Trading requires patience because you must wait until the appropriate time to act. Markets do not always offer good trading opportunities because they may be in congestion or random phases some of the time. Anyone trading a random market will be fortunate to break even because they have no advantage or edge. Patience is required to stay out of a sleepy market or seek more active ones.

There are other times when markets become too volatile and risky to trade. It can be especially enticing to trade during these times because large moves seem to offer quick and easy profits. However, risk may be much greater but not commensurate with the potential reward. These times may be equally difficult to wait out.

Enthusiasm implies a true enjoyment and excitement for something. Commitment is the ability to dedicate yourself to an endeavor. Enthusiasm and commitment are necessary because trading can be so difficult and demanding. You must develop an ardor and passion for trading. Traders are often highly motivated individuals. You must be willing to devote yourself to the business of trading. After a series of losing trades there will be times when you wonder if it is all worth it. You must maintain your commitment to the business because there will always be many good reasons to quit trading.

Focus is the ability to concentrate on the task and finish the job. Trading requires tremendous focus because it is easy to become distracted. Most trading is not a physically active endeavor (except floor trading) but instead, requires one to watch and sit through sometimes agonizing experiences. It will be tempting to wander and try to forget about trading when losses develop, but this will be precisely the time when focus is required. Trading demands an intensity of purpose.