Successful traders are making money all over the world. You’ll need to be willing to do whatever it takes, from waiting on the sidelines to always buying the market. Here are 5 of the most important things you can look for in a trader to find yours.
Consistent Trade Cost & Time
Time and money are closely linked. Every $10 you invest in this trade takes you around 5 minutes to make. You must have time to put money at risk. You can’t be sure if you’re going to make it until the end of the trade or even until the following day.
You’ll always have to spend the money you have made on this trade and future trades. Time is critical. We find that most trades are profitable with a 50-60% success rate. Being profitable with a 1% loss can be considered good, but it’s easier to make money with a higher success rate.
Strong Sell Orders
This is probably the most important part of successful trading. A trader must have a Sell signal on every trade. Sell Orders are the equivalent to a stop loss. A Stop Loss prevents you from making more than you have lost. You can start your registration on veracity market as minimum deposit for veracity markets is not more than $250.
If you have a 40% success rate, you’re going to make 40% less than your money back. The profit you can earn by using a good Stop Loss strategy is massive. If you make a few profits, put a stop loss on the rest. If you’re not afraid to sell at a price that’s lower than what you paid, you’re going to make even more. Every little bit you earn will help you.
Vulnerable to Mistakes
Trading is as much about risk as it is about profits. Traders should never give up on a trade because they feel too sorry for themselves. If you’re losing money, get out. You’re better off walking away than to keep hoping for a turnaround. If it’s not working, there’s nothing more to do.
Mistakes happen. You won’t avoid making mistakes and you won’t always make money, but your losses will be smaller than they could be if you quit. If you’re careful, mistakes won’t cost you a lot of money.
Stay a Closet Trader
Don’t announce your trading strategies. That’s not only to preserve your reputation, but because many people try to follow you or simply copy you. You will lose thousands of dollars if you make a mistake and announce it to everyone. Keep everything to yourself and only tell close friends and family.
If you’re being followed, it’s best to either laugh it off or explain that you’re just following your style. It’s hard to hide that you’re a Tradesman when you take your clothes off.
Everything in Your Life is Fixed
This can mean a lot of things. Money, fame, position in life, your health, education, everything is “fixed.” For a Trader, everything is “fixed” and nothing you do will change that. You can’t buy success or wealth or fame or your health.
If you want to succeed at trading, you must accept that. You can either be a passive trader and hope that success comes to you, or you can be the life of the party and give every person in your life a piece of your mind.