For this post, I reflected on the traders I’ve worked amongst who cause got been peculiarly successful as well as unopen to of their mutual practices. Here are three practices that look to distinguish the best from the rest:
1) Reviewing as well as Learning – The best performers driblet dead along score. They review their performance–good as well as bad–and they made dedicated efforts to larn from mistakes as well as best practices. It’s much to a greater extent than than keeping a journal. The successful traders purpose their observations of functioning to fuel specific goals that they thence rails relentlessly. They are non ever making money, only they are ever learning. That helps driblet dead along them constructively engaged when profits are non flowing.
2) Rejuvenating – Trading is non an tardily business. Income is really uncertain as well as markets tin alter on a dime. Working twice every bit difficult does non guarantee success, only working one-half every bit difficult pretty good ensures failure. Average functioning keeps y’all a project as well as a paycheck inward many areas of life, only inward trading it leads to bankruptcy. Successful traders cause got strategies for staying happy as well as good for y’all through the ups as well as downs of performance. My recent shipping service outlines a four-fold scheme for staying happy as well as healthy. Successful traders plough wellness into a positive habit pattern.
3) Reflecting as well as Preparing – Perhaps the unmarried best predictor of trading success that I’ve flora is the ratio of fourth dimension spent inward grooming relative to the fourth dimension spent genuinely trading. Successful traders pass to a greater extent than fourth dimension researching markets, observing markets, thinking close markets, as well as reflecting on their trading of markets than they pass placing orders as well as managing positions. A really mutual designing of trading failure is ramping upward the frequency as well as sizing of trades, both of which tend to growth the proportion of fourth dimension spent inward a flight-or-fight soil as well as decrease the proportion of fourth dimension spent inward planning as well as observing. Successful traders are selective inward risk-taking as well as purpose the fourth dimension betwixt trades to operate on self as well as markets.
So those are the 3 R’s of trading success. They are all close working on oneself inward add-on to working on markets. It’s what the trader is doing when non trading that contributes greatly to trading success.
Further Reading: Traders’ Checkup