Not many forex traders are truly successful and last long. However, everyone certainly can become a successful trader. One way is by knowing and learning from the characters of successful traders.
Here are 5 characters of successful traders that are very important for trading results:
Realize the loss as soon as possible
Successful traders have learned from experience. They always do the cut loss when they know the position is wrong or missed anticipations. Different from most traders who postpone the cut loss in the hope that prices will be able to reverse direction as expected. The habit of delaying cut loss not only reduces profit but can destroy your account. If you are misplaced, realizing the loss as soon as possible is logical and reasonable.
Consistently run a trading system
Whatever trading system is used, successful traders always use it consistently and do not often change the system that has been made, including risk management that is applied. Both methods, trading strategies, and risk management must be applied consistently. Changing trading methods or strategies before you know the true strengths and weaknesses, will greatly affect the final result. Only maximum performance will minimize risk, and maximum performance can be achieved by learning and practicing consistently. Consistency will build positive habits and will produce extraordinary results.
Confidence
Successful traders always feel confident. But make no mistake, the confidence here is not too much to boast of their strategy, nor because of the many trading accounts that are managed, or because they have many accounts in various banks. They are confident in carrying out the rules in the trading system. It has become a common successful trader character to always be confident and knows that as long as there is a probability of profit, there will also be a risk of loss
Usually, a trader’s test of self-confidence occurs when he experiences a losing streak. If from there he did not conduct an evaluation and instead easily changed the trading system, then that means he was not sure of the previous system. Conversely, the characters of successful traders are able to review losses and fix the trading system so that no similar mistakes occur in the next trade.
It does not involve the ego when trading
A successful trader knows that one day he will have many positions that are in a state of profit (winning trades), and if all those positions are closed, he will get a big profit. However, he should not follow the temptation of his ego and kept trading according to plan because he also knew that one day, his trading account could also be filled with many positions that were losing (losing trades). He will only act in accordance with the applied money management rules. If you obey his ego, he will be overtrading when you have lots of winning trades, which can even be fatal. According to Tradeciety, you need to understand how emotions manifest in your trading.
When it is overtrading, traders usually no longer calculate money management or measure trading opportunities with rational analysis. If a successful trader with experience alone avoids overtrading, why don’t you rush to avoid it?
Successful traders always learn
One more successful trader character that is no less important is to never stop learning and motivate yourself to be able to trade better. They always dig up information and learn from fellow traders. For example, the famous trader Michael Marcus felt he could start trading properly after he met the successful trader Ed Seykota. More importantly, the learning process does not stop until it can generate consistent profits. However, the characters of successful traders are those who want to keep learning to keep abreast of changing market conditions.
Read more: Sharing Trading Ideas? Should You Do It?
