Today’s market is one of the most volatile propositions anyone can get involved in. I’m not saying this to scare anyone, quite the contrary. Today’s markets, regardless of niche, present a plethora of opportunities for profit. The key is to be able to develop the characteristics that all successful traders have developed over the years and stick with them.
– Let it happen – let’s say this in a different way so it really sinks in, “NEVER FORCE A TRADE”. The streets are literate with traders who fidgeted and read too much into a small trend just so they could pull the trigger on a deal. A small trend does not make a good business. Sometimes it can take days, weeks or months before an offer worth investing in comes along. Wait until the time is right and then jump.
– Have a plan: There is no successful trader who just cobbles it together. Sure, there may be some cowboys who have been able to survive for a while doing that, but eventually they all go broke. Develop a game plan and follow it to the letter. By creating goals and putting your plan in writing, you are establishing a roadmap for your business career. It’s much easier to spot when you’re drifting like this than just going with the flow.
– Control your emotions: Listing this third party could be a mistake because it is the first thing that every trader should know. If you become attached to a company, stock, commodity, or currency, you’re much better off throwing your money down the chimney and saving everyone the time and hassle. Sometimes your little stock girlfriend will cross paths with you and cause a loss. Just let her go and find the next lady. If you hold on to her too long, all she’ll do is take you to the poor house.
– Expect to succeed: Going in with an attitude of defeat will likely produce that same result. Expect to do well, even when you find yourself in difficult times. If you believe you will succeed, you will ride the waves knowing that they are only temporary.
– Follow suit: There are so many successful traders out there, all you need to do is set one up and see what they do. By joining a trader who has had repeated and consistent success over the years, you learn his secrets and then adapt them to your own plan. There will be a few tweaks here and there, but why reinvent the wheel when you don’t have to? Never be too proud to take advice from someone who has dominated the market year after year.
If you want to be a successful trader, these few tips will go a long way in making sure you are successful. Never be too proud to ask for help when that help will make you a more successful trader. By having a plan, controlling your emotions, not forcing trades, and allowing someone to guide you, your chances of creating an income that will allow you to enjoy those golden years are dramatically increased.