Being an intraday trader is challenging and requires hard work on yourself. Thousands of other traders are working harder than you and working on themselves, mentally, emotionally, and physically too. In other words, it is the process to push yourself to become a better version of yourself.
In his mind, an investor has a long perspective for trading needs to develop certain habits that would aid him to achieve success. Some of the most common habits are the focus, passion, commitment, and determination towards financial investment.
Here, we’ll be discussing the most typical qualities of winning traders. Note them in a paper and pen or bookmark the page, as you wish.
7 Successful Investors habits to Adapt
- Positive: Most successful traders are optimistic in their approach and don’t get bothered by ups and downs. Their mindset doesn’t change based on their profit and loss statement and have full faith in their skills to get back profits.
- Patience: Day trading requires a lot of patience, waiting for the right opportunity to come. Entering or exiting the market at odd times is the worst thing one can do, and the problem is most prominent among novice investors. It would help if you waited until a perfect call to action was designed and based on their strategy.
- Discipline: Discipline is one of the most prominent traits every investor needs, especially day traders. In a day, there come hundreds of opportunities for an intraday trader, in which, not more than 5% are profitable. One needs to use his mind to spot profitable trades and utilize tools like stop losses, limit order, etc. to maximize the gains. The bottom line avoids that 95% trades, sitting on the table, disciplined, waiting for the perfect signals.
- Loss Cutting: Successful traders master at one crucial skill, i.e. loss cutting. Why? Because each of them knows that capital is the essential point, preserving it is the only option to sustain in the trading game. Note that no trader wins all its orders,
- Record Keeping: Most winning traders keep a record of all their trades, including profit, loss, buying, selling price, tools used, etc. The habit aids the investors to avoid costly decisions and offer them a pot of information, helping them beat the odds and succeed.
- Planning: An investors who plan out his actions or trades is more likely to be successful than who don’t. A notable trait is sticking to it. Most traders plan a lot of things but lack in sticking to it. The habit makes you clear about your goals and ways to achieve them. Make sure to keep making alterations in the plans.
- Consistent: The best winners were the ones who were consistent in their efforts. However, most traders do the opposite and focus mostly on their gains and losses instead of continuing their efforts.
Top Forex Trading Investors to Follow
Ref Wayne: Wayne is the most successful forex trader in South Africa and has been in the list of top 10 forex traders list for the nation at an early age of 22. He is further activated in philanthropy entrepreneurship and puts a lot of effort for providing financial literacy to the South African people. He also has released a cryptocurrency named Pip coin and created the African Forex institute.
Wayne has upgraded his trading knowledge & skills with time and did a business out of it after struggling with a lack of career opportunities.
Paul Tudor Jones: Jones is one of the well-known traders in the world. The trader is one of the riches investors globally with a $4.5 billion (as on July 2018). Paul Tudor was born in 1954 and started his career as a clerk on the trading floor. With a degree in Economics, Jones completed his studies at the University of Virginia in 1976. Further, he also turned down the opportunity to go to Harvard Business School and operate as a commodities trader at the New York Stock Exchange before starting his organization, named Tudor Investment Corporation.
One of the well-known positions of Paul Tudor known was in October 1987. When all the market were plunging, Paul chose to go short and earn a whopping 62% profits, thereby ending the year with $100 million in profits for his organization. Jones was also the chairman of NYSE from 1992 to 1995.
Michael Marcus: Michael started his trading career with $30,000 savings but soon turned his investment into $100 million. He is also the founder of Commodities Corporation Company and is a successful commodities trader. One of his smartest movements was in 1980 during the Reagan presidency when DEM was trading undervalued. He bought the German currency, and that proved to be a smart choice for him. From 1985 to 1987, the German currency moved strong against the US dollar, and Marcus made millions out of it in payments from commissions.
Top Forex Trading Brokers
PrimeFin: PrimeFin is a Labuan based trading site that offers investment products and services at low cost. The firm is a licensed brokerage organization under Caps Solutions Ltd, having registration number LL16622. It is also regulated by LFSA (Labuan Financial Services Authority) bearing license number MB/20/0052. Apart from it, there are several payment portals for deposit & withdrawals, including VISA, VPay, wire transfer, and cards. Minimum deposit amount to start real trading with PrimeFin broker is $250, but clients still can practice via their demo trading account.
Some of the top features for PrimeFin broker are 350+ trading products, MT4 trading platform, an impressive research library, good education content, high leverage, and zero commission.
Brokereo: Brokereo is a CySEC (Cyprus Securities & Exchange Commission) regulated trading firm that facilitates low-cost investment services. The firm is an award-winning website and has been recognized as Best Retail FX Broker Europe 2020. The available payment methods include Skrill, Neteller, debit/credit cards, wire transfer, and e-wallets. The lowest spreads start at 0.03 pips, and the highest leverage goes up to 1:500. Note that the broker’s execution and response speed is better than the industry average, with 0.04 seconds order speed and less than one minute response time.
There are 300+ financial instruments available with Brokereo that includes stocks, forex, commodities, currencies, metals, ETFs, cryptocurrencies, indices, and many more. The learning resources include e-books, journal, articles, videos, seminars, webinars, and courses. You can contact the firm via telephone, email, live chat, or feedback form for further questions or try their free demo service account. eToro is a brokerage firm which allows their users to trade on a variety of instruments including forex, stocks, cryptocurrencies and more. It features an online investment platform so traders can access a full range of asset classes.
Conclusion
So, these were the top habit or qualities of successful traders that every trader should note. Until now, you must have known that trading is partially technical and partially psychological. A great trader posses the mix of these habits and develops a winning character. However, experience comes with practice, and for that, you need a free virtual account. PrimeFin broker facilitates trades and offers a free demo account to all the users for testing their services and practicing trades before entering the real market.
Apart from it, make sure to learn and enhance your knowledge before making a wrong move. You can learn through the education portal of Brokereo or PrimeFin.