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 :)

17 Winning Mindset Tips

To all my readers :)

Wish you are all well and dandy :)

 

Have you ever felt inadequate and overwhelmed in the face of challenges?

Have you ever experienced that your challenges seemed bigger than they actually were?

How do you feel when you need to overcome an obstacle to achieve your goal?

Obstacles 1

I was recently having a conversation with a friend and the subject of positive mindset during difficult times arose. At the time, as I was emotionally involved in her story, I could not think of a process or any practical tips I could offer her. As I left her house, I was bothered by the fact that even though mindset is one of my strengths, I was unable to use it as needed. After some consideration, I started to think about the mental process I use to conquer my challenges. Thus, this article just flew as a response to my conversation with my friend. I hope you too can benefit from it as I do. :)

It is generally acknowledged that when confronted with problems and challenges, it is easy to become overwhelmed, especially when the circumstances are unfamiliar and seem threatening and urgent. However, no matter what life throws your way, keep in mind that there are always options available, there are always things you can do, actions you can take and decisions you can make that will keep moving you forward in the right direction. :)

Here is my mindset process and 17 winning mindset tips which I personally use for conquering my obstacles:

1. Keep Things Simple

Simple 1

When dealing with obstacles, simplicity is key to your success! The more we complicate things, the more likely circumstances will overwhelm us. You must therefore keep things as simple and straightforward as possible; I can personally testify that the toughest of problems are often solved in the simplest of ways. So, if you have a simple approach to whatever you are aiming for, you are already a step ahead and in the top 3% of successful people. I have attended numerous self-development courses on a variety of subjects and the commonality of all of them is keep things simple:)

2. Step Back Emotionally

emotions

The reality is that when unexpected obstacles suddenly show up, it is easy to react emotionally to the circumstances, we all do it. However, emotional reactions are often unproductive, making the situation worse. Instead we must learn to step back from our emotions and see the situation from an external perspective — through logic and reason. It is only once we grasp the circumstances from an intellectual perspective that we begin to identify the true relevance and significance of the events that have taken place. It sounds logical, but much easier said than done. However if you apply it, I can guarantee you will reap the benefits. :)

3. Cultivate an Active Mindset & other Indispensable Qualities

mind can achieve

Now that have you stepped back emotionally, you can focus on your mindset. Would you agree that you are unlikely to overcome an obstacle if you don’t believe that you are capable of overcoming it? Your doubts will only paralyze you and focus your mind on the problems rather than the solution. You must therefore develop the necessary confidence and self-belief that will help you think more effectively about how to solve the complications in your life.

An active mindset helps you to proactively deal with challenging circumstances. It is a mindset that asks effective questions; always looks for new answers, opportunities and solutions; it is flexible, adaptable and constantly learns from past mistakes, while moving forward towards the attainment of its goals and objectives. :)

Those who successfully overcome obstacles in their lives, consistently cultivate the following qualities:

  • Positive Mindset
  • Confidence
  • Self Belief and Self Esteem
  • Gratitude
  • Optimism
  • Commitment
  • Resilience
  • Discipline
  • Patience
  • Enthusiasm
  • Wisdom

4. Don’t Blame others and don’t dwell on the Negatives

blaming

Now that we have acquired a positive mindset, it is paramount that you do not blame yourself or others for the circumstances you find yourself in. Yes, you can acknowledge that you or someone was at fault, however it is often not the person but rather the systems and processes in place that lead to this outcome. Access and revaluate these, do not lay blame, and the obstacles you are facing will eventually be conquered.

Remember, when you dwell on what you don’t want, you will get more of the same, because we attract what we focus on. Therefore if you focus on worst case scenarios that will rip your life apart, then you are not focusing on solutions, and if you are not focusing on solutions then you are unlikely to find the answers you need to help you overcome your problems.

5. Accept and Acknowledge Circumstances

acceptance

Once you have an active mindset, you can accept and acknowledge your circumstances. When confronted with an obstacle, the worst thing we can do is to deny that the problem exists. When we deny that something exists we close ourselves off to potential solutions, answers and opportunities. We must accept and acknowledge the circumstances for what they are from an optimistic, solution orientated yet very realistic perspective. :)

6. Acquire a Different Perspectives

perspective

Now you can gain a different perspective. Sometimes obstacles are only as real as we make them out to be. In fact at times obstacles are simply misunderstandings and generalizations that we have made about circumstances. At other times obstacles are only as real as the assumptions that are clouding our vision.

To begin shifting your perspective, start by viewing the situation you find yourself in from another person’s perspective. Alternatively you can use a plethora of framing and reframing techniques that will help you shift the way you think about your circumstances. :)

7. Adjust Your Priorities

priority

If you have actioned all of the above, you are ready to adjust your priorities. At times we are unable to overcome certain obstacles in our lives because our priorities are simply out of order. This is especially relevant when you consider that spending more time concentrating on developing a certain skill or gaining knowledge in a specific area of your life would have a significant impact on your ability to overcome difficult circumstances. :)

8. Ask Effective Questions

questions quality

Asking effective questions can help you gather new and different perspectives about your life and circumstances. You might want to review my previous article ‘8 Steps Process to overcoming obstacles.’ Combined, thees provide a powerful example of how questions can be used  to help shift your perspective and unlock your potential:)

9. Assess Your Obstacles

hurdles

You will rarely be able to overcome an obstacle unless you are able to figure out how it originated and weaselled its way into your life.

Ask yourself:

What went wrong?

What could have caused this?

What must I do now?

10. Think Critically and Creatively

Critical and creative thinking 1

A calm state provides you with clarity of mind, which enables you to ask better questions, think more creatively, critically and effectively about your problems. When your mind and body is calm, you naturally tap into a reservoir of internal resources that you wouldn’t have access to if you were to react emotionally to circumstances.

Throughout the course of human history obstacles and problems have been the foundations of creative and critical thinking. Or viewed in another way, without obstacles and problems there would be no need for creative or critical thought. You must therefore use these two tools to help you unlock the solutions and answers you need that will help you overcome the obstacles in your life. :)

11. List Possible Options by Experimenting in New Ways

options

Now that you have empowered yourself with powerful tools, you can tap into different options to conquer your challenges. Difficulties have a tendency to mentally lock us up, thus limiting our ability to think and gain perspective of a situation. In such instances we must realize that solutions can only be found when we open our minds to possibilities and options that we hadn’t considered before.

To do this, simply sit down with a pen and paper and ask yourself over and over again:

How can I overcome this obstacle?

What options haven’t I considered?

As previously mentioned, asking effective questions will help you gain new insights into the obstructions standing in your way. Use this information to try previously unconsidered methods and directions. It is the path less travelled that will make all the difference in the end. :)

The more options you have, the more opportunity you will have to find a suitable answer to the problem you are facing. :)

12. Seek Guidance & Gain Necessary Support and Resources

Advice Help Support And Tips Signpost Showing Information And Gu

Once you have written your list of options, tap into other people’s experiences and expertise. Often the answers we need to help us overcome the obstacles in our lives can be found by simply talking to other people. In fact, other people might have already successfully overcome the circumstances you find yourself in. As I do, seek out mentors, life coaches and experts to help you find the answers you need to move you forward towards your goals and objectives. :)

At times we simply do not have the necessary resources to help us deal with the situation at hand. In such circumstances we must question what pieces of the puzzle are currently missing, and then look for the necessary tools, strategies, knowledge and support we need to help us overcome this obstacle successfully:)

When we look for sympathy from others, we come from a point of weakness and an inability to control our fate and destiny. We must instead look to come from a place of personal empowerment, where we take full responsibility for our life and circumstances. This of course does not mean that we shouldn’t ask for help or assistance. What it does mean is that we should focus on exploring options that will move us forwards, towards the attainment of our goals and objectives. :)

13. Breathe, Take Control and Take Action

breathe

take control

take action

Now that we have worked on our mind set, assessed and evaluated our obstacles and looked for options and guidance, it is time to TAKE ACTION! It is true that when obstacles overwhelm us, our automatic response is to freeze. At first, this paralysis may seem unhelpful however it gives us time to consider and think strategically about the circumstances we find ourselves in. However, if we don’t take action, the obstacles will remain; nobody can remove them for us!

Take a moment to breathe deeply and ask yourself the following questions:

What is it that I control?

What is it that I don’t control?

How can I gain control over these circumstances?

If I cannot gain control, then how can I influence these circumstances?

If I cannot influence them, then maybe I am not seeing things clearly. Where must I look for more information?

By asking these questions and taking action you will begin to gain control over your circumstances and you can start to build momentum, enabling you to move forward towards your goals. :)

14. Take Small Steps

big-journeys-begin-small-steps 1

To start with, take small steps, this ensures that you remain in control and do not get overwhelmed by your circumstances. Break down what you need to do into small manageable chunks, and then progressively work on one or more chunks per day until you successfully reach your desired outcome.

15. Make Necessary Sacrifices

sacrifice

It’s now short-term sacrifice for long-term results time! The majority of us are simply unwilling to make the necessary sacrifices that would help us successfully overcome the problems we are confronting. Sometimes it’s not what we do, but rather what we let go of that will have the greatest impact on our lives. The effort and sacrifice required will be proportionate to your obstacles, don’t expect anything less. However, I can assure you that the rewards will be far greater than the sacrifice needed to conquer your challenges. :)

16. Learn from your Mistakes

mistakes

Now that you have taken some decisions and actioned them, don’t expect that everything will suddenly work out perfectly, you will make mistakes along your way to success. Remember that progress is built upon a myriad of mistakes that we make on a daily basis. I have made countless errors along my journey, some were big, others smaller, but one thing is certain, they were all significant in helping me learn the lessons I needed to learn. You too will learn from your mistakes and move forward in conquering your challenges. :)

Take time to learn from every unsuccessful attempt, from every failed result, and from every unsatisfactory outcome. The more you learn, the more you will grow and the better you will be able to deal with the obstacles that lie ahead on your path. :)

17. Do not Quit!

dont_quit

 

NO MATTER WHAT, DO NOT QUIT, because, as I have personally experienced, the greatest opportunities are always interlocked with the most difficult struggles of your life. I can definitely vouch for this. :)

Remember, to conquer your obstacles will not be easy. Challenges are all around to test us, to help build our character and strengthen our fortitude. Sometimes we might fall over. It is how we pick ourselves up and move forward one step at a time that will determine our success! :)

obstacles michael jordan

‘No matter how many times I break down, there is always a little piece of me that says NO, you are not done yet. Get BACK UP! The greatest human quality is that of becoming unstoppable! And you become unstoppable by refusing to quit, no matter what happens.‘ – Brian Tracy

To your successful mindset empowerment! :)

Viv :)

Double Winner Awards Author of ‘The book on Success‘

www.vivoliver.com

7 Lessons from Albert Einstein’s School of Hard Knocks

Hello to all my readers, :)

 

Have you ever wondered which school is classified as the best for success? 

What is the real secret of successful people?

Have you ever thought how come most successful people seem to go from one success to another without obstacles?

 

‘The truth that makes men free is for the most part the truth which men prefer not to hear.‘ – Herbert Agar

We often associate certain names with the characteristic of excellence. David Beckham with football, Tim Berners-Lee who invented the World Wide Web and Pablo Picasso with art.

What if you had to name the genius of the 20th century?

Without a doubt, Albert Einstein would be nominated.  :) Why?

Albert-Einstein-simple

Although we know him as one of the smartest men ever born, at school he was average at best. He shunned certain classes for the mediocrity of education and mocked teachers who were irritated by his lack of obedience. His Greek grammar teacher, Joseph Degenhart, achieved immortality in the history books through insisting that ‘nothing would ever become of you.’ Later, when Einstein was told it would be best if he left the school, Degenhart explained, ‘Your presence in the class destroys the respect of the students.’ Disgusted by the rote teaching, Einstein quit high school at the age of fifteen. The rest is history. :)

This man of great scientific feats was also a man of noble heart and uncanny wisdom gained from the school of hard knocks. He often struggled to pay bills until the age of 26 when he wrote three papers that revolutionized our world.

Is it the type of school that defined a person’s charisma and intelligence?

What are Albert Einstein’s 7 lessons from the School of Hard Knocks that characterise  successful people?

Lesson # 1  Invest in the success of others.

albert-einstein-quotes Invest in suc

In his famous essay, ‘The world as I see it’, Albert Einstein wrote: ‘A hundred times every day I remind myself that my inner and outer life are based on the labours of other men, living and dead, and that I must exert myself in order to give in the same measure as I have received and am still receiving…’ :)

Those who succeed in life understand that success comes to those who make the conscious effort every day to give back to their family, friends and the community. When we invest our life energy into ensuring the success of others, our reciprocity encourages our own success. For example through blogging, I have found when I try to uplift others by sharing my experience and knowledge, I too receive positivity and connection from countless people who take the time to visit my blog and to comment on my articles. :)

Lesson # 2  Never stop growing.

Albert_Einstein_Message Never stop growing

‘Education is what remains after one has forgotten everything he learned in school.’- Albert Einstein

Albert Einstein’s dislike for conventional schooling never had any influence on his passion for learning. Throughout his life he passionately explored nature and its vastness to seek answers to mysteries that intrigued his mind. A life of solitude and self-study made him into the eminent scientist we recognise.

In our life we learn by meeting different people, by exploring our ideas to solve the common issues and by relentless desire to improve our way of life. Personally, I have learned many lessons of life after I left the school.

Lesson # 3  Your life is limited by the limits of your thoughts.

AlbertEinstein limited

‘Logic will get you from A to B. Imagination will take you everywhere.’ – Albert Einstein

We are educated to consider life with logic. We learn how to get from A to B with merit but we equally abhor thoughts of charting our own course to get from A to B. We are taught to excel at knowledge that already exists. We are infused with the fear of self-doubt to even consider an alternative path.

History has shown that those who contributed the most to mankind were the ones who defied the accepted knowledge of the masses. They dared to imagine what was considered impossible at the time. For example, the 6th century BC Greek mathematician Pythagoras said that the Earth was round and in the 3rd century BC Greek astronomer Aristarchus said that the Earth revolved around the sun. In both cases their ideas were rejected as preposterous.

‘Life is really simple, but we insist on making it complicated.’
– Confucius

Lesson # 4  Simplify everything you do.

Albert einstein simplify

‘If you can’t explain it simply, you don’t understand it well enough.’ – Albert Einstein

Life is simple and those who succeed definitely master the art of simplicity in everything that they passionately do. Warren Buffet was once asked why he hadn’t invested in Microsoft despite being a close friend of Bill Gates. He answered ‘I don’t invest if I don’t understand the underlying business.’ It’s a simple answer but one that Buffet adheres to and it has served him well. :)

James Michener, in his memoir, The World Is My Home, revealed the secret his work when he wrote: ‘Good writing…consists of trying to use ordinary words to achieve extraordinary results.’ :)

All of our wisdom and knowledge dies a horrible death if we do not possess the deftness of expressing our knowledge in simple words to the rest of the world.

Lesson # 5 Live a simple Life.

Alb einstein live a simple life

In his famous essay, ‘The world as I see it’, Albert Einstein wrote, ‘The trite objects of human efforts — possessions, outward success, luxury — have always seemed to me contemptible.’

One of the myths of our society is that ‘more’ will make us ‘happier’. We invest our life energy to possess lifeless possessions. We are educated to foster consumption with the mantra of – ‘The more, the better.’ We are educated to have a great job. A great job requires luxuries to fulfill our outlandish desire to impress others. Before we realize it, we mortgage our freedom to the possessions that bring more sorrow and inner grief in a vain hope to show off to the masses. A life of happiness and inner peace rests upon the virtue of simplicity.

Seldom do schools teach or promote the value of living a simple life or the value of living within our means. The current subprime mortgage crisis is a wakeup call for all of us. It is madness to accumulate more possessions when we cannot afford them in the vain hope that they will make us happy.  It becomes an endless loop of self-pity. Feeling part of something greater than ourselves and having what we need brings a life of contentment. :)

Lesson # 6  Never quit!

Alb Eins never quit

‘It’s not that I’m so smart, it’s just that I stay with problems longer.’ – Albert Einstein

Our conventional education rewards those who succeed in exhibiting their knowledge of books. Students with the ability to memorise rather than the power of creativity are rewarded for their stupendous bookish knowledge. Our dislike of failure comes from the years of schooling that abhors failure. It’s the fear of failure that limits our thoughts and restricts our imagination. Albert Einstein’s passion for physics and his dislike for conventional schooling allowed him to become the greatest scientist of the 20th century. History has countless examples of people who never ceased to imagine, question and discover what intrigued their minds. Success comes to those in abundance who dare to imagine and find solutions that would benefit mankind. These brave people understand the value of failure to gain knowledge that can lead to the peaks of success. :)

Lesson # 7  We are creatures of our values and character.

Alb EIns value and character

‘Try not to become a man of success but rather to become a man of value.’ – Albert Einstein

Every bookstore carries a plethora of books on success and we flock to seminars that promise and sell instant success themes to our insecure minds. Our culture adores instant success to such an extent that thoughts of failure or the fact that achieving your goal will take time, shake even the strongest will. The reality is a far cry from our fake belief. There will be obstacles and failures along the way but we must bounce back from the lows. In today’s world, the ‘get rich quick’ mantra shuns the virtues of value and character. We all know that a man without values and character is doomed to fail miserably in life.

‘I have never looked upon ease and happiness as ends in themselves — this critical basis I call the ideal of a pigsty. The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been Kindness, Beauty, and Truth.’
~Albert Einstein

So, from the school of hard knocks, Albert Einstein taught us to work selflessly for others, to never stop growing our minds, to love our imagination, to make our thoughts simple enough for others to understand, to live a life of simplicity, to never quit no matter what it takes to succeed and above all, live a life of the highest values and character. :)

Albert-Einstein-Quote imagination

Are you a graduate of Einstein’s school of hard knocks?

Remember, success is not a straight line, it has curves, valleys and peaks to climb but at the end, it will be worth it! :)

succeed 1

‘Achieving goals by themselves will never make us happy in the long term; it’s who you will become, as you overcome the obstacles necessary to achieve your goals that can give you the deepest and most long lasting sense of fulfillment.‘ – A. Robbins

alb einst man of value

To your success!

Viv :)

Double Winner Awards Author of ‘The book on Success

www.vivoliver.com