down to 555 levels. However I sold it around 558.

    Although I predicted it will go upto 575, as it slipped to 539, I booked my profit at 558 itself. Here, fear took over my predictions.

    In the case of Axis bank I bought it around 506 after the BREXIT Fall, and I sold it around 509, although I could feel that it will go upto 535.

    Where as just prior to BREXIT I bought ICICI bank at 239.7 but the following day it fell to 221. But I was holding it, because, I was quite confident that it will go upto 250.

    But yesterday, I exited 3/5 of the quantity at 246 and I know the market is going to fall. But today it went upto my target of 550.

    Now, I really don’t understand, whether I am mentally tough enough or not. But one thing is sure, my market timing is little ahead and not accurate.

    Please guide me.


    Vijay LN.

  2. Sir, as usual very informative article. Can you please tell how to work on psychological aspect? any exercises?

  3. Any suggestions how to react when you achieved your trading target and you booked but stock is going up and feeling lost opportunity

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