- January 31, 2018
- Posted by: blogger
- Category: Business plans, Free Goodies
1. Successful Traders are always Passionate
First and foremost trading must be successful in the long term. As it says dreams are not which comes in night but its which dint let you sleep, passion for trade cannot be borrowed it must come from within. So if you are not passionate about trading or investing then find that first before taking a trade.
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3. Successful traders are Humble
Well maybe not every trader on the planet is humble, keep this in mind that world always remember humble personality. Here becoming humble also shows that you have full control over your emotion. Being humble is something I teach in my private mentoring sessions, it is something we request of our staff. Always remember when you make or lose money it’s not because of you it’s because of your trading system.
4. They have Positive but Realistic Expectations
I call this as to know if you can earn money or not. I have come across many traders expecting 20-30-50% return every month, see this is greed and this will make you lose your hard earned money. It is simply too easy to prove yourself right. However, on the flip side, if you expecting anything more than 20% every month, even better than the world’s greatest investor (ever!), then you are also doomed.
5. They Focus on Risk Management ahead of Making Profits
When you start you’re trade or day with money and risk management, trust me you have good probability of earning huge in trading. The transition from amateur to pro comes on the day when you genuinely accepts that risk management is more important than profit and focuses most of their attention in that area. Start focusing on protecting what you have and you give yourself a fighting chance of turning a profit!
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6. They Enjoy the Learning Curve
When you adopt all above habit then trading become a fun game, its movement to celebrate even when you make loss. Everything here is opportunity and learning from your own self what you really need?
Trading has a learning curve just like any other profession. If you treat learning to trade like an apprenticeship or a university degree, you will accept that nothing happens overnight and the learning process can be both fun and enjoyable.
7. Successful Traders Keep Good Records
Just live any other business you have to maintain your trade logs, order logs, profit loss statement. Trading is a business and it should be treated like one. Good businesses keep records on profit, loss, trends, etc. They also have a plan. Good traders keep good records.
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8. Good Traders Learn from Mistakes
Learn from your Mistakes, a statement that can be applied to the vast majority of successful people from all walks of life. Most succeed by learning through their mistakes. You have to ask why some of us go to such great lengths to avoid getting things wrong when getting things wrong is the only way we ever eventually get things right!
9. The Best Traders Focus on Flawless Execution
The best traders have a strategy that is well tested and proven. They place trades according to that strategy and judge themselves on how well they executed the strategy. They are always striving for flawless execution.
Losing traders on the other hand, if they have a strategy at all, base the success of each trade on whether it was a winner or a loser. They do not yet realize or accept that the outcome of any individual trade is random and has nothing to do with the quality of the trade. Hence good traders do not focus on the P/L, they focus on how well they traded.
10. The Most Successful Traders Persist!
If you persist and adopt the above 9 habits then you will give yourself every chance to succeed. When you get knocked down, get back up. If you fall off your bike, give it one more go. If you stall the car, try again until you get it right. And when you place a bad trade, do not take it personally but learn from it and move on.