Habits of Successful Traders

By | October 13, 2014

Drive Wealth

  • Traders must have the perseverance to stick to trading until they break through to success. Many of the best traders are just the ones that had the strength to go through the pain, learn, and keep at it until they learned to be a success.
  • Great traders cut losing trades short. The ability to accept that you are wrong when a price goes to a place that you were not expecting is the skill to push the ego aside and admit you are wrong.
  • Letting a winning trade run as far as it can go in your time frame is crucial to having big enough winners to pay for all your small losing trades.
  • Avoiding the risk of ruin by risking only a small portion of your capital on each trade is a skill to not get arrogant and trade too big, if you risk it all enough times you will lose it all eventually.
  • Being reactive to actual price action instead of predictive of what price action will beĀ  is a winning principle I have seen in many rich traders. Letting price action give you signals is trading reality, trading your beliefs about what price should be is wishful thinking.
  • Great traders are bullish in bull markets and bearish in bear markets, until the end when then trend bends.
  • Great traders care more about making money more than any other thing. Proving they are right, showing off, or predicting the future is not as important as hearing the register ring.

3 thoughts on “Habits of Successful Traders

  1. Rajiv Jamwal

    Yeah….Trend is the friend. Let price guide us instead of the other way round. I have seen many times during the active trading hours that we get many active profitable signals based on some knowledge of charting analysis. Example, today after dipping in the morning,Bhart forge made a HAMMER on 30 mnths chart,and price rose to cover all the losses keeping us profitable both ways..Such trades increase ones trading confidence besides swelling the bank balance. And definitely these things creep in with experience and knowledge only…. Happy Trading

  2. Haresh Baraiya

    Dear Sirji Every time You are coming with very good informative and very realistic article related to be a professional traders

    Thank you very much for this wounderful article

    Regards
    Haresh Baraiya

  3. kasha

    SIR,u r very much rite .some traders like me dont have any strength to take pain thats the reason til now i m a big looser.i lost my faith and courage but i want to improve myself .i have gone through ur articles & nifty analysis .i want to learn chart analysis and from where i can get live chart during mkt hour.can i get some help from u.pls suggest me. thanking you.

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