In Continuation of previous Article Secrets of Profitable Traders Part-1
1. Passion and Fire to Keep going
The most successful traders are passionate about what they do. They love trading however taxing it might become and they are ready to put lot of hard work.With such a trader, you will find that the trader enjoys the trading and the profits are only secondary.Once you attain such a passion for trading Stock/Currency and Commodity market, you will find that your trades end in profits almost automatically without much thought or effort.
2. Holding them responsible of whatever be end result
Most failures tend to blame everything and everyone else for their shortcomings.Profitable Traders always take responsibility for their actions and make them responsible for end results. Traders who do not follow the same are doomed to fail since they will never learn from previous mistakes.Such an attitude robs him/her of the opportunity for self-improvement.
An irresponsible trader will blame the market, the broker, the central bank, the advisory, the charts, the trade signals, and even the rioting demonstrators in another country for his fails.
3. Commitment towards trading plan
It is sometimes not easy to stick to plans, especially when there is no one to supervise actions or monitor progress.A top trader will not have to be pushed into sticking to plans. They will be committed to attaining the set goals and will constantly and consistently work towards achieving them.
The trader will wake up every day, go to their work station, do their analysis, manage their trade according to the set trading strategy, and faithfully record all trades.Such unwavering commitment is what brings ultimate long term success.
4. Constant Self Improvement
A top trader does not give in to feelings of pride by thinking that they are now the best ever.
A good trader will always have the humility to accept that he or she still has something to learn. Thus, he/she will always seek out ways to improve their knowledge and trading capabilities. No trader is above market and top traders are humble enough to set fact right. A streak of winning do not made them think they know everything about market. The day any trader becomes overconfident of his trading abilities market will give the painful shock 🙂
5. Challenge Acceptance
Most people shy away from challenges that seem difficult or taxing. A top trader will see opportunity during those challenging moments and confront them head on.THey may make losses at first with the new challenge but eventually, due to discipline, perseverance, and self-improvement among other factors, the trader will eventually become successful in the challenge.