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 :)

4 Steps to Keep Fit During the Holidays

Hello to all my readers :)

How are you going to approach this coming holiday season?

What comes to mind when you think about the holidays?

What about holiday and fitness?

healthy holidays

Holiday and fitness? Some of you might think, ‘She must be joking, this isn’t an appropriate combination’. If you are caught in this type of thinking, believe me, you are not alone. I used to think the same. However, I grew up in a small town near the sea where holidays were generally associated with the beach (with the exception of the December holiday :)). Therefore keeping fit was always part of the deal, unless you were willing to go to a beach where nobody knew you (not likely as my town was very small and everyone knew each other) or getting taunted by your peers which obviously was not something anyone would want to invite. Believe me, unless you wanted to move to another town for the holiday seasons, these were strong motivators for keeping fit. :)

healthy

Others might think, ‘Bring it on…the high-calorie food and drinks; I have earned it after a year of hard work!’ You are not alone; the majority of people probably think like this.

It’s really no wonder we gain weight during the holidays. Generally speaking, most people lose sight of their fitness and fat loss goals entirely this month, only to have a rude awakening in January when their clothes are too tight.

For the last 3 years, during December to February I am at my fittest which goes against the accepted statistic, as usual. :) This got me thinking about what I did differently in these months, so alongside my coach, I came up with 4 concepts which I would like to share with you. I want to make sure you don’t forget your goals exactly the same way that my coach keeps me accountable to my goals. This post is addressed to those, who like me, want to sidestep those holiday pounds.:)

changes

These are my 4 steps to keep fit this holiday season:

Step #1: Get Focused on your Goals

‘Whenever you want to achieve something, keep your eyes open, concentrate and make sure you know exactly what it is you want. No one can hit their target with their eyes closed.’ – Paulo Coelho

So many of our holiday traditions are focused on food. This holiday season try to draw your attention away from food and on to what’s really important, friends, family, giving and reflecting on your past years efforts. Stay focused on these rather than the plate full of hors d’oeuvres in front of you.

Be aware that the holidays can be a time of emotional eating. Sometimes stress, family conflict, or even depression can be triggered. If this happens to you, address the root of your problems with solutions other than food or drink. It’s important that you don’t lose sight of your fitness goals. Remind yourself of all the progress that you’ve made. Celebrate your successes but not with food. :) Keep your goals in the forefront of your mind. :)

reach goals

Step #2: Use Effective Strategies

Success doesn’t necessarily come from breakthrough innovation but from flawless execution. A great strategy alone won’t win a game or a battle; the win comes from basic blocking and tackling.’ – Naveen Jain

It’s important to use a strategy when approaching the many celebrations held at this time of year. With night after night of parties and events, you’ll need to pace yourself in order to keep your diet on track. :)

The most obvious and effective strategy is to arrive at the party not hungry. Instead, eat a small low-calorie snack ahead of time to prevent overeating. When it’s time for extreme measures, wear tight-fitting clothes around your waist so there’s not much room for expansion.

Another idea is to chew gum before and after a meal, so you won’t be tempted to overindulge in appetizers and desserts. During the party, don’t stand next to the food table, instead keep a safe distance. And before you get a plate of food, choose your selections wisely. Use a small plate instead of a large dinner plate and don’t go back for seconds!

One of the most important strategies is figuring out how to exercise between parties. Finding room in your busy holiday schedule for exercise will help you fight off the extra weight trying to attach itself to your midsection and rear. You don’t have to spend an hour at the gym, there are very time effective exercise which you can do in less than 5 minutes such as HIIT and Tabata. It will require effort, planning and a strong mindset which I call mental metal as you will go against crowd thinking and behaviour but I can assure you the end results will be worth the sacrifice! :) If you want to know more, my dear Bro recently wrote an excellent article on ‘Highly effective workout in less than 5 minutes…‘ I encourage you to read this inspiring post on www.springboardyourself.com/2013/12/10/highly-effective-workouts-in-less-than-5-minutes

strategies

Step #3: Preparation and Moderation are the keys!

‘By failing to prepare, you are preparing to fail.’ – Benjamin Franklin

‘The choicest pleasures of life lie within the ring of moderation.’ – Benjamin Disraeli

I am not suggesting that you completely deprive yourself, as this will likely lead to a splurge that ruins all your good intentions. Be smart about what you choose to eat. Prepare what you are going to eat and above all prepare yourself mentally to overcome the challenges, I speak by experience. :) Enjoy the goodness of the season, but in moderation. Reduce calories where you can by limiting your trimmings, cheeses, sauces, creams and nuts.

Some of your favourite indulgences may only come around at this time of year. Instead of stuffing yourself, survey what foods are available and make your choices. Have your favourites and leave the everyday dishes for another time. Only eat what you love, and don’t just eat something because it’s on the buffet.

Also, be sure to limit the amount of alcohol you drink. You may not know it but it’s highly calorific. Try alternating an alcoholic drink with a non-alcoholic drink, like unsweetened fruit juice diluted with water.

prepatation & moderation

Step #4: Review to Success

‘Review your goals twice every day in order to be focused on achieving them.’ – Les Brown

It is important to review own results. This means we need to understand what we did right to keep doing it and what we did wrong to avoid it. We celebrate our successes and we learn lessons from our mistakes! This is the most effective way to achieve our goals and see tangible results. So, review your week without fail to avoid regret when the holidays are over. I personally have a journal for my fitness and dieting. It really helps me be objective, it’s all there in black and white and I cannot hide behind excuses, but above all it assists me to accelerate the achievement of my goals. :)

measure your success

You might have noticed that all these tips involve working mainly on your mindset as this is the key to your success. :)

mindset performance loop

Follow these simple tips, and you will avoid weight gain this holiday season and start 2014 off on the right footing.

Exercise is a huge part of the equation when it comes to achieving fitness goals such as weight loss. :)

I am passionate about seeing my clients achieve results, without wasting time, energy and effort on mistakes. Contact me today to get started on my best available program.  :)

Remember, you can create your life just the way you want it. Take action NOW! :)

‘Do you want to know who you are? Don’t ask. ACT! Action will delineate and define you.’ – Thomas Jefferson

Action speak louder than words…’ – Mark Twain

running

To your keeping fit during the holiday! :)

Viv :)

Double Winner Awards Author of ‘The book on Success

www.vivoliver.com