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Posted on Apr 18, 2019 at 01:01 PM
Right here are 18 habits you need to adapt to go from trader to millionaire... If your aim is to just “get rich quick” then you're going to have a hard time.
Trading functions much the same way, with 30% of traders becoming profitable, while the other 70% lose or break even. After studying successful traders from the books by Dr. Alexander Elder for many years, and achieving my own financial freedom from trading the both the international & local stock market, and now the Forex Market, I have compiled a list of what separates top traders and their followers from the 70% that come up short.
1.New Traders are greedy and have unrealistic expectations. Rich Traders are realistic about their returns.
2.New Traders make the wrong decisions due to stress. Rich Traders can manage stress.
3.New Traders are impatient and look for constant action. Rich Traders are patient.
4.New Traders trade because they are influenced by emotion. Good Traders use a trading plan.
5.New Traders think they can stop learning. Rich Traders never stop learning about the market.
6.New Traders act like gamblers. Rich Traders operate like a businessperson.
7.New Traders bet the farm. Rich Traders carefully control trading size.
8.For New Traders outsized profits are the #1 priority. Rich Traders know that managing risk is the #1 Priority.
9.New Traders try to prove they are right. Rich Traders admit when they are wrong.
10.New Traders give back profits by not having an exit strategy. Rich Traders lock in profits while they are there.
11.New Traders give up. Rich Traders persevere until they are successful.
12.New Traders hop from system to system when they lose. Rich Traders stick with a winning system even when it is losing.
13.New Traders place trades based on opinions. Rich Traders place trades based on probabilities.
14.New Traders try to predict. Rich Traders follow what the market is telling them.
15.New Traders trade against the trend. Rich Traders follow the market trends.
16.New Traders follow their emotions to their disadvantage. Rich Traders follow systems that give them an advantage.
17.New Traders do not know when to cut losses or lock in gains. Rich Traders have an exit plan.
18.New Traders cut profits short and let losses run. Rich Traders let profits run and cut losses short.
Whether you're a rookie trader or an intermediate trader looking to become one of the top traders of Forex like George Soros or Warren Buffet or some other rich traders you may know, here's one thing to note; Every rich trader was once a rookie or an amateur trader.
They only became rich traders because they were able to master their emotions, garnered money management and risk management skills and they kept finetuning their strategies to develop a working strategy per time.
If you are new to Forex trading and you haven't had any form of training on how to trade Profitably, be sure to click here to start with our Free Online Forex Academy.
Are you an existing Forex trader who needs to sharpen his skills? Then you need to join our Intermediate Mentorship Programme right now!
Do you require more information about this? Then type 'More Information' in the comment section and I'll be sure to send you a detailed information on what to expect!