I had an interesting question from a member of our community.

He was assuming that intelligent people are the ones who are successful traders and was asking if a C student can be a successful one.

What I had forgotten to mention to him is that grade has nothing to do with intelligence. Einstein was never a good student…

Does intelligence play a role? Yes and that is not the only determinant of success.

I know some traders who are very smart and yet they are not as successful. Also, I know some traders who might not be the most innovative ones and they are very successful.

There are 10 other factors that play a role in determining your success. What are they?

1. Know yourself and your Personal Risk Profile

This helps you understand your strengths as well as the areas that you could develop.

2. Know the reason you are getting into this business

There are going to be challenging times. Knowing why you are in this business enables you to keep your focus.

3. Know your trading goals and strategies

If you are not clear, how would you know if the goals and strategies that you have chosen are the right ones for you? Do they play to your strength?

Also, you will have a hard time following a path that it is not clear. It is like driving from your home to somewhere that you might have an idea of where it is, but you are not sure. You might get there, but when?

4. Sound money management system

It is important for you to know why you have chosen the system that you have and that it fits who you are.

5. Risk management

Are you comfortable with the parameters? Can you follow it?

6. Your core influencer

It is essential to have the right selection of people that have your ear. Then it becomes easier for you to move toward your goals, instead of holding you back.

Remember, ultimately you are responsible for the choice that you make.

7. Your environment

It is crucial to have an environment that doesn’t drain your energy and allows you to flourish.

8. Perseverance

Challenging times are a guarantee. Your reaction is going to determine your results. Are you going to quit or continue?

9. Flexibility

It is one of the most crucial elements in your success. If a strategy does not work for you, be ready to modify or change it. Don’t be married to it. Ask yourself, do you want to be right or do you want to make money?

10. Willingness to learn and grow

One way to keep up is to learn and grow and not to become obsolete. Then you can have even more success in your trading business.

You might’ve heard that Michael Jordan, one of the greatest basketball players in US, was cut from his team at his sophomore year in high school. That could’ve been the end of his career.

However, he knew what he wanted. He persevered and changed his strategy. He wanted to succeed, so he was willing to learn, grow and developed the skills that he needed. He surrounded himself with the people who could help him and believed in him. The rest is history…

What is your game plan?

Here is to making trading success your habit™,

Want to stay updated? Subscribe to the Mental Edge Trading blog