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 :)

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 :)

If your dreams don’t scare you, you are not DREAMING BIG enough!

Hope my blog finds you all well :)

What were your dreams when you were growing up?

What did you want to be, have and do?

Were they BIG DREAMS that made you feel excited?

Lowell Lundstrum’s quote is the mouthful title of my first article for 2014. In my blog I concluded 2013 talking about achieved goals, celebrating them and discovering your own personal formula for success in preparation for an amazing and joyful 2014. If you have not read it, here is the link: My personal note: THANK YOU 🙂

celebrate success 1

To start this New Year let’s go back in time and remind ourselves of our dreams when we were growing up. :) We had so much clarity, vision and belief that we could do anything we wished, ideas without limits but above all we were not afraid to DREAM BIG. It doesn’t have to stop at our childhood memories…I still dream big now, even bigger than ever before…:)

dream big

What are the reasons we stop dreaming?

The main reason is YOU. YOU stop yourself from dreaming big and achieving your goals. You allow yourself to be conditioned by the environment, people’s negativity and skepticism. Your self-limiting beliefs and your doubts interfere with your ability to dream the life you really want. Remember that you are destroying the inspiration needed to motivate yourself and take action towards your goals. Your dreams are your BIG WHY that will support you during the bad times. So, don’t be scared to DREAM big as it is your fuel to take action. Sometimes you will need to change your dreams and aspirations but never stop dreaming.:)

never let go of your dream

So, who would want to have scary dreams?

Probably not many people. When we say, if your dreams don’t scare you, they’re not big enough… we are not talking about the kind of fear you feel watching a horror film, we are talking about the fear that exists outside your comfort zone, the place where you need to get comfortable being uncomfortable. Stepping into the unknown and overcoming your fears is what really makes us grow; it starts with an idea, a dream… so don’t let your fears stop you from thinking big because you would be surprised by what you can accomplish. :)

always dreambig

I personally define myself as a BIG BIG DREAMER. When I was a young child my biggest dream was to live in London and become a teacher. That dream was my motivation for everything I did. It was the reason I went to language school to learn to speak English fluently; I wanted to learn as much as possible so I could pass on my knowledge to others in the future. I had to make sacrifices along the way but nearly 15 years later I finally accomplished my dreams. The effort and sacrifice required will be proportionate to the greatness of your dreams but don’t be scared to DREAM BIG as sacrifice and pain are only temporary; remember my article NO PAIN NO GAINI can assure you that your rewards will be far greater than the effort needed to produce permanent results. For these very reasons, I will never stop DREAMING BIG. :)

reward worth the sacrifice

However, DREAMING BIG is not enough. You have probably noticed that dreaming by itself doesn’t produce results. You may know from previous posts my motto ‘ACTION speaks louder than words.‘ :)

To simplify the action process, you need to follow these 4 steps to fulfill your big DREAMS:

STEP 1: DREAMING big

Where do you want to be in a month, a year? Then ask yourself, is it big enough?

This is the beginning of your journey. It’s your vision that keeps you on track, fuelling your desire to reach your goals. I use a vision board to continually remind myself of my BIG DREAMS. If you don’t dream BIG with a clear vision, it will be a struggle and you will get stuck in a rut. Think about a car, when you switch on the engine it doesn’t move unless you take further actions. It is the same for accomplishing your big DREAMS. :)

Always shoot for the moon. Even if you miss, you will land among the stars.‘ – Les Brown

If you do something, do it well, put all your efforts into it to accomplish your BIG DREAM.:)

dream big 2

STEP 2: Have an action plan

An action plan is fundamental to your success, it will keep your mind focused on the steps you will need to take so that you are alert and can seize every opportunity presented to you. Great ideas without correct application are almost certain to fail. An action plan will provide you with a solid structure for achieving your big DREAMS:)

dream into action plan

STEP 3: Remove distractions by focusing on your big DREAMS

You might think this is obvious, however, when coaching my clients I have noticed the main factor that delays them in achieving their goals is distraction. You have to fight against your own self-sabotage in the form of self-limiting beliefs, doubts and negativity and you need to protect yourself from negative people and their opinions.

What do I mean by protect yourself?

Firstly, protect yourself from negative people who might tell you: ‘your big DREAM is impossible’, ‘it can never be achieved’, ‘you are crazy to think so big’, ‘keep your feet on the ground’. Believe me, I have heard it all. Mandela wisely said: ‘It always seems impossible until it’s done.’ :)

Mandela it's seems impossible until is done

Secondly, protect yourself from other people’s opinions. We live in an era of mass information; there is so much personal and often contradictory opinion out there on how to ‘do this and that’. If you’re not cautious you could become confused and lose clarity on your own goals because you’re trying to figure out whose opinion is right.

A truly unbeaten strategy is to model yourself on successful people and duplicate their results however what is necessary to understand is that you can only do this if your personality aligns with their processes and formulas. Remember you already have the necessary tools, do not underestimate the power within yourself to achieve your goals, you can read my last blog about how to create your own personal success formula for achieving your big DREAMS. :)

dream focus

STEP 4: Commitment & Precise Execution

Commit yourself 110% when DREAMING big

Until you accept the responsibilities of the word ‘commitment’, you are going to waste much time and energy. Life is short and precious and the sooner we get serious and committed about our lives and businesses, the better off and the happier we will be. So commit yourself to achieving your goals and reap the results of success!  ‘Anything and anyone worth succeeding with are worth committing to. ‘– Adrian Pantonial

Have you honestly made the decision to get serious about your life and your business, to stop blaming others and to finally becoming the best successful person you can be?’

This is a simple ‘Yes or No’ answer! It should also be clearly demonstrated by your actions, as behaviours never lie! ‘Commitment is what transforms a promise into reality.’ – Abraham Lincoln

commitment 5

So what is your answer?  

You will become successful in your life and in your business only when you seriously decide to be successful! Until you have done this, you will not have any hopes of achieving your success. You will need to have the commitment to keep going! When the tough get tougher, keep going!– W. Churchill

How do you know when you are really committed to getting results?

How are they demonstrated in your daily behaviour?

You see, one thing about successful people who dream big, it’s that at some point in their life, each one of them has looked themselves in the mirror and decided that ‘enough was enough.’ They were done playing games, settling for crumbs, standing in the back row…while other people that they didn’t perceive as courageous or as ambitious, were living in a better home and enjoying a better quality of life than them. It was in that moment that they decided to get serious and commit to being the best and the most successful person they could ever be, both in their life and in their business. I can assure you that all the great ones had this conversation with themselves. ‘There’s always a way – if you’re committed. – Tony Robbins

Once you have committed to achieving your big DREAM and your action plan details realistically the steps and time frame needed to get you there; and you are able to disregard negative opinion, you can focus on your execution. This is what will make the difference to your success. This is the step that requires more focus, time and hard work because the preciseness of your execution will determine the quality of your results. Great companies, lives and families are built on superior execution skills. The better you execute, the better you perform and the bigger the DREAMS you can take on. :) Simple as that!

Be reassured and encouraged that a small step closer is better than standing still, you’ll be amazed how far you can get. :)

dream big and take action

KEEP IN MIND:

NEVER ALLOW ANYONE TO DETERMINE YOUR VALUE!  

FIND 10 REASONS IN YOUR LIFE TO DREAM & PLAY BIG

NEVER EVER QUIT ON YOUR BIGGEST DREAMS

dream big aim 4 the star

All of us can create BIG DREAMS, so ask yourself:

If not YOU, who?

If not NOW, when?

Remember, to DREAM BIG is a matter of CHOICE, to REACH your dream is a matter of DISCIPLINE.

dream big matter of cjhoice

This is the right time of the year to start DREAMING big and remember that if your dreams don’t scare you, they are not BIG enough! :)

dream big live your life

To your BIG and beautiful DREAMS!  :)

Viv :)

Double Winner Awards Author of ‘The book on Success

www.vivoliver.com