Highly profitable traders are not born, they are made. They do not rely on pure luck to make consistent earnings but on their calculated moves when trading in stocks/Forex/commodities.
Today lets discuss the Qualities of Top Profitable trader.
Without discipline, none of the other qualities matter. It is possible for any trader to invest some money in a account, enter their very first trade and make a high profit and repeat the process and make profits for a short duration of time.The story of most of retail trader, but what differentiate professional from retail trade is:
However, it is only a disciplined trader who will be able to consistently make profits over a long period of time.A trader who lacks discipline will most likely wipe out his/her trading account in a very short time period.
We all at one point in life fail in our endeavors. When that happens, most of us give up but the best of us preserver and try again and again until they perfect their approach and succeed.The best traders in the market did not get to the top easily by winning every trade.Almost all of them lost big at one point, or even several times. But they fought on, learned more, and came back better.
Top traders are highly professional to their approach to trading. They do not treat the market as a gambling table or a hobby, but as a serious business.They use proper risk management and money management techniques while at the same time recording all their transactions.They use a carefully formulated trading strategy on each of their trades instead of simply going with gut feelings.
While all of us as human beings have emotions, top traders have over time trained themselves to approach their trading devoid of the emotions that jeopardize our trades.Emotions such as fear, greed, pride, and hope only end up sabotaging our clearly formulated trading strategies and make traders discard their market analysis results leading to losses.
5. Goal Setter
It is said that every journey begins with the first step. However, if you do not have a direction to follow and a destination to move towards, your steps may just take you in circles around the same spot.Top notch traders identify their preferred destination by setting goals. These goals include short term goals that may span anywhere between a few minutes to a few weeks.They also have middle term goals which may span a duration of between a few weeks to even a few years. A goal setting trader will also have long term goals that will typically be set to be accomplished within some years.