10 Habits of successful traders

Why some traders succeed and others fail?. To be successful takes many years of discipline and practice. See 10 Habits of successful traders.

 

1. Have a trading plan


“You have no business trading without a trading plan” Kathy Lien

2. Have a strategy

“A trader can use one or a combination of strategies in his trading portofolio, depending on his personality. There is no one strategy that is better than the other” Marlo Sinch

3. Manage your risk


“Never trade money that you can’t afford to lose because then the pressure of losing it won’t allow you to have the patience to profit.” Vladimir Ribakov

4.Keep a clear mind


“For the last 14 years, before I do anything in my day. I practice yoga/ meditation. So before I traded each day, I always made sure my mindset and brain were in an optimal state”. Chris Capre

5. Exercise discipline


“You must exercise the discipline to follow the process and do the work required…” Jamie Saettele

6. Do your research

” Every morning, before I start looking for trade opportunities I do my analysis and try to choose the currency pairs that have the clearest conditions of them all”. Raul Lopez

7. Analyze every trade


“Analyze also the successful trades to see if it worked as planned or if you were merely lucky” Yohay Elam

8. Study price behavior

“Filter out noise, focus on price, stay small”. @50Pips

9. Be patient

“I never had the attitude of ‘when will I become successful. My mentality was however long it takes is however long it takes” Chris Capre

10. Accept losses


“You have to know that taking a loss is a part of the game and you need to embrace it. If you can’t take a loss and accept you were wrong, you will never be a successful trader” Joel Kruger

  • Sophia Mason

    They create and pursue smart goals.
    They take decisive and immediate action.
    They focus on being productive, not being busy.
    They make logical, informed decisions.
    They avoid the trap of trying to make things perfect.
    They work outside of their comfort zone.
    They keep things simple.
    They focus on making small continuous improvements
    They measure and track their progress.
    They maintain positive outlook as they learn from mistakes
    They spend time with the right people.
    They maintain balance in their life.

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