In my thousands of hours of study of top traders and what has enabled me to make money in the market I have noticed 10 common habits of billionaires, millionaires. and skills I had to develop in my own years of profitable trading:
They think for themselves. They have their own system, methodology, and plan already predetermined, they don’t have to go looking for others opinions.
They do not care when others disagree. They are trading signals, systems, and managing risk/reward ratios they are not concerned with others disagreeing or heckling their trades. Many times that is a good sign they are on the right side as the majority is losing money.
They can trade safely through chaos. Their position sizing keeps them safe from big losses, when the market gets volatile their trades get smaller.
They are always learning. They are always reading, studying markets, and backtesting systems. They are looking to improve on their edge, not reinvent the wheel.
They do not participate in market debate. They do not waste time and energy on arguing with others about a nonexistent future. The market chooses the winners and losers in real trades not by arguments.
They cut losses quickly. They do not waste time on losing trades. They keep losses small and limit the time they spend in trades that go nowhere. They free up capital to use in winning trends, they are quick to quit holding and hoping on losing trades.
Their opinion matches the price action. Great traders are simply long in bull markets and short in bear markets. They are using systems to stay on the right side of a trend.
They trade small. Their money is from consistent wins and an up trending equity curve not big gambles and risky bets. No one position puts too much capital at risk. Each of their trades is just one of the next 100 trades.
They have confidence. They believe in their method and process and their own ability to execute it with discipline.
They never quit. Trading is their life passion, they love the game of the market. They never give up the path to profits and wealth building.
The more of these habits you develop the greater the odds of your long term trading success.