Do You Have What it Takes to be a Successful Trader?
By Dale Gillham |
It is said that 80 per cent of traders lose, 10 per cent break even and only 10 per cent profit. Do you have what it takes to become a successful trader and so be part of that 10 per cent of traders that consistently makes money?
Every week I come across a range of traders with different styles and approaches to investing and it’s to no surprise that most of them don’t make a profit. Whether they are a beginner or an experienced trader, there are a few common characteristics amongst those that are likely to be successful.
There is a common misunderstanding that trading is highly technical, difficult and not for the faint-hearted. I’d like to mention a quote and I want you to consider it thoroughly, “Nothing worth having comes easy”.
While the journey to becoming a successful trader may not be all processes, it does require hard work, commitment and discipline. But like anything worth doing, with the right attitude and education you to can be a successful trader if you’re willing to put in the work.
So today I am going to bring you a list of things you must do to be a part of the 10 per cent of traders that succeed.
1. Be honest with yourself
There’s an old saying, ‘what a wise man does in the beginning, a fool does in the end.’ When I ask people about their trading process and what rules they use, I find that so many have followed the path of the 90 per cent and few see their own mistakes.
2. Get a good education
If you trade without the right knowledge the market will eventually take your money. More men than women try to take short cuts and end up taking higher risks than they need to.
3. Develop a solid trading plan
The 90 per cent who fail, fail to plan properly.
They’ve missed or ignored a critical step because they either don’t have a trading plan, or if they do, I’ve found it hasn’t been tested using the right process.
4. Be committed
Having the right attitude is critical. Be clear about what you want to achieve and why, and commit to it.
A successful trader commits time and money to developing the right knowledge, skills and gaining experience in the market.
5. Get started now!
It’s all good and well talking the talk and wanting something to happen. However, if you are not willing to walk the walk, it’s worthless.
Procrastination is the enemy of success. The more you procrastinate and put something off the more likely you won’t get around to it. If not now, then when?
Sometimes you just have to be willing to take the first step and get started it may be daunting in the beginning but it will be worth it in the long run. Most importantly it doesn’t all need to happen right away, everyone takes their own amount of time. But the first thing is to start.
So, are you one of the 90 per cent or are you different and have what it takes to become a successful trader? Being different means you have the foundations to become a great trader.
So what's happening in the market? Watch the video to find out.