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!