To be a profitable trader you must have 3 important things:
- Proven trading system
- Proper money management for each position.
- The correct mindset in trading
If you don’t have the right mindset about trading, the other two won’t help. Here is a list of principles of a successful trader that you will need to create the right mindset to earn:
-Recruits need to understand that trading is not a scheme to make “quick money”, but a professional endeavor that requires knowledge and strategy that contains our advantage over other market players.
-Professional trading is not just “betting”, but business management. Profitable trading is like running a business, so you have to think like a business owner. Emotional bets are closer to the casino’s odds.
– Successful traders have the advantage of their trading system, which helps them better make their forecast. They do not try to predict the future, but they know what is possible to work and what is not, and they have an adaptive and variable view of price movements – each situation is different and requires a unique solution.
-Even the greatest and most successful traders have losing trades. Success does not come from the perfect execution of transactions, but from the right risk-return ratio in positioning. Loser trades should be accepted as part of the business.
-To maintain a healthy attitude while trading, you should not go beyond your plan and not cause unnecessary stress or any emotions that may affect your performance.
-The winning trader has faith in his strategy, as it is based on research, testing, forecasting and proper implementation.
-The trader must have the attitude to be extremely disciplined in order to be able to apply and follow the rules of his strategy and to remember that a good trader is the one open on the basis of knowledge and method, regardless of the result.
-The positive attitude comes from eliminating the negative in any situation. Winning traders focus on the positives of each position.
– Don’t get overwhelmed and don’t let euphoria fool you. Indifference to different situations helps to clear your mind of unnecessary anxiety or joy.
Junior Trader Kameliya Ivanova