20 Habits Of Wealthy Traders

1. Wealthy traders are patient with winning trades and enormously impatient with losing trades.

2. Wealthy traders realise that making money is more important than being right.

3. Wealthy traders view technical analysis as a picture of where traders are lining up to buy and sell.

4. Before they enter every trade they know where they will exit for either a profit or loss.

5. They approach trade number 5 with the same conviction as the previous four losing trades.

6. Wealthy traders use “naked” charts.

7. Wealthy traders are comfortable making decisions with incomplete information.

8. Wealthy traders stopped trying to pick tops and bottoms long ago.

9. Wealthy traders do not think of the market as “expensive” or “cheap”.

10. Wealthy traders are aggressive with size when they are doing well and modest when they are not.

11. Wealthy traders realise the market will be open tomorrow.

12. Wealthy traders never add to a losing position, ever.

13. Wealthy traders judge their trading success on anything but money.

14. Wealthy traders read about mobs, riots and human psychology.

15. Wealthy traders see themselves as market makers.

16. Wealthy traders practice reading the right side of the chart, not the left. Well, after

17. Wealthy traders have an “edge” in the markets.

18. Wealthy traders determine position size based on risk, not round numbers.

19. Wealthy traders buy strong markets and sell weak markets.

20. Wealthy traders play the reaction , not the news.

 

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