Tip #5: A trader does not need to be a genius.

Smart people succeed. That’s what most of us think. But intelligence is secondary for trading successfully.

A successful trader says that

"All the math you need in the stock market you get in the fourth grade."- Peter Lynch

So if intelligence is not the key to trading successfully, what is?

Let another successful trader tell us:

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading."- Victor Sperandeo

If you have sufficient trading experience, you would have struggled with issues like overtrading, losing streaks, and revenge trading. So you will agree with Victor Sperandeo. But we can benefit from a reminder from time to time.

If you are new to trading, I might not have convinced you of the importance of the emotional side of trading. But keep this idea at the back of your mind, and hopefully, it will shorten your search for the Holy Grail.

My advice is adopt the theory of multiple intelligences. a high intrapersonal intelligence would benefit traders

Tip #6: The harder you try to make money, the harder it is for you to do so.

The goal of a successful trader is to make the best trades. Money is secondary.- Alexander Elder

👉Focusing on making the best trades means focusing on the process.

👉When you focus on the process, you will find ways to improve.

👉When you focus on the results, you will find distractions as you hop around without a consistent approach.

So let the money be a by-product of a solid trading process.

"If a trader is motivated by the money, then it is the wrong reason. A truly successful trader has got to be involved and into the trading, the money is the side issue… The principal motivation is not the trappings of success. It’s usually the by-product – simply stated, “the game’s the thing”.- Bill Lipschutz

A related point - anyone who is facing financial difficulties should not trade.

If you feel that you have to make money, that presents a distraction to your trading performance.