6 Rules of Successful Traders
Once you become a trader.
Once you think about trading every day.
Once you have set your mind, soul, and heart into trading.
There is no going back.
You’ve reached the point of no return!
And it’s thrilling and exhilarating once you’ve mastered this element to your life.
So you might as well harness the true nature of what it takes to be successful.
Here are 6 key rules every successful trader lives by.
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Always have a trading plan
One hallmark of a successful trader is an effective trading plan.
This is a self-journey and only you can endure it through different endeavours.
Your trading plan acts as a roadmap and your game-plan, to guide you to your daily trading activities to help you make informed decisions.
This plan should detail your system, risk and reward management along with your financial goals, risk tolerance, criteria for entering and exiting trades, and strategies for managing your trades.
Every trade you execute should align with the objectives outlined in your plan.
Also, evolve and adapt to your plan along with the ever evolving market world.
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Don’t procrastinate
In the world of trading, timing and persistence is everything.
Successful traders understand the importance of making swift, decisive moves when the right opportunities arise.
Procrastination, on the other hand, can lead to missed opportunities laziness and potential losses.
So, get up, make your coffee and get to it.
Also, remember to always keep a close eye on market trends, economic indicators, and relevant news events.
This proactive approach will ensure you’re well-prepared to act promptly when your defined trading criteria are met.
Remember, the market won’t wait for you, so you must be ready to seize opportunities when they present themselves.
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Be patient
While it’s essential to act decisively.
It’s also our goal to just….. WAIT.
Be patient and only strike when you see that golden opportunity present itself.
Sometimes, the best action is inaction. Sometimes, you have to just wait it out and stay out.
Neutral is also a position. And you need to know when it is best to protect and preserve your portfolio.
Successful traders don’t let impatience force them into suboptimal trades that fall outside their strategic plan.
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Just take the trade
I’m seriously going to have a mug or a t-shirt saying.
Trade well and just take the trade.
When your plan indicates it’s time to trade, you need to overcome your hesitations and execute the trade.
Traders must realize that not every trade will result in profit.
So you might as well take the trade that lines up when it’s a high probability one.
Even the best traders face losses. Even the best trades take losing weeks, months and even quarters!
What matters most is your overall performance across many trades. As I always say, it’s not about the 1 trade but the hundreds of trades later.
So, when the conditions of your trading plan are met, take the trade, and maintain your risk management strategies to limit potential losses.
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Keep learning and evolving
Financial markets are dynamic and ever-evolving.
As a trader, it’s crucial to keep learning and adapting to these changes.
Stay updated with market trends, new trading strategies, and changes in regulations.
Consider continual education a part of your trading plan.
See what other successful traders are doing. See what other strategies they’re adapting to.
See what new markets are available and what sectors are outperforming.
Learn to earn.
This ongoing learning process will keep you on top of your trading game and help you adapt your strategies as markets evolve.
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Don’t give up
No matter what you do, remember.
You only lose when you quit.
Trading is a long-term game filled with ups and downs.
The key is to view these setbacks as learning experiences, not reasons to quit.
When faced with losses, successful traders analyze their decisions, identify mistakes, and learn from them.
They maintain a positive mindset and understand that perseverance is crucial.
Stay focused on your trading plan, refine your strategies, and remain resilient on your path to trading success.
By incorporating these six rules into your trading routine, you’ll be well on your way to a profitable and sustainable trading career.
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Always have a trading plan
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Don’t procrastinate
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Be patient
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Just take the trade
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Keep learning and evolving
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Don’t give up
Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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Enjoy and remember…
You won’t need to buy or order another book on chart patterns and candlesticks ever again as I will be updating it very often and will let you know.
Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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