Habits of Successful Traders

Trading Discussion Trading Lifestyle
21

Good question Ponponwei. :clap:
Judging by the definition posited by fellow traders here, about what they believe a successful trade to be, your question is as brilliant as it is important. While mine is making money from each trade for them as long as they follow their trading rules even if they dont win any trades they consider the trades successful.
Needless to say the majority of responses to this question will not come from actual successful traders but will be conjecture based on what people THINK embodies a successful trader.

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22

This is something that I think we should bear in mind. Most peopleā€™s definition of success is related to the results rather than process. I prefer the process myself. So, as long as Iā€™m following my plans and Iā€™m engaged with the process that means I am successful.

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23

So if the goal is to win the lottery and you dont win it for the next 40 years but are engaged and follow your process of buying 50 tickets weekly for those 40 years you consider yourself successful?
Brilliant chap. :clap:

24

If I won the lottery, I would trade for a few more years, and then try to win the lottery again

:rofl:

25

get used to updating myself.

26

same here dude. what podcasts do you listen?

27

it may differ from one to another.

28

Well, thatā€™s the misunderstanding mate.
Is there anything I can do to win the lottery? or is it all about chance? But about trading, thereā€™s plan to stick to and efforts to make.
With that mindset dude, you gonna hurt yourself :wink:

29

Winning the lottery? Thatā€™s totally random and based on luck. No education is needed. How on earth are you comparing the lottery to trading, mate?!

30

Nobody is comparing trading and gambling. The argument is about process and results. I could just as easily have used the defeated finalist in the last FIFA world cup as an example. The ignorance on here is absolutelyā€¦stunning.
And for your information trading actually IS gambling.

31

Again, you are talking about things that you have no control over them. FIFA finalist?! How you are engaged in that? Unless youā€™d be the coach, you have nothing to do with that. Thereā€™s no process or result in that for you. and trade is gamble? Good luck with that then :joy:

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32

If you cannot read and understand the English language I cannot help you. I will repeatā€¦the argument is about results and process in general, and this is not domiciled solely in forex trading. How difficult is that to understand?
When I see people actually liking your 'brilliant" post a term the young guys down here use comes to mind but I will refrain from saying it lest I run afoul of forum rules.
But tell me, what is the definition of gambling?

33

Look my man. When we talk about process and results, we are talking about things that you can control. All of your not-very-rational examples such as gambling or football are things that you are noting but an observer. so, why donā€™t you use that brain to think instead of just typing?!
And stop it dude, If you have no sense of how economy, politics and etc effect market, and you want to compare it to gamble and stuff, well be my guest.

34

Do you trade forex? I will like to learn from you

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35

Having emotions under control comes from accepting the things beyond your control
And as regards the market, uncertainties are the very things beyond control.

Regards from a Stoic.

36

for me , i have none of these good trading habits,after 16 years of learning and trading ,i still havenā€™t change a bit ,then im losing and now im profiting ,so i guess profiting has nothing to do with good habits.

37

While itā€™s true that everyoneā€™s journey in trading is different, and there may not be a single set of habits that guarantee success, many successful traders have found that certain habits help them to stay disciplined and focused.

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38

I think having good habit doesnā€™t mean YOU WILL BE PROFITABLE EVERAFTER. I think of them as things that increase the chance of making profit and also help you to avoid some mistakes that can cause failures.

39

Yeah, I trade forex, and itā€™s kind of you to want to learn from me, but there are far more experienced and professional traders to learn from than me. Pipsology can also teach you how to trade forex step by step and in the best method possible. :sweat_smile:

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40

lifes not that hard. take it easy. i didn do any of these and i think im already successful

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