Hi I’m Terry Tran, founder of The Freedom Trader. My mission is to help people create financial, time and location freedom through safe consistent trading in every market condition, even if you are a complete beginner.
Unfortunately, the majority of us who trade often wind up failing. In fact, the numbers are staggering.
We often hear the often quoted statistic that 90% of investors fail. The question that I always get asked is, what is a winning combination of traits that most successful investors have?
The first trait is to understand that there is always room for improvement.
We should never allow ourselves to become complacent. There is always something to learn, always something we can improve upon and always a more efficient way to do things.
We should be responding and adapting to the current financial climate and constantly analysing our trading. In order to improve, we need to educate ourselves. It doesn’t have to cost a lot of money or any money at all.
The internet is bursting at the seams with information about trading. Websites, trading blogs and YouTube videos cost nothing, but are invaluable.
Second, you must create a trading plan
Part of being a successful long-term trader is having a simple plan that is easy to stick to. Keeping it simple makes it more likely that we will follow it.
It also makes it easier to change and adapt to the fluctuating markets. Also, we must make sure that our trading plan is aligned with our personality.
The third characteristic is to be committed and don’t give up.
The reason we fail is very often a result of us deciding to give up. When we give up, we have no chance to succeed.
Winning at trading requires commitment. As committed traders, even when we go for stretches where we are taking losses, we stick with it because we know that in the long-term, it is likely that we will recover.
Always remember though, the only way to become profitable is to stick with it through all of the ups and downs.
Lastly is have a winning mindset.
Without a winning mindset, our chances of success are minimal. To be successful, we must believe in ourselves and our abilities. The best way to gain that confidence is through practice.
Those of us embracing a winning mindset are not afraid of failure. We know that the market may be volatile in the short-term, but we also know that in the long-run, our trading plan will lead us towards our financial goal.
It never helps to stress out about long-term performance, we simply need to trust in our plan.
How profitable or successful we become as an investor depends upon our ability to stick to our plan, no matter how rough things seem at times. It depends upon our ability to commit and not give up.
Today, we covered the characteristics of a successful trader which are:
- understand that there is always room for improvement
- create a trading plan
- be committed and don’t give up, and
- have a winning mindset
By cultivating these characteristics within ourselves, we will be able to secure a financially sound future.
Thanks for watching! You can go to my website and download my fast start 10 step stock checklist and video lessons all for FREE! Just go this link > stockstotrade