Common Denominators of Successful Traders?

ETF Trend Trading

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Successful traders seem to have certain characteristics in common. One such trader, nicknamed Big A, has pinpointed 5 charactristics:

1. It is usual for successful traders to have had a mentor, even after achieving success. That’s a good reason to have a mentor with a proven track record. If you can learn a system from a successful trader, that will give you a head start.

2. Successful traders remain emotionally detached. Once you have entered a trade, you need to ask yourself if you can hold position until the pre-planned exit strategy is met? BIG A admits that it’s fun to watch your trading account soar in a matter of days, but watching it too closely can be dangerous. Be disciplined, and his after market trading plan will eliminate 99% of emotion.

3. Successful traders don’t “make things happen”. If you try to force the market and enter too early because “you know it’s going to go up” you will get hurt. The secret is to be a follower, not a leader. Follow your system (if it’s a proven system) and don’t make things happen outside of it. Impulsive, trigger happy mouse clicking should be done on a demo account, not live with your money. Just don’t think when you get lucky a few times that it’s ok to “make things happen”. That is precisely why you should use a system, stick with it, and profit from the edge it gives you.

4. Successful trades are prepared. It is vital to not only have a trading plan, but stick to it whatever the market might be doing. You need to learn how to quickly and easily plan every single trade you make. For example, in BIG A’s system, you only need to trade each night for 5-10 minutes after learning the system.

5. Those traders who succeed usually have an expectation of being rich. Can you visualize wealth as a part of your normal life? A successful trader is able to. Don’t limit yourself. Prosperity must be on the inside of you before it is on the outside. If not, your account may suffer as it reaches new heights due to a feeling you do not deserve riches. Thinking how to overcome any psychological barriers to success is imperative. Your mentor can help you with that.

Big A actually has his own ETF Funds trend trading course, in which he teaches his own system of day trading for exchange-traded funds.

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