Habits of Rich and Successful traders

By | September 21, 2012

Psychological Traits of the Rich Trader

  • They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong.
  • They have the ability to not only close a losing trade but reverse and go in the other direction when it is called for.
  • The rich trader is not trying to prove anything about themselves they are focused on making money.
  • They do not fall in love with an idea, currency, commodity, or stock they will make trades based on price action.

 

 

  • Rich traders know that the market action is their ultimate boss regardless of their opinions.
  • No matter how sure they are about a trade they still ALWAYS manage the risk.
  • Rich traders get more aggressive when winning and trade smaller or take a break during a losing streak.
  • A great trader is one that can admit to anyone that they were wrong.
  • Rich traders do not believe their own hype, they know they can not really predict the future they can only react to current reality and the probabilities.
  • Rich traders love what they do, win or lose.

When you are trading like that, it is hard to be beaten. Time is your friend.

Great Traders have Declared Independence From

  • Great traders do not have to be right about any one trade, their success is based on winning more than they lose on a large amount of trades.
  • Great traders do not need trade ideas from other traders, they trade a system and method independent of others opinions.
  • The best traders are independent of holding on to losing trades stubbornly trying to prove they are right, they cut losses.
  • The best traders are not prisoners of their emotions they can make clear headed decisions due to trading like it is a business not an ego trip.
  • Rich traders became rich because they had systems that allowed winning trades to be free to run as far as they would go. They are independent of price targets.

 

 

  • Rich traders trade independently from Blue Channels sentiment.
  • Great traders trade charts independently of market sentiment.
  • Great traders trade independently of talking heads on financial television.
  • Winning traders are independent of market gurus they have proven systems and methods.
  • Great traders are free from the risk of ruin because they never risk more than 1% to 2% of their total capital on any one trade.

 

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