20 Habits of Successful & Wealthy Traders!

Hello to all my readers :)

Hope my post finds you well and dandy! :)

Have you ever asked yourself the following questions:

What differentiates a successful trader from an unsuccessful one?

What are the habits of successful people and in particular successful traders?

trading success

I have often asked myself these questions as I have trained and coached a large numbers of traders as I came across a lot of different trader types and I could clearly see that there is a pattern and habits which successful traders follow :).

Traders types

For novice FX traders, and experts too, what can we learn from those who are successful?

To find out, I started to interview professional and well known traders as well as less famous ones who are successful at trading to figure out what made them different and successful. After hundred of interviews, I have collated what are the reoccurring themes of successful and wealthy traders :).

Successful Traders

Below, I have listed the 20 habits of successful and wealthy traders and if you are a seasoned trader, I am sure you will agree with them.

1. Have a precise Trading Plan and follow it with discipline

2. Patient with winners and impatient with losers

3. View Technical Analysis as a picture of where traders are lining up to buy and sell

4. Before they enter every trade they will know profit target and stop exit

5. Approach trade no.5 with the same conviction as the previous 4 losing trades

6. Use naked charts (Price Action)

7. Read about human and Trading Psychology

8. Successful traders stopped trying to pick tops and bottoms long ago

9. Do not think market as expensive or cheap

10. Aggressive with trade size when doing well and modest when not

11. Realise the market will be open tomorrow so don’t chase trades

12. Never add to a losing position. EVER.

13. Judge their trading success on anything but money

14. Comfortable making decisions with incomplete information

15. Making money is more important than being right

16. Practice reading the right side of the charts not the left

17. Have an edge in the market which gives them a greater than 50/50 chance of determining the future direction of the price

18. Determine position size based on risk, not round numbers

19. Buy strong market and sell weak markets

20. Play reaction, not the news

Analyse, trade, evaluate, repeat. Successful traders are creatures of habit – they are defined by their daily trading routines :).

Habit sweet spot

Sure, there is talent involved, but it is what they do everyday, over and over, through triumph and failure, that makes them successful :).

success day in day out

it is not about fortune. It is about skill, honed through persistence and discipline. They are dedicated to perfecting their craft :).

Trading Zone

We become what we repeatedly do‘ – Sean Covey.

aristotle

To your Successful Trading! :)

Viv :)

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The Wisdom of Failure

A very good evening to all my readers, :)

Have you ever asked yourself:

How do you climb back onto the saddle when the horse has flung you off: when your plans fall to pieces?

Looking back, as we approach another year end and tabulating whether my successes have been more than my failures. It is clear that failure has left its imprint.

Life will constantly test your resolve and level of commitment.

If only we could have patience in the midst of our trials. Coping with rejection and apparent failure is a serious matter.

plan vs reality

If you focus on positive thinking, even the harshest defeat is only a stepping-stone. :)

Never let Success get to your Head. Never let Failure get to your Heart. “I didn’t get consumed by losses,” said Don Shula, “and I didn’t get overwhelmed by successes.”

Many of us have stifled our life by heeding some misguided critic who implied we were not good enough. Few things in life are certain but failure is.

Failure seems as something to be avoided at all cost. Although it leaves a sour taste, we should embrace failure for the learning opportunity it is. Failure is the oldest teacher, and perhaps the wisest of them all. Some things are impossible to completely grasp without first falling down.

We live in a culture that values perfectionism and failure is often viewed as a sign of weakness. People become so fixated on not failing that they never move forward. When it comes to failing, our egos are our own worst enemies. It is easier to accept failure in private, but once the failure is obvious to everyone around you, it becomes harder to accept it. Holding onto failures for way too long is destructive.

What is the importance  of failure?

  • It’s a learning Experience. Failure drives us to change. It represents opportunity and growth. It gives new direction.There is always one or more lessons to learn in what you may see as a failure.
  • It builds Character. We learn how to behave when we finally accomplish our goals. The humility we gain through our failures allows us to better handle and appreciate success.
  • It makes you Stronger. It is with persistence we overcome failure to achieve success . When people fail, they feel unaccomplished, and so they try again and again, until they finally reach success.
  • Your chances of Succeeding Increases. Failures are the pillars for success. You gain experiences you could not get any other way. Some things can only be learned through trial and error.
  • Failure is a type of Freedom. You might ask: Why? Because the worst has happened. Now, you can relax and rebuild again.

Success does not come easy. Everyone must face one hurdle after another. If you think that once you have the success you crave, you can relax, you are sadly mistaken.

the finish line

Failure can be costly, not only emotionally but financially as well. Some industries are very unforgiving as one or more failures may instantly get you the boot. The worse thing anyone can do, is not learn from failures.

“Failure is the tuition you pay for success.” ~Walter Brunell

In recent years, more and more executives have embraced the point of view, that failure is a prerequisite to invention. ‘The fastest way to succeed’, IBM’s Thomas Watson, Sr., once said, ‘is to double your failure rate.’ The growing acceptance of failure is changing the way companies approach innovation.

‘There is no failure. Only feedback.’ ~Robert Allen

However, distinguishing between excusable and inexcusable failure is crucial. Managing failure is key. Some mistakes are unpardonable for example producing and marketing a dysfunctional product caused by poor quality control. Encouraging failure doesn’t mean abandoning or supervision or respect for sound practices. Managing for failure requires leaders to be more engaged, not less.

Finally, don’t let the fear of failure hold you back.

I wish you the very best in life and success :)and remember that ‘Our best success often come after our greatest disappointments.’ ~Henry Ward Beecher

Remember to take risks: if you win, you will be happy; if you lose, you will be wise. Always find joy in your journey for as George Bailey said it best “It’s a Wonderful Life!” :)

take risks if u win

I really appreciate that you are taking the time to read this post.

To your successes! :)

Viv :)

8 STEPS TO CHOOSE YOUR BEST STRATEGY!

A good evening to all my readers :-)

Hope my post finds you well and jolly :-)

 

‘Strategy is not the consequences of planning but rather the opposite, its starting point.’ – Henry Mitzberg

Have you ever wondered why things suddenly did not work out after setting things up in the right place to accomplish a goal?

 

Have you ever felt that you had the perfect edge to achieve your plan but something did not work out the way you wanted?

 

Most of the time this is because even if the situations, places, circumstances and opportunities are in our favour, we do not use the right tools and techniques to ensure our plans and goals manifest into reality. Would you agree with me? Also to be honest, it is not a pleasurable place to be, is it?

This post will provide you deep insight into the core and the most fundamental principle which all the tools and techniques for achieving success come from: STRATEGY!

strategy

The day I learnt that for any achievement in life and in business, there was always a more efficient way to achieve it by using a proven strategy, it really  opened up a new dimension in my life!  Before we examine strategies in more detail, let me give you the gift of one of the most profound success strategies I know. ‘Get around the path walkers.’ If you want to be successful you should model a successful person by having them coach and/or mentor you. :-) They have already achieved what you want to achieve and been through the bumps in the road, the highs and the lows of the process and therefore are in a better position than you to guide you to the most effective strategy to employ, and get you the success you deserve. Is this not want all of us want – to avoid the pitfalls and enjoy a smooth and successful ride?

Mentor-300x225

At this point, you might ask:

How can I recognize what is the best and most effective strategy to employ?

 

Firstly, we need to understand what a strategy is. It is the process, the system and method employed to achieve our goals. It is how we go about to accomplish our objectives. It is our starting point from which comes our plan of action. It enables decisions to be taken, plans to be judged, resources to be allocated and actions to be prioritised. It is what empowers people to develop action plans that are consistent with the future that is being sought and means they act decisively in the areas where most advantage can be won. This is where one final step is needed – producing our plan! Without it, we will not achieve any results! :-)

Below are the 8 steps that will help you to recognize which strategy will be best for achieving your success and you can visit my website www.thebooksonsuccess.com and download the PDF exercise called ‘Strategy Mastery Worksheet’ for a printer-friendly version. Please complete this exercise both for your business and for your personal life! This tool is a very effective aid in recognizing what ‘marketing strategies’ to add to your business plan and employ in your business.

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STEP 1: Understand the Scope of your goal/plan

 Submarine periscope

To identify and understand the scope of your goal/plan, ask yourself the following questions:

What is my BIG WHY? What is the purpose of my business?

What is my mission statement? What is my business mission statement?

What are my reasons to get up every morning? What reasons do I have for investing my time, energy and money in my business every day?

What message do I want to promote with my marketing campaign?

 

What makes me stand out in my industry?

 

What makes my services and products different from my competition?

In terms of business, not only does your mission statement guide your overall company practices, it also provides you with the guidelines and clarity to choose the best strategy. Before you can dive into the details, you need to envision the scope of your goal/plan: considering the advantages, challenges and purpose of it. 

Remember, PURPOSE and CLARITY are the most important keys to success when identifying the best strategy for achieving your goals/plans!

 

 

STEP 2: Perform your SWOT analysis

swot-analysis

 

Once you have a grasp of the scope of your big goal, run your desired goal through a SWOT analysis. You can visit my website www.thebooksonsuccess.com and download the PDF exercise called ‘SWOT Analysis’ for a printer-friendly version.

 

The outcome will be a high level of clarity on the necessary steps that will be needed to achieve your big goal, as well as the most effective ways of taking those necessary steps. :-)

 

 

STEP 3: Set small goals

small-goals

 

Once you have clarity on your purpose (your why) and have run your big goal through a SWOT analysis, then you can start to set smaller goals to achieve the steps identified that are needed if you are to achieve your big goal. You will now have the benefit of long term vision and short term motivation! This is the step when you start to turn future possibility into realistic probability.

 

 

STEP 4: Set deadlines

deadlines

Deadline is the time commitment by which your task/goal must be achieved. This is a powerful strategic tool we must use to our advantage. When we set a deadline and expect to get our goal accomplished quickly, they usually do! What are the reasons behind this? It usually takes as much time as we allow them to take! You see, we always work best under a self-determined or externally fixed deadline. By consciously choosing to enforce deadlines, they increase our accountability and focus, essentially fast tracking our results and rewards.

What are the benefits of having deadlines?

A deadline enforces a strong sense of urgency and challenges us to perform.

Deadlines represent commitment, this is a black and white choice: you are committed or you are not.

Deadlines enforce accountability and they create a sense of urgency to improve your results.

Your challenge is to meet each deadline set and astound yourself by what you are able to accomplish!

STEP 5: Establish measures of Success

to-measure-is-to-know-

Plans and goals are useless without clearly understood, quantifiable measures of success.

Understanding how success will be measured is one of the keys to achieving it as if we can’t measure it, we can’t manage it. As part of your strategy, decide what areas you hope to impact, then determine how it will be monitored. Set up your reporting plan early in the process of laying out your strategy. That way, you will be clear on the expectations from the outset.

Establish an implementation calendar, with specific milestones for each step, i.e. monthly or weekly targets. Assign clear accountability for each action, while making sure the needed resources are in place. Ensure that you know what action you need to take to make it happen, measure assiduously and take necessary procedures quickly if milestones are not met.

 

STEP 6: Develop a strategy Map and make it visual

strategy map

 

It is time to put it all together and have a clear and organised plan. I am sure that now you have more clarity on your purpose, weaknesses, strengths, opportunities, threats, long term goals, monthly SMART goals, a TO-DO list based on your short term goals and metrics to measure your success!

Now that you have put it all together and you have found out what is your best strategy to employ to achieve your goal/plan, it is time to create a tool that will help you know where you’re at in a single glance.

 To make it more powerful and successful, you’ll need to create a strategy Map.

 

 

STEP 7: Monitor your performance and results

monitoring performance

 

This is a very vital and important aspect to ensure that your strategy is working and producing results! Obviously, you need to put efforts and time into it, so it is essential that you have clear means to measure your results!

Remember to celebrate the wins along the way, whether big or small. It will help to boost your confidence levels and to drive your motivation to achieve the next elements of your goal/plan:-)

 

 

STEP 8: Review your strategy and Implement it

strategy lifecycle 

This is the most important step to make your strategy the most effective and efficient possible. A good strategy guides your goals/plans and encourages new opportunities for growth.

However, too often strategic thinking boils down to merely validating the current strategy or making go/no go decisions on the course of action. A much better approach is to spend creative time up front to identify several alternatives – the so called ‘what if…’ scenario.

You might ask yourself:

 

What did I learn from analysing the gap between estimated and achieved results?

 

What can be increased, decreased, reversed, separated or bundled together?

 

What would I do if I had to reach the ‘finishing line’ in half the time?

 

What three priority actions will I implement in my life and in my business as a result of my discoveries?

After employing the strategy, analyse the results to verify its efficiency and dedicate time for revision. Get rid of what isn’t working and continue to implement what is.

 

Just remember that crafting a few different but realistic alternatives and evaluating them using clear criteria will yield a true strategic plan that creates a vision for the future, rather than a reflection of the past. Do not keep changing it all the time. Also remember to give enough time for the strategy to prove its worthiness or failure by monitoring its results. :-)

 

Decide on key action steps, accountability measures and timing, but also agree on how to monitor the environment for any unexpected opportunities or necessary changes that might warrant modifications to the plan.

 

What are the benefits of employing the best strategy available?

We all need to have a strategy in place if we want to achieve our success. It will help us to keep focused and stay on track. If we do not have a direction and a scope before we initiate any plan, it will be very difficult to succeed. In business terms, owning a business is not about work, it is about the strategy we employ. This highlights the concept of working smarter and not harder.

do it

To the employment of your most successful strategy:-)!

Viv:-)

My personal note: THANK YOU :-)

Hello to one & all :)

2013 has drawn to a close and another amazing and joyful year to look forward to will begin. :)

What about 2013?

What did we achieve in 2013?

Before DREAMING BIG for 2014, I believe that we have to look back to 2013 to celebrate our successes and learn from our mistakes to be better equipped for a optimistic and happy 2014.

Celebrate yr success

Celebrating our success is something most people are not good at, instead people happily share their failures, as if they are afraid that people will think they’re crazy for being successful.

Just remember like most things in life, success goes in cycles. :)

Many people ask: ‘How long does it take to become successful quickly?

Sir Sugar once said: ‘It takes 10 years to get rich quickly…you need to both learn how to do it and then ride at least one cycle…Are you ready for the next cycle?...

SirAlanSugar 1

It’s true there is no overnight get rich quick formula, our success is based on determination, perseverance, positivity, consistency, tenacity, passion and hard work just to mention a few. :)

Take the time to list on a notebook your accomplishments, I am sure, like me, that you will be surprised of many goals you have achieved in 2013, and whatever you have achieved in 2013, tiny or huge, give yourself a pat on the back and a standing ovation! WELL DONE! :)

 well done

What did we set out to achieve in 2013 that we haven’t achieved YET?

List what you still have to achieve. You need to write them down and acknowledge them but remember to focus on the word YET, because you can still achieve goals, if you really wish to. :)

What is the difference that makes the difference to your answers above?

What are your PERSONAL rules for success?

Jot them down and once you have listed them, stick to them, then you know what you need to do accomplish your goals for 2014. :)

Whilst doing this exercise with my coach, he introduced me to a new formula called ‘Physical creation‘. Everything is created twice: firstly, in our mind and secondly in physical form.

This is the formula:

Physical creation: FUNC (Energy, Clarity & Time)

These are the four obtainable results:

↑ Energy ↑ Clarity ↓ Time to create what you wish

↓ Energy ↓ Clarity ↑ Time to create what you wish

↓ Energy ↑ Clarity ↑ Time to create what you wish

↑ Energy ↓ Clarity ↑ Time to create what you wish

The time involved to accomplish your goal on the last three results depends on how long you will take to align your energy and clarity on what you wish to achieve.  Remember that time is our most precious commodity and time lost cannot be regained!

time lost cannot be regained

I guess if you are like me, you need a little more explanation :)

Physical creation is the function of energy, clarity and time.

When you have energy and clarity about what you wish to accomplish, you employ less time to achieve it. I invite you to test this theory by thinking about a past accomplished goal. Before obtaining it, you had energy and clarity about what you wished to achieve. How long did it take you?

Then think of a time when you had energy but no clarity or clarity but no energy about what you wished to accomplish. You would have spent a considerable amount of time in obtaining your goal. Only when your energy and your clarity were aligned with what you wished to achieve did you finally reach your goal. I also invite you to test this theory by thinking about a past goal when you had neither energy nor clarity. How long did it take you to achieve it?

Now that we have understood the ‘Physical creation’ formula, we have celebrated our successes of 2013 and discovered our personal success formula to achieve our goals, :) we might ask these questions: 

How are you going to approach this coming year 2014?

Are your goals set?

Are your plans in place?

Are you committed to seeing them through to the end?

THE FACT IS…

It’s irresponsible to start 2014 unfocused, unprepared, and uncommitted.

Yet, that is going to be the reality for far too many people. Ensure that it’s not going to be that way for you.

Be mindful, a big challenging goal has limited value if it’s not achieved, and expecting to get better results in the New Year from the same old behaviour will only succeed in perpetuating your current situation. It will NOT get you to another level of performance.

Great companies, lives, and families are built around superior execution skills. The better you execute, the better you perform, and the bigger the challenges you can take on. It’s that simple.:)

If your 2014 plans include achieving some BIG GOALS, then you must decide that what you want is bigger and far more important than any fear which prevents you from achieving it.

let yoru dreams be bigger than yiur fears

Fear is never a reason for not starting or quitting. It’s only an excuse for those unwilling to face their doubts, insecurities, and mental demons.

Therefore, your first duty in rising to meet the demands of a challenging goal is to conquer the fear and the mental resistance it brings along with it.

Before 2014 begins, you must shine a flashlight on your character and inspect yourself for will, courage and grit. You will need these to achieve your goals.

You must decide right NOW, that you are going to put fear behind you, that you are going to stare it down, and walk straight through it, advancing toward the goals you want with confidence, conviction, and certainty.:)

action will

Perseverance is ultimately a physical, emotional, and spiritual demonstration of how badly you want to succeed.:)

As it should be, it’s constantly fueled by a heart-pounding, ego-bashing, soul-searching test of your limits. :)

So let them see you sweat, as YOU express your greatness not by the acts you perform, not by the goals you achieve, but by the gritty perseverance that made those acts possible.

If you passionately believe that you are up to the challenge and committed to seeing your goals achieved in 2014, it is your right and responsibility to cultivate an unbeatable mindset and persevere until the end. :)

Some of the two most powerful words in English are ‘LET US’, it’s about collective success. It is how we are going to become more successful by inspiring each other to succeed.:)

everything in life up

LET US make 2014 our best year yet! :)

2014 best year yet

Before you make your goals for 2014, watch this INCREDIBLE MOTIVATIONAL VIDEO.

Even though, 2013 has been a very tough year for me, the toughest one so far, I can only describe it as a rapid roller coaster of emotions and pain accompanied with a lot of success but even more failures and plagued with health issues where along the way, I met some remarkable people but lost a few too, one of whom sculpted and affected my life with his priceless lessons. I will never forget you and your lessons. :)

However, the highlights of 2013 have been immeasurable such as running my Marathon, my Health & Fitness qualifications, writing this blog thanks to all your feedback, notes, comments, emails, suggestions to incentivise me to write every month and travelling to four different continents for my book launch ‘The Book on Success’ winning two Author awards ‘The Winning Mindset Award’ & ‘The Success Steward Award’. I visited some wonderful places, embarked in new challenging adventures, discovered  and appreciated new cultures and histories, tasted so many different dishes and learnt many useful skills but the cherry on the cake was meeting all the amazing talented individuals along the way and the happy and unforgettable moments, laughs, jokes and smiles we shared.:):)

the-happiest-people-dont-have-the-best-of-everything

I never could have accomplished those things without being ready to make mistakes, ruffle some feathers, or ‘falling’. I can assure you, day after day, I have experienced countless failures but I have employed them as springboards to strengthen my character and achieve my ultimate goals because I never gave up. As Mandela wisely said:

mandela great leaders

 So, I ask you:

 What fall did you experience this year?

 Ensure you learn from it while celebrating your SUCCESS! :)

I want to conclude this year by thanking every single person that has accompanied me on my journey because I would not be who I am today and my life would not have been so enriched as it is now. It does not matter if it has been a short or long part of my journey, what matters is that you have been part of it and you have taught me some life priceless lessons that I will never forget. :)

TO YOU, all my dear friends, family, coaches, mentors, trainers, readers, mentees, business partners, colleagues and acquaintances…to every single person that has touched and enriched my life, especially my dear, amazing and phenomenal Bro with his very wise motto and post blog ‘Health before Wealth‘, this article is a tribute and a dedication to YOU:):):)

VIV 2013

‘Sometimes people come into your life and you know right away that they were meant to be there, to serve some sort of purpose, teach you a lesson, or to help you figure out who you are or who you want to become. You never know who these people may be, but when you lock eyes with them, you know at that very moment they will affect your life in some profound way!’ – Viv

Thank you, to all of you, with all my heart for being part of my life! :)

Viv:)

Double Winner Awards Author of ‘The book on Success

www.vivoliver.com