All traders are different in some way, they all have their own trading strategy, but there is something that unites all successful traders.
Let’s talk about these general characteristics.
1. A deal is not the end
When the deal is done, you may begin to experience different feelings and emotions, from happiness to grief and depression.
Newcomers drown in this wave of emotions and eventually lose control and money.
Professionals act differently. Each transaction is a common thing for them, while they do not experience a storm of emotions that can lead a beginner astray.
If you internalize the following ideas, you will find it easier to deal with emotions:
* Success in trading is not one day, it is several months of trading and several hundred transactions. To understand how good are , you have to trade following your strategy for a long enough time. Sometimes a year is not enough to understand that a trader is ready, and even more so, a day is not enough. So be prepared for a long ride and don’t overreact to a losing trade.
* Risk management is very important. Before you open a deal, figure out how much you are willing to lose and don’t freak out over this loss. Losses should not lead you astray. You have to stay calm and follow the rules. Also, don’t let profitable positions drive you crazy. In any situation, you must be calm and cautious.
2. They are confident, but not too irrational
Having confidence in yourself is very important. A trader’s confidence in himself and his trading strategy comes with time. To do this, you need to learn to clearly follow the trading rules, be disciplined, and ultimately make a profit.
Confidence should be manifested especially in those moments when you have received a series of losing trades. This is unavoidable and only the best can pass such tests with dignity. Professionals don’t change the rules in the same situations, they don’t change the trading method, and they coldly move on.
A confident trader does not give in to emotion, knows exactly what he is looking for in the market, and is ready to wait, ready to endure.
You must feel invulnerable, the market no longer has power over you.
3. Wait professionally
Professionals differ not only in the ability to trade, but also in the ability to wait. In the market, 80% of the time you will have to wait for your signal. The best traders are ready to wait for their highly profitable opportunity for several days, or even weeks. And even if they lose some money after a long wait, they are ready to wait again.
Newcomers suffer because they want to be in the market all the time. It’s a big mistake. Most of the time, the market is unpredictable, especially for a beginner. Give up the sick desire to constantly be on the market, constantly open new positions. Learn to wait like the best traders.
To trade with a bias in your favor, you need to patiently wait for the obvious trade setups, and if they don’t appear for several days, then you shouldn’t enter the market that way. It is worth dedicating this time to another job or hobby. Unstoppable traders don’t worry about not trading for days or even weeks, waiting for the next good setup to enter the market.
4. Sleeping well is the key to success
Sleep is important not only for the trader, sleep is important for everyone. Without healthy sleep, you will not be able to be calm and calculating for a long time.
Also, if it operates correctly, namely:
• do not risk too much capital,
* do not open unnecessary positions,
* follow your trading plan,
• with respect to all of the above, observe discipline,
then you won’t have trouble sleeping during real trading as you won’t have anything to worry about.
Well, if you sit in front of the monitor every day, anxiously watching the price move, at a time when you should be sleeping, sooner or later this will lead to a complete loss of money.
Follow the strategy, don’t chase the market, rest and come back full of energy.
5. Continuous training
All experienced traders know that it is difficult to trade because the market is volatile and it is even more difficult to work on yourself, on your own discipline.
There is a nice feature of trading – it helps you understand yourself. It’s unpleasant, but it’s definitely useful. This work is difficult, but the result is beautiful.
Therefore, to become an unstoppable trader, you need to know yourself and improve yourself as well as your trading strategy. You will learn how to trade the market and get better as you continue to trade. But you need to start right now to start building their basis for the correct approach to your negotiation.
If you decide to go into battle, accept all of the above and your path will be much easier.