In the game of trading the financial instruments, where the rate of failure is more than 95 percent, it’s interesting to know what to do that makes you a consistently successful trader.
I’m not a consistently successful trader, but I’m fascinated with the idea of installing at least some of the supernatural powers that give few people the ability to make money at their will.
Most of us are not trained to think in terms of probabilities, and as we all know, trading is a game of chances; we can’t achieve success without having a probabilistic mindset. We’ve to learn to witness both sides’ potential risks involved in a trade and the responsibility to turn the business in our favor.
One of the critical qualities of traders who make more winning trades than losing ones is their ability to be in the present, witnessing the reality as it is without letting themselves be influenced by their thoughts and emotions.
The consistently successful traders don’t operate from feelings of positivity and hope. They’ve been clear about their trading plan and trading system. They’re focused on executing the trade as the signal is not what their feelings are tellings them. In short, they don’t get biased by fluctuations in their heads and sensations in their body.
Trading is a highly stressful work where one needs clarity of mind and complete focus. Often the bad experiences of the past, fear of losing money, and being proved wrong comes to our mind when we dare to take a trade. The negatively charged emotions of fear and greed start to rule our minds. We forget about our trading setup or game plan, take random entries and unplanned exits, and blame the market for our loss.
Unlike us, the successful traders do precisely what needs to be done, nothing more or less. They execute the trade according to the trading setup or game plan. Self-discipline is key to success in financial markets. Often we break our rules, but they stick to their system, which creates all the difference.
Although this article is dry instead, it has knowledge that can help us elevate our trading skills to the next level. I hope you found something valuable here—good luck and suitable trading.