Came Across a video on you tube recently which describes the important treats of a successful wealthy traders and he has discussed in all 30 points, after researching and talking to successful traders. I tried to write it down, maybe it will help our community. Again intention is not to hurt any one.
1. Wealthy traders are patient with winning trades. And impatient with losing trades
2. Wealthy traders realize that making money is more important than being right
3. Wealthy traders look at chart as a picture where traders are lining up to buy or sell
4. Before they enter any trade, they know exactly where they will exit either with gain or a loss
5. They approach trade number 5 with same approach and mindset even if previous 4 were loser
6. They use naked charts and zones
7. They realized a long time ago that being uncomfortable while trading is Ok
8. The market is their workplace. They are a participant not an on looker or a predictor
9. They stopped trying to pick top and bottom
10. They stopped thinking about market being cheap or expensive
11. They buy higher high and sell lower low
12. They are willing to change sides if the markets tell them to do so
13. They trade aggressively when trading well and modestly when they are having bad results
14. They realize that markets will open again tomorrow, that way they avoid fear of missing out
15. They never add to their losing trade
16. Cash is their goal but never the measure of success, there measure of success is the following of rules
17. They read books about human psychology and crowd psychology
18. They provide liquidity to the market while watching price and volume, they treat their trading as market makers
19. They have a way to gauge fear, greed, and speed of the market
20. They practice reading right side of chart not the left. That does not mean being magical, but they practice visualizing what will happen next on right side of chart
21. Every wealthy trader has an edge, and they can surely explain their edge to others.
22. Their position size is calculated exactly on risk tolerance
23. One or two trades a month make their money
24. Confident decision making in the face of incomplete information
25. Profit targets are based on average range or something objective
26. Their business is not trading, but finding the right trades
27. They write down records of every trade – price, thoughts, news, attitude
28. Their conviction on an active trade remains same unless something major changes
29. Winning trade does not result in taking extra risk in next trade
30. They do not trade news, they trade reaction
1. Wealthy traders are patient with winning trades. And impatient with losing trades
2. Wealthy traders realize that making money is more important than being right
3. Wealthy traders look at chart as a picture where traders are lining up to buy or sell
4. Before they enter any trade, they know exactly where they will exit either with gain or a loss
5. They approach trade number 5 with same approach and mindset even if previous 4 were loser
6. They use naked charts and zones
7. They realized a long time ago that being uncomfortable while trading is Ok
8. The market is their workplace. They are a participant not an on looker or a predictor
9. They stopped trying to pick top and bottom
10. They stopped thinking about market being cheap or expensive
11. They buy higher high and sell lower low
12. They are willing to change sides if the markets tell them to do so
13. They trade aggressively when trading well and modestly when they are having bad results
14. They realize that markets will open again tomorrow, that way they avoid fear of missing out
15. They never add to their losing trade
16. Cash is their goal but never the measure of success, there measure of success is the following of rules
17. They read books about human psychology and crowd psychology
18. They provide liquidity to the market while watching price and volume, they treat their trading as market makers
19. They have a way to gauge fear, greed, and speed of the market
20. They practice reading right side of chart not the left. That does not mean being magical, but they practice visualizing what will happen next on right side of chart
21. Every wealthy trader has an edge, and they can surely explain their edge to others.
22. Their position size is calculated exactly on risk tolerance
23. One or two trades a month make their money
24. Confident decision making in the face of incomplete information
25. Profit targets are based on average range or something objective
26. Their business is not trading, but finding the right trades
27. They write down records of every trade – price, thoughts, news, attitude
28. Their conviction on an active trade remains same unless something major changes
29. Winning trade does not result in taking extra risk in next trade
30. They do not trade news, they trade reaction
