Speaking of trading, have you ever wondered what happens inside the mind of a great trader such as George Soros? Many novice traders speculate that every great trader must have a dissimilar way of thinking.
To some extent, the preceding statement is not totally inaccurate. The statement holds some truths that every great trader has a mind that works differently from other traders.
However, humans are not a naturally, continuously rational creature. Their brains are not designed to calculate its strategies and possible outcomes in details. Great traders, on the other hand, enhance this skill.
To continually practice the rational thinking in trading, here are some among many thoughts inside the mind of a great trader.
Also Read: 4 Trading Mindsets Every Trader Should Have
A Great Trader Sticks to a Pattern
A great trader owns vast knowledge and mastery of numerous trading patterns. However, despite all the intelligence, a great trader sticks to a certain pattern.
The reason to the method is to establish a mindset and a suitability to any condition of the market. A great trader has his/her own style and way that suits his/her characteristics.
In the long run, those great traders will have unwavering principles to adapt to every situation surrounding the markets. Albeit the method, if the strategy succeeds to bring you to a lose streak, you better reconsider another strategy.
A Great Trader Possesses Power
Besides their financial power, great traders also possess another form of power. Yes, it is the power of the mind.
A powerful mind can prevent a great trading from being overwhelmed by unnecessary emotions. These emotions, in addition, cloud the rational thinking, which is highly integral in trading.
Furthermore, a powerful mind helps a great trader from being consumed by their own fear after losing. Yes, a great trader also loses every now and then.
A Great Trader is a ‘Homo Economicus’
Being a homo economicus means that a great trader becomes a man of economy. A man of economy, therefore, follows fundamental rules of Economics.
Having a proper knowledge on the field is a promising start. However, what is more essential is that a great trader analyzes the market before trading.
A market analysis, accordingly, consumes a considerably long time. Besides, keeping a good trading journal is highly necessary for great traders so that they will not lose tracks.
Also Read: How to Know Whether Trading Suits You
