5 Things Successful Traders Do Differently
We have studied successful forex traders for close to a decade, and they all have left clues of success that we can all replicate and follow to create our own trading success.
But what this post is about is the more important stuff, the things they don't have in common with the average trader – and that is what they do differently.
Before we jump into the post, make sure you join, even for free, a real trading community - Join PrimedTraders.com
Now, lets get down to business. In trading, just like in business, you need to chose to forge your own path, you can always replicate a system but you will never be the same as anyone else on this planet so you need to take that into account and know that in the process you will find the enormous success you seek.
When we say success we do not just mean financially but physically, emotionally, and mentally as well.- In fact, without the mental success, you are not going to amount to much of a trader, truth be told.
This post promised to share with you 5 things that successful forex traders do differently, so lets get to that now.
5 Things Successful Traders Do Differently
1. They Have A Definite Purpose
Successful forex traders know exactly what they want, and its not lambos and Dubai, its real freedom that you don't have to post on Instagram, the ones that do are sales people not traders.
What real traders with real skills do is they spend the time to find clarity around their goals and dreams. They get clear on exactly what they want to achieve and who they want to be in life. --- And they work on that every single day.
Your first step to success in trading, and anything else in life, is to get clear on exactly what you want and where you want to be. Once you find the clarity of your definite purpose, start taking action consistent and daily action to get to your definite purpose.
You need to create a new you and that starts right now, today.
Just remember, have a long-term focus and try to increase your capital gradually rather than all at once.
2. They Are Self-Aware, They Know Themselves
To be a good trader, you have to have a high degree of self-awareness. You have to be able to see your flaws and strengths and deal effectively with both—leveraging your strengths and guarding against your weaknesses.
On the other side successful traders also believe, 100%, they deserve success and they are expectant of it.
One of the ways we, at PrimedTraders.com, increase your self-awareness and even find exactly what you are missing to become a real trader with real skills is the Wheel of Trading workshop, the workshop goes over a series of questions covering every aspect of trading, even digs into your personal life, and at the end of the session we get to know your skills, weaknesses and everything else.
That is when we can get to work on creating you into a real trader with real skills!
Success in forex trading starts with self-awareness.
“If I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning.” – Gandhi
3. They Know Their Mindset is King, and They Take Care of it
Successful traders know that emotions drive everything in their lives. - If their mindset is bad, their results will reflect, it is cause and effect at it's finest.
If you’re feeling depressed, scared, overwhelmed or anything else that puts you in a state of negative emotion, do not trade. First fix the challenge you have at hand, by solving it you will get a metal boost and your mindset will be right.
Being in a negative mindset makes your brain less resourceful and less helpful to reach your goals and make a profit. That is why mental capital is the most critical aspect of trading. What matters most is how you respond when you make a mistake, miss a trade, or take a significant loss. If you respond poorly, you will just make more mistakes.
If you want to have more energy, make better decisions, have more creativity, and attain more success in life, begin to pay attention to your emotions and make it a goal to cultivate a winning mindset by training your brain and creating an environment for success.
You can master your mindset with the following points:
Read books on trading and personal development
Meditate, even for 5 minutes a day
Be productive, clean your station, help out at home and go the extra mile at work
Remember this: Your success in trading will reflect on your habits out side of trading.
4. They Are Relentless
“Being relentless means demanding more of yourself than anyone else could ever demand of you, knowing that every time you stop, you can still do more. You must do more"
I've come across hundreds of traders in my time as an educator and I can tell you for a fact that the ones who make it as traders are the ones who are stubborn in a great way. They don’t take no for an answer. They are relentless for their success.
Are you the same?
Do you take this approach to achieve your hopes and dreams? Or do you let the small obstacles, losing trades and personal challenges hold you back from pushing through and making a consistent profit?
If you want success in anything, especially at trading, expect plenty of adversity along the way. Without resilience, it’s nearly impossible to make it profitable.
5. They Do The Work
Trading success doesn't just happen because you trade, it happens way before you even open a trade. It happens because you do the work and the work in trading is preparing your watchlist, creating a trading plan, knowing your position sizing and so much more!
Trading success isn't just the system, its the trader and all the work the trader does. You might get lucky with an approach for a few weeks, but to create longevity successful traders invest the time into their work because they know that they are competing against some of the smartest people in the world, the biggest banks, the fastest robots.
They know that they need to be in tip-top form and that comes from doing the work!
BONUS: They Think In Terms of Probabilities
Successful traders always follow their system. If they take a trade that results in a loss, but they didn’t make a mistake, they are be able to say, “I would take that trade again.” because they know the odds of success are in their favor
One of the best ways to find out if a system has a positive edge is to take 20 live feed trades and see if there is a positive edge, every system loses money, but over the long run the profitable get separated from the herd because of probabilities.
Not ever trade is a winner, but there are traders who are profitable month in, month out and that is because they follow the law of probabilities.
Your Next Steps:
Add a comment or emails us on Denis@primedtraders.com and tell us what is the biggest problem your are facing in your trading right now, and we'll come back to you with a definite approach to remove or control that problem.
Do right now what successful traders do, and that is to act quickly and change slowly. Do what successful traders do differently and you may experience your own immense success.
Of-course there are many points to add here, that is why we are creating a completely free course for our free members at PrimedTraders.com make sure to register and get notified when the course is ready!