How to become a Successful Trader
A lot of people know the main reward of becoming a successful and dynamic trader is money.Do you want to know how to become a successful trader?The answers must be positive. But you will be rewarded with a lot more than just money if you become a successful trader in your business; in fact, money is arguably the least valuable reward you will receive from achieving consistent success in the current markets.
The most predicable rewards of becoming a successful trader are the less tangible ones; self-discovery and mostly true personal freedom and the actual meaning behind virtues like patience and discipline. These are the main things that will stick with you forever and that will improve and definitely enhance your life as well as your relationships with other people.
Now let us discuss the 4 magic terms. Let us counting from 4.
4. What freedom actually feels like
From my opinion, the single biggest reward of becoming a successful trader is obtaining true personal freedom from jobs and the 9 to 5 rat race. Trading will provide you with the tools and the ability to escape what I call modern-day ‘slavery’.
It won’t be so easy, it may not happen at all for you, but for me, I am seriously happy that by learning to trade, we can potentially earn our own freedom at our business and escape the ‘matrix’ that is working regularly. Like it or not, in modern day society, the game is money, and you either play the game or you will live a mediocre existence, at best. From my point of view I was never the type of person to settle for that or to just accept I had to spend my entire life working for some company and give them the best years of my life in return for money.
From my point of view learning what true freedom feels like is the greatest reward of becoming a successful trader. If you have all the money in the world that doesn’t mean a thing if you don’t have any time to enjoy it, and trading the way that I do every day; swing trading with a focus on higher time frames and a ‘set and forget’ approach, allows me to have and enjoy the most amazing commodity; time. To become a successful trader is the dream of anyone.
3. How to evaluate the risk vs. reward
If you have a dream to be a consistently successful trader, you will also most certainly be a master of determining the risk of reward of any situation, service or product. The actual mindset of a successful trader is one that is constantly gauging risk and simultaneously figuring out what the vibrant reward might be, to ultimately make a decision. This of course is very much necessary for trading, but it’s also a great skill to be able to employ in just about any other situation in your life.
Think about an example let’s say you need to get a different car. So, if you are thinking about the purchase from the mindset of a trader, you will carefully consider the risk vs. reward of buying a new car or buying a relatively used car. Through this process, you will probably come to the decision that the risk of losing nearly 11% of a new car’s value as soon as you may drive it off, is probably not worth the reward of having the car when you can probably find the same car a little used and get an 11% discount on it. Not everyone thinks like this about every situation, but almost every successful and convenient trading will ingrain this type of thinking into you, and that’s goanna be a very good thing. So for gaining success you should have a clear understanding about how to become a Successful Trader
2. The true value and meaning of patience and discipline
We know that patience and discipline are very important and valuable virtues, but a very few people truly understand just how powerful they can be like a most successful trader does. The only way to get to the point where you are making money in the markets over a period of months is by being consistently patient and disciplined.
This might sound cliché to you at this point, but that’s only because it’s so true; patience and discipline will make you money much faster than anything else when it comes to trading. I’ve written numerous articles explaining why this is so true, so I won’t get into the details in today’s lesson. But, you should realize that one of the greatest and interesting things you will learn by becoming a successful and efficient trader is what patience and discipline originally means and how valuable they are. After all, to become a efficient trader, you must learn to be patient and disciplined in the term of constant temptations, and you will find very less people can do that consistently.
1. How to become a Successful Trader, the power of simplicity
Lastly, may be the most life-changing thing that I learned becoming a successful trader, is the amazing power of simplicity in not just trading, but all areas of my life. From my point of view simple was better when it came to my trading, was probably the most turning point in my trading career and as a result, in my life. When I began to observe the power of simplicity in trading, I have started to apply that same philosophy to other areas of my life as well, where I also got some rewarding results.
Final few words
So for the better trading you must have a clear concept about the business raw materials and field study. Another thing you should keep in mind that you have a clear understanding about how to become a successful trader.