Ten Powerful Psychological Traits of the Rich Trader
- They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong.
- They have the ability to not only close a losing trade but reverse and go in the other direction when it is called for.
- The rich trader is not trying to prove anything about themselves they are focused on making money.
- They do not fall in love with an idea, currency, commodity, or stock they will make trades based on price action.
- Rich traders know that the market action is their ultimate boss regardless of their opinions.
- No matter how sure they are about a trade they still ALWAYS manage the risk.
- Rich traders get more aggressive when winning and trade smaller or take a break during a losing streak.
- A great trader is one that can admit to anyone that they were wrong.
- Rich traders do not believe their own hype, they know they can not really predict the future they can only react to current reality and the probabilities.
- Rich traders love what they do, win or lose.
When you are trading like that, it is hard to be beaten. Time is your friend.