You know your job is a tough one when you’ve traded over 50,000 options and made over 1 million dollars in profit.
That’s exactly what Brian Shannon has done, and he’s not stopping anytime soon. Anyone who follows him will see that he works extremely hard for his money and knows how to trade exceptionally well.
The effects were not instant; Brian explained years ago that it takes about ten years before someone becomes good at trading.
It took him four or five years to become consistently profitable–the ultimate goal for any options trader. He also said that if you can’t make enough commissions in the first year, don’t bother continuing because the market won’t be very forgiving.
Overall, Brian’s personality traits allow him to trade with a high degree of precision and consistency. He knows what he’s looking for and doesn’t let his emotions get in the way of making rational trading decisions.
This approach has helped him become one of the most successful options traders in the world. If you’re looking to follow in his footsteps, make sure you have a similar analytical mindset, risk-aversion, and patience.
These traits will help you stay disciplined in the markets and achieve long-term success.
The best personality traits
Certain personality traits seem to be shared among pro-options traders here in Dubai.
These include:
Independence
Traders must work independently and make decisions without constant input from others. This trait is essential for those who trade options where the success or failure of trade can depend on quick thinking and acting on one’s instincts.
Confidence
A successful trader must have confidence in their abilities. This confidence allows them to take risks and stay calm under pressure.
Discipline
Trading options is a risky business, and traders need to have the discipline to stick to their trading plan, even when things are going against them.
Persistence
For a trader to be successful, they must be willing to keep trying even when things are not going well. This persistence allows them to learn from their mistakes and eventually become profitable traders.
Risk-Tolerance
Trading options is a high-risk investment, and not everyone is suited for it. Traders who are comfortable with risk and can handle losing money without becoming emotional are more likely to succeed in this market.
Calmness
The markets can be volatile, and traders must stay calm under pressure to make rational decisions.
Self-belief
The markets are a zero-sum game, and if someone makes money, someone else must lose. Successful traders have to believe they can be successful and have faith in their abilities.
Flexibility of Mind
Some of the most successful traders here go against conventional wisdom and look for undervalued options where the market is heading in the opposite direction from what is expected. To do this, a trader must think outside the box and stay ahead of trends rather than following them.
Self-Motivation
Traders who can motivate themselves tend to succeed more often than those who rely on others. Although having support from family and friends is essential, a pro options trader has to be self-driven to achieve success.
Legality
As with most things in Dubai, what you can get away with depends on who you know or how wealthy you are. While not technically illegal like gambling, Options trading is still frowned upon by many people for religious reasons.
It’s OK if done discreetly, though! Many of these same religious people hate fund managers because they don’t believe it is ethical to make a living from other people’s losses, but that is another discussion.
In Summary
These are some personality traits that seem to be shared among pro-options traders in Dubai.
While not everyone who possesses these traits will become a successful trader, they are more likely to be successful if they do.
If you are interested in trading options, it is essential to develop as many of these traits as possible and stay disciplined to achieve success. Click for more info.
