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12 Qualities of Highly Productive Traders

12 Qualities of Highly Productive Traders

By EfulPublished 2 years ago 11 min read
2
12 Qualities of Highly Productive Traders
Photo by Austin Distel on Unsplash

For those who are serious about investing their livelihood, the following is a list of qualities that every truly successful trader has. Realize that the 1% of people who enjoy this video game get 99% of the profits. This means that 99% of men and women who simply call themselves "traders" spend more than all their money on the 1% of great and consistently profitable traders.

A list of regular achievement traits such as self-discipline, focus, passion, motivation, dedication, and confidence is commonly found in almost every buying and selling e-book and, if used correctly, can act as the basis for success in all functions. existence.

These twelve characteristics of extremely productive traders are actually the end result of a careful comparison of a huge number of the world's largest traders, many of which can be discussed in Jack D. Schwager's "Industry Wizards" and "New Market Wizards" guides.

If you want to create it in this video game, try to get these qualities of very successful traders...

Discipline: Really Everything or Absolutely Nothing

Is that why you think you are disciplined? If you are not 100% disciplined over time, you simply cannot call yourself disciplined. This is definitely something you will need to practice every time you find a place to trade. If you break the rules even once, you will not be called disciplined.

As an active participant in the market, there will be times when you will feel that it would be right to act on your intuition, not sticking to your approach that you have so carefully laid out, simply because "this time is different" and "I will do it only once”, unfortunately it doesn’t work that way. The thought “Cut my share and I will never do it again” will cause traders to blow their accounts. It is important to stop to trade the next day.

The market pays you for discipline.

Losing the right path

Investing is really an act of statistics and nothing is 100% as a result, you will have losses like every trader, what separates extremely successful traders from forever falling traders is how they lose. The following 3 policies undoubtedly affect the results of a trader.

one. Stops are usually used

A trader who does not use stops is at the same risk as someone who tries to cross the Atlantic Ocean... in a rowboat. You could focus on something in your mind, but after the storm kicks in, you're pretty sure you'll drown.

two. Never turn a winner straight into a loser

While your trade goes in your favor and crosses a predetermined level of concentration, you should break even. This allows you to limit the number of complex prophylactic outs, giving you control over the opportunity.

3. Never make big cuts

If you have accepted procedures one and two, then rule #3 will result in the default result. The only type of loss that can hurt you is actually a big loss that wipes out time, weeks, or maybe months of income. As a starting point, under no circumstances exceed 1.5% of investment capital per trade.

Follow these few principles to manage your losses as well as gains. Will not abide by them and it will be like swimming with an open wound in shark-infested waters; you will be torn to pieces.

Dedicate yourself to studying

Markets are constantly changing and adapting, you should do the same. Before you start buying and selling a new market, it's important to fully understand how it works. Some of the best traders in the world can trade the futures markets. These traders have decades of or hands-on experience and have also traded in various cycles in the current market. What makes you believe that you can beat them?

Convince yourself that you will never stop learning and you will find yourself constantly exposed to new opportunities as the current market develops. However, it all starts with the basics, so know your sector.

Get to know your inner self

In no better place will you reveal your true nature than in trading. Marketplaces are good at identifying your flaws and pulling you out of your comfort zone. It is very important that your method of buying and selling matches your temperament, otherwise you will end up stuck in a struggle that you will not earn.

Very successful traders know themselves better than all other market professionals. In investing, your feelings are explored to their limits, your reactions to success and deliverance are revealed, and your willpower to persevere is questioned. Just like in golf, you cannot hide behind anyone else, you will be responsible for your own personal actions as a trader.

Be sincere with yourself; let your trading decision shape your personality.

Feel yourself

This is one of the hardest traits to acquire, but all highly profitable traders think for themselves. Never let others influence you or set your head in several places. Break away from the chattering heads on CNBC and use your own ideas.

“The fruits of your respective accomplishments may be in direct proportion to the honesty and sincerity of your respective energy in trying to preserve your private papers, make your own private reflections, and draw your own private conclusions. The average guy wouldn't want to be told that this is a bullish or possibly bearish industry. He needs to be specifically advised which individual shares to purchase or deliver. He would like to get something for free. He doesn't want to work. I even want to believe. - Jesse Livermore

Not a single soul can predict with certainty where the market is headed, dream up yourself.

Clarity inside your strategy

It is indeed true that many programs fail, however, you are likely to be much more likely to succeed if you have a good trading approach than if you do not. Ask yourself follow-up questions and refine them until you eventually have a crystal clear basis for moving forward for the trader...

* What is my motivation to become a trader?

* How will my daily life change if I don't give 110% to become a beginner trader today?

* How much is my current network?

* How much income do I want to help myself, my family and my current lifestyle?

* Do I have the behavior to make impulse purchases?

Self-evaluation must be answered truthfully and obviously in order to work as a basis for building a profession such as a trader or any other enterprise. Napoleon Hill's Feel and Grow Rich e-book is a book to be read over and over again as the principles apply to trading as well as an effective and fulfilling life.

By Tech Daily on Unsplash

Be decisive

Indecision can be the most harmful quality of an inexperienced trader. Indecision can come from...

* Lack of confidence in your trading plan

* Invest size in an array for your account and luxury zone

* Mostly lack of practical experience

The chance to respond decisively comes from the person, the deed, the experience. The more time a trader has in control of actively investing in the markets and studying the charts, the more confidence they can have when the time and energy comes to make a start.

As soon as you hesitate, you allow the market to gain momentum, with no definite entry, intended avoidance, and profit concentration described, you will find yourself in the fallen land of chasing trades immediately after the trade, essentially watching the beautiful setups that drive you. only to eventually get in as the specialists (the high-yield 1%) earn the income.

From the Outliers guide, Malcolm Gladwell talks about electricity from ten thousand to craftsmanship. You can use enough time, if the markets are closed or low, to evaluate trade setups and improve your edge, bringing you closer to ten thousand hours.

Decide to do whatever it takes

No one explained that buying and selling is easy. Probably the most valuable things in everyday life come from very hard work. This trait is especially applicable to achievement in all areas, but as it applies to remarkably successful traders, most of whom started with little or next to nothing when it comes to trading capital, will not have an Ivy League education and have built their achievement in the face of people. telling them they couldn't do it.

To be a truly successful trader, you need to have the kind of passion that drives you to do whatever it takes to achieve your goal. Without this enthusiasm, travel is ineffective.

Gain confidence over time:

* Find something optimistic about almost every issue, let yourself communicate

* Congratulate yourself on following your rules, whether the trade is a win or a loser

* Stick to one methodology; don't actually steam the ship trying to find another vehicle every time you get rid of a trade

* Trade to trade perfectly and money will follow

Dedicate yourself to doing whatever it takes to succeed, and the opportunities will exist on their own.

Endurance pays off

Be quick to take losses, slow to take profits. Surprisingly effective traders continue to be individually influenced throughout their trading. When a trade goes against us, we now have stops to stop the decline, but when a trade goes in your favor, it is usually extremely important to have profit targets.

Pre-determining an exit point is actually a two-way road, you have to know your stop loss and also focus on your profit prior to entering the trade. Pre-determining these ranges will reduce momentum trades, trades that can be placed first based on feel as the sector enters your bet. Momentum trades will cause you to fail.

Just one tactic to capitalize on successful trades is to scale your winners. The cut should generally be fully closed at a predetermined stop level, on the other hand, every time a trade goes in your favor, getting multiple targets will allow the trade to continue working in your favor.

Exiting 50% of the position in your original focus, 50% of the remaining position in the 2nd focus, and the final part (1/4 of the original) in the third and final goal can be a good technique to capitalize on. on your winning trades. Path stops can even be useful for getting the most out of a successful trade.

Keep being humble

Of course, there is no better place for humiliation compared to the market. If you lead your life with humility and respect, you can be rewarded. The emotional generation of anxiety and greed would be a lifestyle and a waste of life for most traders. Surprisingly successful traders understand that the market is usually correct, no matter what they think.

Karma will return in every way, so let's go before you decide to get.

Honest, keep accurate and detailed data

The importance of the audio trading report technique is usually overlooked in one region. At the time your trading data is actually logged, you can go back and explore the similarities between the various settings. Recording sector information is another great way to go back and locate common events that you can then use to create procedures.

Here are some good existing apps to help you explore your trading data, including Microsoft Excel. A few things you may need for history and evaluation are...

* Profit/loss of each trade

* The time you place the trade

* How you felt when you entered, passed and exited a trade

* Full variety of deals

* Average risk/reward per trade

* Successful Proportion

Getting too much information is never a dilemma, so if in doubt, write it down. Have a trading journal and record your views, emotions, market information and actions as you go, these are definitely great tools for re-emerging and extracting profitable facts from the inside.

Harmony: How did it happen?

The point of being a trader will naturally be to make a profit. However, ask yourself, what are you proposing to achieve your goals? Many traders fall into a downward spiral of losing trades, and in the worst situations, enjoy discounts on their lifestyle, relationships and health suffer. Stability is so important if you are to succeed in achieving your goals with any potential to enjoy some level of happiness and achievement.

The anxiety associated with managing your individual organization can be overwhelming. The psychological and financial pressure on yourself and your family members can begin to rob you of the important things we value in life. The main questions that can help you lead a well-balanced daily life are...

* Put all members of your family in the first place.

* Eat healthy food

* Exercise for at least 60 minutes every day

* Get enough sleep

* Use of repeated outdoor walks

* Divide your tasks for the day into specific motion activities

* The ambition is big, but set reasonable and achievable plans related to the final day

We trade this flexibility to lead our lives the way we choose without answering questions from a manager or answering around the clock. Trading to live, you don't have to get hung up on trading.

If you are seriously interested in buying and selling a home, enabling these features is an action that is closer to your goal. Starting with a holistic solution and outlining why you need to become a trader in the first location, you should help you overcome difficult situations because they are inevitable.

Like karma as well as regulation of reciprocity, what will happen will happen. There will be no shortcuts to becoming a truly profitable trader. Take control of your foreseeable future now and resolve to complete whatever it takes to be successful.

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About the Creator

Eful

Hi there, I am Syaefullah Nur from Indonesia. I am reader and now I try to providing my best articles for you guys. Enjoy it;)

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