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5 Habits Of Successful Traders

by | Jun 1, 2020 | Articles | 0 comments

Get a pen and paper and write these five habits down.

Each habit you have, write down a 1 and each habit you don’t have write a 0.

Sum up the points at the end and you’ll know where you are, what you have to do to improve and whether you have the trading edge to be successful.

HABIT #1:
Courage

You need the courage to follow these basic steps.

#1: Open a trading account

#2: Deposit money in your trading account

#3: Adopt a trading strategy

#4: Take the trades that line up

#5: Follow your strategy (with the winners and losers)

Have the courage to do that today or have done it?

Mark 1 for YES

Mark 0 if you’re not ready…

HABIT #2:
Persistence

I’ve said this before…

Trading is a forever business…

It’s easy once you get it right. The hard part after a while is keeping persistent.

Do you have the PERSISTENCE to:

#1: Trade for a few minutes every week?

#2: Look for trading setups?

#3: Follow a proven trading strategy without changing the rules?

#4: Not give up on a trading strategy after a losing streak?

#5: Not go against a strategy after during a winning streak?

 

Mark 1 for YES

Mark 0 if you’re not ready…

HABIT #3:
Save Money

Look.

The more money you have in your trading account, the faster it will grow.

If you think R5,000 or R10,000 is all you need to retire in a few years – it’s time to wake up!

Every month, I deposit around 5% -10% of my savings into trading…

Now I know not everyone can deposit such a large portion of their savings in trading as they have other capital allocations to their portfolio…

Well, what ever you can deposit per month comfortably is better than nothing.

This will help you to grow your trading account at a faster rate.

Mark 1 for YES – I have the habit to save money per month.

Mark 0 if you’re not ready…

HABIT #4:
Evolve

The markets are constantly going through change.

In just a span of 20 years there have been a multitude of trading instruments.

For example:
Shares – warrants – Futures – Binary Options – ETFs and CFDs.

We’ve also seen a plethora of different markets including

Equities – Indices – commodities – currencies and Crypto-currencies

And as a trader, it’s our job to keep learning and evolving with the markets…

Do you have the habit to adapt to change and learn throughout your trading career? Mark 1

Not ready for change? Mark 0

Habit #5:
INDEPENDENCE

Once you have everything you need to succeed as a trader, it’s all on you.

You should not have anyone to hold your hand, influence your decisions or tell you what to do.

When you are sitting by your laptop or device – No one should be able to change your mind including from:

• Friends
• Family
• Mentors
• Your conscience
• Bloomberg
• Spouse and kids

If you think you have a good level of independence, mark 1.

If you’re not ready for being independent mark 0.

Final Thoughts

The points where you marked 1 – Great keep at it and remember your strengths…

The points where you marked 0 – It’s ok… Every successful trader started with doubts and weaknesses.

The only difference is, here at MATI Trader it’s our passion to help you fast-track your successful trading career with these free articles, the MATI Trader System Programme and the Premium MATI Trader Service…

Trade well and look after yourself,

 

 

Timon Rossolimos

Founder, MATI Trader

If you’d like to share your results with me, you can by clicking here at Info@TimonAndMATI.com. I’d love to hear your thoughts and feedback.

 

PPS: Did you watch the MATI Trader Video for the week? Click below to catch up.