Thursday, 31 January 2019
Quote for the day
"Don't argue for other people's weaknesses. Don't argue for your own. When you make a mistake, admit it, correct it, and learn from it--immediately." - Stephen Covey
Wednesday, 30 January 2019
Quote for the day
"To create something exceptional, your mindset must be relentlessly focused on the smallest detail." - Giorgio Armani
Tuesday, 29 January 2019
Quote for the day
"Strive for excellence, not perfection, because we don't live in a perfect world." - Joyce Mey
Monday, 28 January 2019
Quote for the day
"The biggest obstacle to finding a professional adviser is not being clear about what you want." - Paul Clithero
Sunday, 27 January 2019
What Personality Traits Do You Need to Be a Successful Trader?
By Boris Dzhingarov
When you first start trading, you’ll find there are tons of resources out there. While this can be a good thing, it can also become quite overwhelming. In order to be a successful trader, you need a mix of knowledge and the right personality traits to succeed. All the knowledge in the world won’t help you if you’re impatient and blow your money quickly. In this article, we’re going to look at the personality traits you need
Discipline
As described on Engine Forex, discipline is key if you want to be a successful trader. Many traders are guilty of being undisciplined, but the majority of these won’t last long. The main culprits are what those in the industry call ‘system jumpers’. This means that they create a system but the second it stops working, they switch to a new system. This is a bad idea as you need to try your system for a minimum of 30 days to see whether it is working for you or not. Bad trades are common, but you won’t know whether that’s down to the system or not if you only use it for a week.
Patience
Can you sit on your hands and force yourself not to act? Can you remain calm and collected even when your trades appear to be collapsing? If so, you have one of the most important traits traders need. Trading can be likened to a marathon; not a sprint. You need to be willing to research, assess the trades you’re considering, and trade without rushing. It is very unlikely that you will make millions of dollars on your first trade, so you need to be prepared to go into it for the long haul. The best traders are not those who are willing to place a high-risk stake, but those who are consistent over the long term.
Discipline
As described on Engine Forex, discipline is key if you want to be a successful trader. Many traders are guilty of being undisciplined, but the majority of these won’t last long. The main culprits are what those in the industry call ‘system jumpers’. This means that they create a system but the second it stops working, they switch to a new system. This is a bad idea as you need to try your system for a minimum of 30 days to see whether it is working for you or not. Bad trades are common, but you won’t know whether that’s down to the system or not if you only use it for a week.
Patience
Can you sit on your hands and force yourself not to act? Can you remain calm and collected even when your trades appear to be collapsing? If so, you have one of the most important traits traders need. Trading can be likened to a marathon; not a sprint. You need to be willing to research, assess the trades you’re considering, and trade without rushing. It is very unlikely that you will make millions of dollars on your first trade, so you need to be prepared to go into it for the long haul. The best traders are not those who are willing to place a high-risk stake, but those who are consistent over the long term.
Self Confidence
While copy-trading is a good strategy for those starting out in trading, long term you need to have self-confidence in your own trades, and your knowledge. Self-confidence isn’t something that every trader has from the outset, but it is something that can be learned over time. Start out by learning the basics and sign up to some trading news outlets. Try to avoid traders and news outlets that like to speculate without any facts behind them and feel confident in your own analysis. Yes, sometimes you will get it wrong, but you’ll learn why and how to avoid your mistakes in the future. If you review your trades at the end of each day/week, do your own analysis, listen to news as it hits the market, and even perform some practice trades, you’ll find your self-confidence builds. Rely on this, not other people.
Trading is not a career that suits everyone, but if you have discipline, patience and self-confidence, you may find it is the perfect career choice for you.
While copy-trading is a good strategy for those starting out in trading, long term you need to have self-confidence in your own trades, and your knowledge. Self-confidence isn’t something that every trader has from the outset, but it is something that can be learned over time. Start out by learning the basics and sign up to some trading news outlets. Try to avoid traders and news outlets that like to speculate without any facts behind them and feel confident in your own analysis. Yes, sometimes you will get it wrong, but you’ll learn why and how to avoid your mistakes in the future. If you review your trades at the end of each day/week, do your own analysis, listen to news as it hits the market, and even perform some practice trades, you’ll find your self-confidence builds. Rely on this, not other people.
Trading is not a career that suits everyone, but if you have discipline, patience and self-confidence, you may find it is the perfect career choice for you.
Source:www marketoracle.co.uk
Quote for the day
"An average person with average talent, ambition and education, can outstrip the most brilliant genius in our society, if that person has clear, focused goals." - Brian Trac
Saturday, 26 January 2019
Quote for the day
"All business proceeds on beliefs, or judgments of probabilities, and not on certainties." - William Hewlett
Friday, 25 January 2019
Thursday, 24 January 2019
Quote for the day
"The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively." - Bob Marley
Wednesday, 23 January 2019
Quote for the day
"The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market." - George Soros
Tuesday, 22 January 2019
Quote for the day
“A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing.” - George Bernard Shaw
Monday, 21 January 2019
Quote for the day
"The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains." - Mark Skousen
Sunday, 20 January 2019
10 Keys To Becoming A Successful Trader
By Timothy Sykes
Below, I detail some of the steps needed to begin your journey toward becoming a trader.
1. Make a resolution to learn. Action follows intention, so take your first step toward trading by making a resolution to learn how to trade stocks. Don’t gloss over this step or take it lightly. Take the time to consider why you want to learn about the stock market and what you hope to gain from it. Mentally prepare yourself for the work and study ahead. This sets your foundation for learning about trading and will help you in setting goals at a later date.
2. Do your research. Now that you’ve made a decision that you want to get into the stock market, it’s time to figure out how to go about it. Rarely will it be a good idea to just jump in there and start trading, with no knowledge and no preparation of any kind. If you do that, what will likely happen is that you’ll lose money, get discouraged and quit, before you’ve even given yourself a chance to truly succeed.
3. Get in “back to school” mode. Once you’ve found some resources, set yourself to the task of learning. Learn all that you can about the market. Be obsessive about learning. Put aside specific blocks of time, on a daily basis, to learn about the market and dedicate yourself to your learning program. Hold yourself accountable and be strict about sticking to your regime.
4. Set goals. Remember how I earlier alluded to taking a few moments to consider your motivation for getting into the market? Now that you’ve started to learn, it’s a good time to really get clarity on your goals.
Set specific goals for what you hope to attain by becoming a trader. Is it buying a big house by the water or purchasing your girlfriend’s dream engagement ring? The more specific your goals, the better. They will serve you as you start trading and they will help keep you inspired. You can always adjust these goals, based on your progress. But, it’s not only useful, but CRUCIAL to aim high, so that “big goal” will continually motivate you throughout the difficult, but necessary study/preparation period.
5. Seek guidance. One of the best ways to streamline your learning is to seek out a mentor. This can be anyone who is further along in their trading career than you. Often, this individual will not only offer valuable insight, based on their own experiences, but can also guide you toward other resources that were helpful to them. In essence, they can help shed light on the path ahead and assist you in avoiding common pitfalls, thus speeding up your learning curve dramatically.
6. Start trading. So, you’ve learned the basics, you’ve held yourself accountable and you have good guidance. At a certain point, it’s time to get out of the nest and start flying. Start small with your trading. Research trades that will offer the most minimal risk and see how it feels to even pull the trigger. Maybe you’ll lose some money, maybe you’ll make some. Either way, it will give you valuable feedback for moving forward and you must learn to grow your KNOWLEDGE account before you can consistently grow your bank account.
7. Evaluate your progress. As you start to trade, take the time to pause and see what is going right and what is going wrong. Both aspects are equally important.
For example, if you’re doing something right, then definitely make note of it, so that you can continue doing it, focus more on it and maintain an upward trajectory. How could you keep doing the things that are going well, but streamline your process? Refining your technique will help you repeat your successes quicker, in the future.
On the other hand, if you’re doing something wrong, consider that just as strongly. How could you eliminate your “wrong” behaviors moving forward or conduct yourself differently in the future? How could you eliminate bad habits, so that they won’t hold you back?
8. Cultivate good habits. Millionaires come in all shapes and sizes, but many of their good habits remain constant, across the board, no matter who they are. Take the time to cultivate these habits. You might start small, by waking up a little earlier each day. But, ultimately, you want to refine all of these millionaire habits, including good saving habits, developing the ability to self-reflect, redefining your definition of failure and maintaining a strong commitment to giving back to your community.
It’s important, during your growth as a beginner trader, to practice good habits, such as cutting losses quickly to minimize the risk of a potentially large disaster, even if small losses are frustrating to take.
9. Banish bad habits. Just as you want to discover and emulate the good habits of successful people, you want to banish the bad habits that might be holding you back. Maybe you’re held back by a fear of failure or you aren’t dedicated enough to learning. Be honest with yourself about your shortcomings and strive to improve yourself on a daily basis.
Below, I detail some of the steps needed to begin your journey toward becoming a trader.
1. Make a resolution to learn. Action follows intention, so take your first step toward trading by making a resolution to learn how to trade stocks. Don’t gloss over this step or take it lightly. Take the time to consider why you want to learn about the stock market and what you hope to gain from it. Mentally prepare yourself for the work and study ahead. This sets your foundation for learning about trading and will help you in setting goals at a later date.
2. Do your research. Now that you’ve made a decision that you want to get into the stock market, it’s time to figure out how to go about it. Rarely will it be a good idea to just jump in there and start trading, with no knowledge and no preparation of any kind. If you do that, what will likely happen is that you’ll lose money, get discouraged and quit, before you’ve even given yourself a chance to truly succeed.
3. Get in “back to school” mode. Once you’ve found some resources, set yourself to the task of learning. Learn all that you can about the market. Be obsessive about learning. Put aside specific blocks of time, on a daily basis, to learn about the market and dedicate yourself to your learning program. Hold yourself accountable and be strict about sticking to your regime.
4. Set goals. Remember how I earlier alluded to taking a few moments to consider your motivation for getting into the market? Now that you’ve started to learn, it’s a good time to really get clarity on your goals.
Set specific goals for what you hope to attain by becoming a trader. Is it buying a big house by the water or purchasing your girlfriend’s dream engagement ring? The more specific your goals, the better. They will serve you as you start trading and they will help keep you inspired. You can always adjust these goals, based on your progress. But, it’s not only useful, but CRUCIAL to aim high, so that “big goal” will continually motivate you throughout the difficult, but necessary study/preparation period.
5. Seek guidance. One of the best ways to streamline your learning is to seek out a mentor. This can be anyone who is further along in their trading career than you. Often, this individual will not only offer valuable insight, based on their own experiences, but can also guide you toward other resources that were helpful to them. In essence, they can help shed light on the path ahead and assist you in avoiding common pitfalls, thus speeding up your learning curve dramatically.
6. Start trading. So, you’ve learned the basics, you’ve held yourself accountable and you have good guidance. At a certain point, it’s time to get out of the nest and start flying. Start small with your trading. Research trades that will offer the most minimal risk and see how it feels to even pull the trigger. Maybe you’ll lose some money, maybe you’ll make some. Either way, it will give you valuable feedback for moving forward and you must learn to grow your KNOWLEDGE account before you can consistently grow your bank account.
7. Evaluate your progress. As you start to trade, take the time to pause and see what is going right and what is going wrong. Both aspects are equally important.
For example, if you’re doing something right, then definitely make note of it, so that you can continue doing it, focus more on it and maintain an upward trajectory. How could you keep doing the things that are going well, but streamline your process? Refining your technique will help you repeat your successes quicker, in the future.
On the other hand, if you’re doing something wrong, consider that just as strongly. How could you eliminate your “wrong” behaviors moving forward or conduct yourself differently in the future? How could you eliminate bad habits, so that they won’t hold you back?
8. Cultivate good habits. Millionaires come in all shapes and sizes, but many of their good habits remain constant, across the board, no matter who they are. Take the time to cultivate these habits. You might start small, by waking up a little earlier each day. But, ultimately, you want to refine all of these millionaire habits, including good saving habits, developing the ability to self-reflect, redefining your definition of failure and maintaining a strong commitment to giving back to your community.
It’s important, during your growth as a beginner trader, to practice good habits, such as cutting losses quickly to minimize the risk of a potentially large disaster, even if small losses are frustrating to take.
9. Banish bad habits. Just as you want to discover and emulate the good habits of successful people, you want to banish the bad habits that might be holding you back. Maybe you’re held back by a fear of failure or you aren’t dedicated enough to learning. Be honest with yourself about your shortcomings and strive to improve yourself on a daily basis.
10. Keep at it. When it comes to learning how to be a successful trader, this “how to” list isn’t necessarily linear. These are steps that you should constantly revisit, no matter how new or seasoned you are at trading stocks. To truly find success in the stock market, you have to remain diligent. You need to keep revisiting your goals, keep motivated, keep on top of good and bad habits and keep refining your process.
Persistence pays off, when it comes to trading stocks. So does diligence. By staying connected to your goals and by sticking to your trading, through the good times and the bad, you’ll create an inner fire and passion for the process that will make you a trader for life. And, that is truly the key for long lasting success and happiness: a deep passion and connection to what you are doing. Enjoy the journey.
Source: www.timothysykes.com
Persistence pays off, when it comes to trading stocks. So does diligence. By staying connected to your goals and by sticking to your trading, through the good times and the bad, you’ll create an inner fire and passion for the process that will make you a trader for life. And, that is truly the key for long lasting success and happiness: a deep passion and connection to what you are doing. Enjoy the journey.
Source: www.timothysykes.com
Quote for the day
"Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless." - Jamie Paolinetti
Saturday, 19 January 2019
Quote for the day
"Always be a first-rate version of yourself, instead of a second-rate version of somebody else." - Judy Garland
Friday, 18 January 2019
Quote for the day
"Don't worry about failures; worry about the chances you miss when you don't even try." - Jack Canfield
Thursday, 17 January 2019
Wednesday, 16 January 2019
Quote for the day
"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." - William James
Tuesday, 15 January 2019
Monday, 14 January 2019
Quote for the day
“Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless.” – Jamie Paolinetti
Sunday, 13 January 2019
Saturday, 12 January 2019
Quote for the day
“Happiness is not something readymade. It comes from your own actions.” – Dalai Lama
Friday, 11 January 2019
Quote for the day
"You always have two choices: your commitment versus your fear." - Sammy Davis, Jr.
Thursday, 10 January 2019
Quote for the day
"You may not control all the events that happen to you, but you can decide not to be reduced by them." - Maya Angelou
Wednesday, 9 January 2019
Quote for the day
“Optimism is the one quality more associated with success and happiness than any other.” - Brian Tracy
Tuesday, 8 January 2019
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