When we first say Successful Trader, automatically in your think about Warren Buffett, George Soros, Paul Tudor Jones… But in reality they are still only humans, just like you and me.So what separate you from them? The answer is simple, they just have a good habits that they follow every sing day…
If you want to improve your trading and push yourself to the next level, you need to check this 8 things successful traders do different than you (of course you may already follow few of this steps, but you need to follow them all).
Successful Traders Admit When They Are Wrong
We all had positions that start our way but turn again us… in this cases a lot of traders just hold to their positions and even worse try to add more orders until price turn on their side (95% of time that won’t happen). Successful traders, on the other hand, know when they are wrong and just cut to position, there is always something new to trade every single day, so why keep losing trade.
Successful Traders Always Have Trading Plan
It’s easy to say the market is going to push higher or lower next, and everyone can click buy or sell button. Successful traders also do mostly the same step as you do, but they are different because they first make a detailed plan of the instrument they want to trade, so while their trade is opened, they have entire plan what to watch and what they need to do if this happen or that happen…
Successful Traders Commit To Their Goals
Everybody has a goal in life, someone wants to become a doctor, someone wants to own a plane… but just 1% of people stick and commit to their goals. So if you want to become a better trader, always have your trading goal written down (write a number or percent that you want to make in your trading career) and never give up (it’s not going to be always nice and easy, but you need to remember that if you stop now you are never going to achieve your goals).
Successful Traders Take Responsibility For Every Loss
Every single trader is going to take a loss from time to time, there is no one that have 100% of success rate… Difference is how we handle that losing trade, new trader blame everyone else (broker, money manager, forum, twitter) and focus only on the money they lose, while professional traders know they are the one that was responsible for the loss of capital (you hit the buy button, it’s only your responsibility), and also every successful trader try to learn something from their losing trades, so they can improve in the future.
Successful Traders Work Hard
Did you ever find some trader that was lazy and made money, of course NOT, don’t count fake robots and gurus that promise 100% per month … Every successful trader work hard, I work around 18h per day, working on charts, building my portfolio and watching markets all around the world.Every other real trader will tell you the same thing “If you want to be successful, you need to be up early since there is always someone else trying to achieve same dream as you have, and if you don’t try to work harder he will steal your goals).
Successful Traders Talk With Other Successful Traders
We all know this quote “If you want to be wealthy, hang out with wealthy people. If you want to be funny, hang out with funny people. And if you want to be poor, hang out with poor people.” so why should this be different in the trading world. A lot of successful traders, like to talk with other minded people that make money trading, there is always something new that you can learn from your colleagues that’s going to help you to improve yourself.
Successful Traders Don’t Show Emotions
More than 80% of new traders failed because they can’t control their emotions, so this is one of the most important aspects of trading that you need to focus if you are just starting to trade. All successful traders will say you one thing “The percentages and principles of trading the stock market are the same whether you are trading $1,000 or 1,000,000″… Build the risk plan that your emotions can handle, and if you can’t sleep when your trade is open, just know that you are risking more than you can handle…
Successful Traders Constantly Learn More
Market is changing every single day, strategy that worked last week, maybe won’t help you today and that’s the key reason why you constantly need to learn more about markets and about the ways on how to improve your trading. Every successful trader I know tries to read a good book at least once per month. So take the smart decision, go and find something good to read right now (if you hate reading, go with video lessons or audio books).
Now you know few of the secrets professional traders do differently, so go ahead and try some of this tips on your own trading…
If you know some good tip, that can be key for trading success, write it down below in the comment section…