The only limit is how many traits are available in the game total. Yes, they do scroll of the screen which means when you level up you cannot apply points to those which have scrolled but you can still train in them at guilds. Some traits/skills are not really worth developing (sword, staff, dagger and maybe bow are about the only weapons to raise).
Personally, I never found the scrolling off to be a big problem. If you develop your characters carefully you shouldn't have any problems either.
Wyv
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