I'm often asked:
“What are the common traits of successful traders you interview on your podcast?”
This took me a lot of thinking & hours with no wifi to put together.
But here's what I'd break it down to:
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#1 – Focus On The Process
Successful traders see trading not as a win/lose game, but instead as a process to be executed on like a pro.
It’s not about being happy for the wins, nor being frustrated for the losses.
It’s about sticking to the process no matter what.
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#2- Consistent Actions Create Results
Everyone wants consistent trading money coming in every month, but very few people are willing to put in consistent actions.
It's a sad truth because you can't become a consistent trader if you only follow your strategy when you feel like it.
I once asked a trader managing a $30M fund what he thought the difference was between guys who stayed in trading long-term and those who didn't.
His response was clear:
“It’s consistency. Everyone loves to talk about winning trades. You could go to a Christmas party and people will tell you about the great trades they made, but the problem is: it’s not that one trade that counts.”
That sums up the whole idea surrounding consistency.
Consistent actions eventually lead to consistent results!
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#3 – Track & Review As Much As They Can
Most successful traders would argue placing trades is one if the easiest parts of trading.
Most of the important work happens after you’re done trading.
I might spend 20-30 mins a day taking trades & watching the market.
But 1-2hrs on the weekend on my analysis & tracking.
I do a bunch of things, but the most important one consists of going over my trades to see how I can improve.
Questions are powerful here and many one thing I learned from my podcast interviews is to asked myself questions to move forward.
Here are a couple of questions to ask yourself periodically:
- Did you follow your plan for the day/week/month?
- Did you make any mistakes?
- Is there any way you can better adapt to the current market?
- What is the #1 challenge you must learn to deal with right now?
Some traders even went as far as printing their charts every week and sitting down in a coffee shop for a few hours to review them. It works!
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#4 – Prepare Your Mind For The Trading Day
You get two types of extreme traders…
Those that think “mindset is everything”. And those that say out loud “mindset is useless”.
These types of traders generally aren't very successful at trading.
Those that are really successful don't see mindset as the end-all-be-all, but instead as an important area to work on.
They'll have a specific routine to get them started for the trading day.
And they'll notice quickly if their mindset isn't optimal.
Because mindset can strongly influence your results… good or bad!
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#5 – Treat Trading Like A Business
“If you treat trading like a hobby, it’s going to pay like a hobby.”
If instead you built a business around your trading, I'm guessing your results would be much better!
That means you must have a plan, take calculated risks, have a team around you, and develop new edges constantly.
Traders who get complacent usually fall behind pretty quickly, especially when the market is changing.
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So hope this helps you get a good start to your day!
If you want help scaling up your trading to $4k/month by leveraging online prop firms?
Shoot me a message at my FB page below with the phrase “300 traders” and I'll get you the details.
==> https://m.me/desiretotrade
Keep crushing it 💪 📈
