There is a fine line between becoming a successful trader and becoming a trader who knows a lot, but can't make money in the stock market. There are a few key differences that define these two.
Stock traders who are successful will make their own trading decisions on how they would like to approach the stock market and what their specific goals will be. That way they can try out different trading strategies which can fit them and their specific trading goals the best.
Traders who are not successful may learn a little bit about the stock market, but when it comes to trading they generally look for free stock tips on what to buy then invest their money into them hoping to get rich quick. And of course get rich quick hardly ever works.
Traders who are successful will build their own systems and learn from their past failures. Because they are relying on themselves and constantly learning they are always moving forward and improving.
Traders that are not successful in the market will create a trading system, however once they start to experience some losses they will opt to leave their trading system instead of examining it and trying to learn something from it. Unsuccessful traders will bail out of their current trading plan and look for a "holy grail" that will not lose them any money.
Successful traders look for ways to control their emotions when trading. This way they can follow their system easier and not be thrown off by fear and greed, the two emotions that will lead to their downfall.
Unsuccessful traders follow their basic "fight or flight" instincts which cause them to lose money. For instance when a stock starts to go down, but hasn't hit their stop loss yet, they will often get scared and sell despite the fact that they have no reason to.
The traders that are successful are the ones that are always learning. They are learning how to improve themselves and their systems and over the long term this leads to some great performance.
Those who are not successful do not want to work at becoming successful. Instead of working to become rich they just want to be rich already. Anytime you want to get rich quick you are almost always going to find scams that will defer you from your true goals in life.
Stock traders who are successful will make their own trading decisions on how they would like to approach the stock market and what their specific goals will be. That way they can try out different trading strategies which can fit them and their specific trading goals the best.
Traders who are not successful may learn a little bit about the stock market, but when it comes to trading they generally look for free stock tips on what to buy then invest their money into them hoping to get rich quick. And of course get rich quick hardly ever works.
Traders who are successful will build their own systems and learn from their past failures. Because they are relying on themselves and constantly learning they are always moving forward and improving.
Traders that are not successful in the market will create a trading system, however once they start to experience some losses they will opt to leave their trading system instead of examining it and trying to learn something from it. Unsuccessful traders will bail out of their current trading plan and look for a "holy grail" that will not lose them any money.
Successful traders look for ways to control their emotions when trading. This way they can follow their system easier and not be thrown off by fear and greed, the two emotions that will lead to their downfall.
Unsuccessful traders follow their basic "fight or flight" instincts which cause them to lose money. For instance when a stock starts to go down, but hasn't hit their stop loss yet, they will often get scared and sell despite the fact that they have no reason to.
The traders that are successful are the ones that are always learning. They are learning how to improve themselves and their systems and over the long term this leads to some great performance.
Those who are not successful do not want to work at becoming successful. Instead of working to become rich they just want to be rich already. Anytime you want to get rich quick you are almost always going to find scams that will defer you from your true goals in life.
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