Mindset #14 - 6 Traits of Highly Successful Traders
While I could literally have taken this list into the hundreds, I just wanted to quickly expand on a few Tweets that I sent out from @forexbrokr earlier today.
I just want this to be a quick blog, because the content is designed to just be absorbed and then leave your own lingering questions to inspire you to actually think more about what you've just read, and for it to sink in that way.
In case you missed it, my last Mindset Series blog titled 3 Reasons that Entrepreneurs Fail, was more long form content, so please leave a comment and let me know which format that you enjoy reading more.
Let's get into it!
Calm state of mind.
To become elite, you must stay level headed no matter what is going on around you or the market.
Be disciplined.
Not just 95% of the time, 100% of the time. If you get lazy, you will destroy your account.
Flexible and open to change.
Commit to learning. Markets are constantly changing and so must you.
Highly competitive.
An analogy is often drawn between sports and trading. Keep a pro athlete mentality.
Do whatever it takes.
Be highly decisive in your decision making process and don’t let ANYTHING stand in your way.
Remain Humble
Whenever you think you are better than the market, the market will cut you back down to size. You’ll see.
As always, comment upvotes are on offer for conversation starters. As much as I love to be cyber jerked off by fellow minnows who spam everyone with "yOuR cOnTeNt Is AmAzInG" comments, please don't bother. Read the content and and contribute!
Peace.
The @forexbrokr Mindset Series
Mindset #9 - Home Truths That Might Require a Rethink to Make More Money
Mindset #10 - This is Real Life. Trading is Just a Facilitator
Mindset #11 - Do you Write Lists? How OCD are you?
Mindset #12 - The Evolution of an Entrepreneurial Idea
Mindset #13 - 3 Reasons that Entrepreneurs Fail
Instagram: @forexbrokr
Website: www.forexbrokr.com
Patience is vital otherwise one over trades.
Discipline and patience go hand in hand. Don't get lazy and trade outside your plan.
Interesting info! I was never good with numbers or concepts like trading but I am really eager to get into it. I'm pretty new on Steemit, I just converted 40 steem dollars to steem and I'm wondering if I should trade it or buy steem power while getting started. Thanks for sharing and any advice! I followed and upvoted!
Well that depends on your outlook. Do you believe in the platform and want more influence inside Steemit? If you do, then power up all of your Steem. This is essentially a longer term investment into Steemit and gives you more influence with your upvoting.
This isn't 'trading' as such though. Check out my CHART ART blogs for more on actively buying and selling for short term profit.
Thank you so much! Maybe for the time being investing in influence would be smarter for the long run, but I will check out that article so I can learn more about what else I can do!
Calm state of mind is the key to all of it honestly. I use to panic sell or try and cut my losses which is what most people would do. Instead you need to do the oposit of money people. Well the selling goes in full swing we good traders buy buy buy!
The majority of market participants are dumb money that come late to the party without any real conviction. Market moves are driven by future predictions and take advantage. Having a contrarian mindset like you have said, is definitely an advantage.
I think remaining humble was the most important one. It's so easy to fall into the trap of thinking you are great, and losing perspective. Thanks for sharing this post!
The markets have a way of bringing you crashing back down to Earth if you aren't humble anyway. As soon as you get overconfident and think that you've figured out a shortcut to easy money, you will lose. There is no such thing. Stick to your long term plan and keep humbly chipping away.
That's so true!! It's like a self-correction mechanism that is fail-proof and stupid-proof.
The market is NEVER wrong.
Yess! That is so true. Good point. I have to tape that to my forehead.
Emotions are a b$%@h when investing. Haha. Much better to focus on the numbers and leave your emotions out of it. Love the post, @forexbrokr!
Cheers Anibal.
Laving your emotions out of it is much easier said than done though. Trading is a constant battle against natural human emotions and this is why not everyone can do it.
I definitely agree. Investing our time isn't too harsh on our emotions. It's when our money is involved that causes problems.
Pretty much nailed it. I'll just add:
Know yourself.
Pursuing success in trading is incredibly difficult. It requires high levels of self-mastery and the fact is the more challenging something is, the more we learn about ourselves. So take notes, play to your strengths and exploit your weaknesses.
Cheers Dave.
This is exactly why you can't just take someone elses profitable trading strategy and instantly replicate it. So much of trading is knowing your own personality and being able to execute a strategy that works for you.
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STOPGreat points! Now following, please follow back.
Which points in particular?