10 Habits of Successful Traders
10 Habits of highly successful traders
1. Successful traders have total belief and faith in their strategy
They never move away from their setups or money management. There not always looking for the next best indicator or setup. They have found what works and they stick to it.
2. Successful traders are consistent
Successful traders are not always going for the big win. They have achieved consistency and are just adding gradual profits to their account. Their account doesn’t go through boom and bust times anymore. Their consistent with how they approach there trading day. How they react to winners and how they react to losing trader sets them apart from unsuccessful traders.
3. Successful traders accept it when they are wrong
They know that they can be wrong more times than right and still be in profit. They handle losses like any other trade. No shouting at the screens. No blaming their broker. Successful traders know that if they follow their strategy the next winning trade is coming soon. Once they reach there losing trade thresh hold for the day they stop trading. They don’t try to make the losses back. Tomorrow is another day.
4. Successful traders can control their emotions
They are not up and down with their emotions. If they have a big winning day they don’t allow themselves to get over confident. They know from past experience that if they think there indestructible it will probably result in a rather large losing day. They are balanced and consistent with their emotions.
5. Successful traders make informed decisions based on probability
If there strategy is to take a setup off a 50% Fibonacci line or at a floor pivot then they will take it. No emotion or doubt comes into their mind. Successful traders know that their setups have a high probability of being winners so they take the trade. If there last trade was a losing one that will not affect the next trade. They don’t know which trade is going to be the winning trade so they take each and every opportunity when it arises.
6. Successful traders live in the NOW
They realise that every moment in the market is unique. Every minute in the market is a totally new experience. Even though they have seen these patterns on the charts before they know anything can happen. Their mind is totally in the NOW order flow. There not effected by the last trade which could have been a loser.
7. Successful traders have worked hard
Every successful trader I have met has worked hard to achieve this. They have all worked on improving their strategies and mental toughness. For some it has taken years to achieve. They now that placing a winning trade is easy but being a consistent winner takes practice. There is no short cut to success.
8. Successful traders occupy the ZONE
Many traders describe that they have been in total harmony with the markets. They say they know what is going to happen next. This is what is known as being in the zone. It was first bought to the public’s attention in the world of sport where athletes where totally focused on performing. They don’t realise they where in the zone. No outside distractions could influence their performance. As a trader it’s as though you’re in the flow of the price action. It’s a result of past experiences repeating themselves in one form or another.
9. Successful traders don’t rely on belief
Successful traders don’t come into the trading day with a belief of what is going to happen. They have no predetermined idea which way the chart is going to go. Either up or down. If the strategy presents itself they will take the trade. They know that beginners have beliefs about the markets and how it can effect them if their wrong. This is the feelings of pain when their wrong. So successful traders take away the belief and trade what ever their presented with.
10. Successful traders take profits
Successful traders take profits out of their trading accounts consistently. This could either be every month or quarterly. They want to see or feel the money. They realise that the money in your trading account can sometimes be seen as electronic money. It can be looked as not real money. Taking the profits out of their trading account stops this from happening. However you need to be a successful trader to take profits consistently.
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