Five habits of successful traders
Asn any successful trader and they will tell you that behind a profitable trade there’s hard work, discipline, and dedication. There’s a theory that it takes 21 days to build a habit. We’ve collected five habits of successful traders — pick one or more and start now.
- Setting realistic goals
Learn how to set realistic goals. “Getting rich” is what most of us are after, but it is made possible through short term planning such as “making X amount of money in a month” and then moving to bigger and bigger goals.
2. Keeping a trading journal
There’s something common for the majority of successful traders. They keep a journal to track their progress and see if their strategies have any holes in them or if a specific skill needs some practice.
3. Connecting with other traders
Trading may seem like a perfect alternative to the 9 to 5 office life, and it often is, but it shouldn’t stop you from being social. Talk to other traders, and you may learn a new strategy, get some trading ideas or find new friends.
4. Making trading your job
If you want to make it big, treat trading like a job. It might not be a full time one, but it still requires patience, perseverance, discipline, and risk management.
5. Controlling the time you spend trading
This one is tricky. You may want to stay up all night trying out new strategies but overdoing it leads to a short attention span and difficulty concentrating. Learn to maintain a balanced lifestyle and take a break if you feel tired — it is worth it in the long run.
