What does a successful trader look like?
Posted on 12th January 2022
Many people have a misconception that you have to be some sort of mathematical wizard to become a successful trader, or maybe even that they do not ‘have what it takes’ to create long-term success in the markets. In society, we have built this profile of what a hotshot trader looks like.
What if I said anyone can be a successful trader? You just need to have the right education and apply yourself in the right way.
A successful trader can be
- A student looking for a career or to earn an income stream
- Somebody who is just looking to learn a new skill
- Somebody fed up in their full-time job and looking for a change that creates more flexibility
- A stay at home mum or dad looking to help create an income stream
- A business owner looking to diversify their portfolio with a more active hand on approach
- Somebody who wants to take control of their future as they look to their retirement
- A retiree who looking to learn a new skill to supplement their current pensions
A successful trader can basically be anyone. BUT...you need to approach it in a responsible manner with realistic expectations.
When you enter the markets, you are competing against career professionals and banks, and institutions who have spent vast sums of money on technologies that give them an edge in the markets. That doesn’t mean we cannot make money – but it means we have to take it seriously and educate ourselves properly to take advantage of the opportunities in the markets.
Too many retail traders come in with unrealistic expectations and commit real money to the markets when they do not have the correct skills in place to achieve success.
‘’We need to be rigid in our rules and flexible in our expectations. Most people are flexible in their rules and rigid in their expectations’’
Becoming a successful trader requires patience as it will take time. You will not achieve overnight success as a trader, despite what many will have you believe.
You must understand the risks involved in trading before you commit money to the markets.
You should not trade for the wrong reasons. As this will create emotional pressures which will ultimately prevent you from achieving your goals.
We are all unique as individuals and as traders – we need to identify what sort of trader we are, and develop our style towards our strengths.
it takes discipline to develop and then follow a well-structured trade plan.
It requires resilience. There will be many obstacles on your journey, including a lot of emotional moments. This is why many give up before they have a chance to achieve success.
We, therefore, need to have a growth mindset. We need to see obstacles and mistakes as a chance to improve ourselves and grow as an individual, look for the solution to these issues to allow us to grow.
All of the characteristics and skills that you need to be successful can be learned, as long as you have the right mindset and approach.
You can learn to be a trader without committing money to the markets. Commit to arming yourselves with the skills for long-term success.
What does a successful trader look like? Anyone who has the desire to create more control in their life. Someone who is open-minded and prepared to put in the hard yards. Someone who is not expecting instant success, but has the long-term vision to see the benefits. Ultimately, it is someone who is prepared to build their trading with an understanding of solid risk management.
Make It Happen.
Share this post: