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?

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 .

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 .

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 .

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

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

‘We become what we repeatedly do‘ – Sean Covey.

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.

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.

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!” 

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

To your successes! 

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.

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?...

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! 

 

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!

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.

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.

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.

LET US make 2014 our 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.

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:

 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. 

‘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