Work Your Way To The Top: Become One Of The Top 5% Traders
Whether you are on the brink of a new trading venture or are a seasoned professional the million-dollar question (literally) is: how do I become a top trader with a successful track record?
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Whether you are on the brink of a new trading venture or are a seasoned professional you have one million dollar question (literally). How do I become a top trader with a successful track record?
As you can imagine the answer to that is not as straightforward as you want it to be. Learning everything you need to know about the financial markets is a must. However, even the most experienced financial gurus are not automatically amongst the top 5% of traders in the industry. So what distinguishes the savvy from the suckers? This is where we come in.
In this article, we count down the top 3 tips that can differentiate you from 95% of the traders and help you climb your way to the top of the industry. Read on.
- The one rule that tops them all
- Other rules that all successful traders follow
- Practical tips from those who have already made it
Tip #1: The One Rule That Tops Them All
Every trader knows that he or she is nothing without the best secret weapon a trader can have: a trading strategy!
Trading is at the end of the day very similar to business and entrepreneurship. In order to make it big as an entrepreneur you need to ace it in two things:
1. Devise a great business strategy
2. Differentiate yourself in your niche from your competitors.
Successful traders know that they cannot start trading before they have devised a thorough strategy. It is also vital to stick to your strategy and not deviate from the goals you compiled.
Ross Cameron is a successful day trader that made over $222k trading on the markets, in 2016. His tips for a winning strategy? KISS: keep it simple sweet. Making your strategy simple helps you minimize the probability of error and can easily maximize your potential earnings. According to Ross, being a professional trader means repeating the same patterns over and over again. This means that you need to make sure your strategy is simple can help you react better to the markets’ volatility as it does not leave room for further complications from your actions.
Tip #2: Learn From Your Mistakes
“Mistakes are a fact of life. It is the response to error that counts.”
Nothing could be truer than this quote by Nikki Giovanni. Everyone makes mistakes. Some mistakes may cost you more than others however losses are futile if you don’t pick yourself up from a failure and make sure you do not repeat the same mistake again. Most people who can trade professionally have been where you are now. What set them apart from others was their ability to review their actions every step of the way, assess what was done wrong and put a plan into action to ensure these mistakes were not repeated.
Victor Sperandeo was one of the few people who predicted the Black Monday crash in 1987. He says that being financially savvy and intelligent is not be-all and end-all of trading. Many traders make the mistake of conjuring a false image of how traders should be. The false image is that traders never make mistakes and that they always predict the market correctly.
The reality couldn’t be further than the truth. There is nothing wrong with being wrong. Instead, set attainable goals that keep you motivated and realize that mistakes happen. The biggest mistake is only when you keep repeating these errors.
Tip #3: Push Yourself
It takes a certain kind of personality type to revel in the adrenaline-fueled lifestyle of the trading world and try your hand at trading every day. The above tip to expect the unexpected may be the most obvious advice to anyone who has traded on the live markets a day in their life.
However, as most successful people, in any industry know, there is always something new to learn and new adventures to conquer. In fact, you can do multiple things to keep improving. You can choose to spend a couple of hours a day in a trading course, learning new techniques. You can try your hand at trading a forex or crypto pair that you never traded before. You can also choose to mindfully excel before you start your trading session. Sometimes it is simply making sure you are in the right mind frame to be your very best.
You can join the top 5% of traders by making the right choice and taking a great first step! Choose a broker you can trust and trade like a sage today. Sign up now.