1.How Millionaire Traders Think & Who is Millionaire Trader
To think and act like millionaire traders you need to know the difference between a millionaire trader and lost traders. Millionaire traders are the successful people in trading; the lost traders are the unsuccessful people in trading.
Only slight differences between them. As trader in the same path initially they don’t have experience , Only hope Make them to achieve big in trading.
Successful Trader in Early Stage
Learn the process with own strategy make investments at smaller rate focuses on upgrading their trading values rather than making money.
Unsuccessful trader blindly jumps into trading without adequate knowledge about trading they copy others strategy and wants it to work for them too focuses more on the money than in the process, doesn’t upgrade their values.
Once they meet loss instead of dealing they just give up, but a successful trader analyze the situation and find a solution
Follow the Footsteps of Successful Traders
To become successful traders you have to understand their belief system, follow their mental traits learn their trading process . You must have an mindset of successful trader, learn and study the market and implement in trading.
Millionaire Traders Think and Act
Millionaire Value Confidence
They has no doubts Confidence is key stick to plan and execute it without hesitations.. They will make a commitment towards the process to achieve the goal.
Millionaire Value Mindsets
Millionaire sets positive aspect of expectation on market and focuses more on the journey and their own strategy in trading. They manage and control their actions do not make risking too much of trading.
Millionaire Value Opportunity and Abundance
Millionaire always focuses on the opportunity. They are not so desperate to make money a losing trader will always aim in gaining more money faster. A successful trader focuses more on their performance and analyzes their trade and increases their position size.
They don’t rush, they wait patiently to achieve their goal and lower the risk of unwanted investment. They always wait and do something even if they lose rather than rushing themselves into doing something else.
Millionaire have Positive yet Realistic Goal
A successful trader believes in them has a positive and more vibrant mindset that makes them more involved in trading, even when meet with extreme loss they handle it calmly, having more positive traits will make more effective profitable trading.
Millionaire sets realistic goals which are attainable with their investment. It is good to avoid unwanted hypes spending more into it and risk losing money.
Millionaire have Trading Strategies
Successful traders develop their own strategy by learning, working, creating demo account, investing in a small amount. Millionaire also understands that sometimes strategies don’t go according your expectation. It is going to be ups and downs one success strategy doesn’t always be a success change strategies. It’s good to have inspiration from others but don’t follow others’ strategies it may or may not be helpful.
Millionaire Have Plan
Successful trader always has a plan that will help them achieve their goals. They always stick to the plans sometimes it can be deviating. Plan when and where to trade, most important thing is to always trust your belief system don’t have self doubts. With plans, they develop the strategy comfortable for them, adapt to different trading platforms available in markets.
How can be A Successful Trader?
Consistency, Dedication, Discipline and Hard work
Millionaire believes the main key is being consistent not just in trading also in everything in life. In spite of the profit, they focus on the process in achieving the goal.
Nothing in life or in trading comes easily; putting as much as effort you can and by being patient for the work to complete is the only way to achieve goals.
Being more dedicated to the work, learning about the process of trading, and implementing it into their work rather than being desperate to make money they believe in the performance towards their goal.
Discipline one of the other main fundamental characteristic in trading a millionaire trader sticks to the fixed plan they make.
Find Own Trading Strategy
To become a successful trader one has to find their own strategies, without losing a trader can implement his techniques to test this process is called back testing. The trader has to find their comfort zone as there are so many markets available in trading.
They have to know in which path they want to continue either fundamental or technical, long term or short term, low risk or maximum risk.
Risk management is helps to prevent trader from higher loss, it is most important quality in a good trader. Once a trader finds way to minimize the risk of losing money, they make more profit in trading from the others. A successful trader doesn’t afford to lose their game in trading allowing very few mistakes.
Risk occurs during loss in trading but when it is on proper check it can be minimized and allows the trader to achieve higher rate of profit in the market.
Admit Mistake Learn From Failure
There is no strategy that is proven to be profitable always. It’s common for a trader to make minor mistakes, it is important for the trader to admit the mistake rather than dwelling to it and move past, analyse what went wrong and make process to rectify it.
When trader experience bad time they tend to give up but a good trader deals with loss, believes in them takes time and bounce back.