Common Denominators of Successful Traders?
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Successful traders seem to have certain characteristics in common. One such trader, nicknamed Big A, has pinpointed 5 charactristics:
1. Successful traders all had a mentor. That is why it is a great help if you can adopt a mentor with proven success. You can accelerate your learning by having a mentor who is prepared to teach you his successful system.
2. Keeping yourself detached emotionally, from your trades and the markets, is essential to trading success. Once you have entered a trade, you need to ask yourself if you can hold position until the pre-planned exit strategy is met? While it can be fun to closely monitor a soaring trading account, watching it too closely can in fact be quite dangerous. His after market plan for trading will eliminate virtually all emotion, if you follow it with discipline.
3. Successful traders don't "make things happen". If you try to force the market and enter too early because "you know it's going to go up" you will get hurt. The secret is to be a follower, not a leader. Stick to your system at all times; it is a system that you should not tweak as you go along and try to make things happen. Impulsive, trigger happy mouse clicking should be done on a demo account, not live with your money. Don't be tempted to think, when you get lucky once, that "making things happen" is the way to go; it isn't. That is the whole reason for using a system and milking the slight edge it gives you.
4. Thoughtful preparation, applying your system, is key to a successful trade. It's very important that you have a trading plan and that you stick to it. You must learn how to plan every trade, simply and quickly. As an example, with the system used by BIG A, you need only trade for 5-10 minutes every trading night.
5. Traders who are successful actually expect to become rich. Can you visualize wealth as a part of your normal life? Successful traders have had this vision. Don't limit yourself. The idea of prosperity should be within you before it can manifest outside. If not, you may even sabotage your own trading account trhough negative thinking about what you deserve or don't deserve. It is important to learn how to think and overcome any hidden physiological obstacles that are hindering you from success. You can ask your mentor to help you with that.
Big A actually has his own ETF trend trading course, in which he teaches his own system of day trading for exchange-traded funds.
Tags: day trading etfs, etf, etf funds, etfs, exchange traded funds, investing course, investment course