How to Be a More Successful Trader
Being a successful trader isn’t easy and you must always remember that 90% of traders lose…mostly due to a lack of studying and preparation. One of the most telltale signs of a good trader is the desire to continue improving and then doing what’s required, that being putting in the time and effort OUTSIDE OF MARKET HOURS, to actually make it happen. Even when you do become a successful trader, you are constantly looking for ways to improve your performance, because we see the positive effects on our careers and our bank accounts too!
This isn’t always easy, because it requires some constructive self analysis and a willingness to put in the work that is necessary to facilitate improvement. But if you’re willing to put in the effort, you will become a more powerful trader. These are seven simple ways to improve your trading and overall success.
1. Visualize success. This is a simple thing to do, and incredibly effective. So why is it that so many traders forget or overlook this simple thing? Take a few moments, every single day, to visualize yourself succeeding. Whether it’s a trade, a business deal, or even a personal matter, visualize yourself succeeding at whatever it happens to be. Relish that feeling, and hold on to it. Then, resolve to attain it in real life. Even if you’re new to trading or just considering the Tim Sykes Millionaire Challenge, this is a good habit to add to your routine.
You won’t become successful unless you truly want to become a successful trader. This step will fire your desire so that you will want to keep getting better.
2. Be honest about what you want. What is it that you really want to gain from your efforts as a trader? Do you want to buy your parents a new house? Do you want to create an educational endowment? Or do you just want enough so that you can be impressive to potential romantic partners? None of these reasons are wrong. But you have to be honest with yourself about what you’re working toward.
If you try to pretend that you want to make money for other reasons than the truth, you will fizzle out as a trader. Be honest about what you want. Own it, and set goals based on it. This will make attaining your goals, and staying committed to them, much easier.
3. Take stock of everything you’re doing wrong. If you want to improve your trading by leaps and bounds, then take an honest and constructive inventory of your bad habits.
Really dig deep and observe what habits are serving you…and which ones are not. This level of self introspection can be difficult, but it will pay off.
By identifying your weaknesses or bad habits, you’ll be taking the first step toward eradicating them. This leaves room for good millionaire habits which will not only improve your trading and bolster your bank account, but may improve your overall quality of life.
4. Don’t complain. Have you ever noticed how the least successful trader in the room always complains the most? If you’re a chronic complainer, then my advice is this: stop it. Stop blaming situations or people for your lack of success. It’s boring, and it also becomes a self fulfilling prophecy.
One of the most powerful things you can do as a trader is to begin owning your actions. This means that you’ll have to put in the time to be confident of your trades and what you are doing. This requires practice and the education to back up your actions. Which leads to the next point…
5. Learn everything. If you want to become powerful and rich, then become absolutely addicted to learning. Let the Tim Sykes Million Challenge be your education on the ways of trading, but don’t stop there. Read the news, listen to podcasts, read biographies of successful traders, and even follow trends on social media. By learning all that you can, you will become more well-rounded and have better ideas. You’ll also be able to make more informed decisions.
A great education that is ongoing for your entire life is a habit of longtime millionaires. Why not join them?
6. Learn to love the process. This tip is possibly one of the best things that could happen to your trading career. If you learn to love the process of trading, everything will instantly become easier, and your trading will become stronger.
If you’re working at something you don’t love, everything is more difficult. You constantly feel like you’re engaged in an uphill battle. However, when you’re doing something you love, whether it’s cooking, kayaking, or playing chess, the time seems to fly by because you’re enjoying it so much.
So, try to make trading one of your true pleasures and passions. What about trading do you like? Is it the fast pace and the promise of big payoffs? Focus on that. If you consider trading to dull work that you have to do for money, it will always be a struggle and you’re likely to burn out. However, if you look at every day and every trade as an exciting prospect, your career will ascend much faster and more enjoyably.
7. Don’t give up. Obviously, you’re not going to be a great trader if you give up the moment that you have a bad trade and lose money. But I mean this on a larger scale….read this blog post to better understand the importance of patience.
Every trader will experience setbacks, and it’s important to take a pause after them to learn from mistakes so that you can move forward in the future. Over time, this has the benefit of improving your constitution so that when something bad happens, you’ll be better able to deal with it. You never want to totally shut off emotion, but growing a thicker skin when it comes to trading is a must for longevity.
No matter what happens, things can and will improve. But if you give up, you’ll never know what could happen.
Being a successful trader is possible for anyone. But to remain successful in the long term, you need to commit to constantly improving yourself, your methods, and your knowledge base. If you follow the seven tips detailed in this post, you’ll be well on your way to a long and prosperous career in trading.
What’s holding you back from success? Leave a comment below and be honest with me and I’ll help you improve in 2018!