What Makes a Successful Trader?

What Makes a Successful Trader?

What makes a successful trader? Let’s face it, all traders want to be profitable but doesn’t always happen. While some may believe that it’s the indicators, charts, or even a particular market that turns them into winners, most of the time it’s not. It’s actually how a trader handles losses that will either make or break them.

What Makes a Successful Trader?
What Makes a Successful Trader? Getty Images

What Makes a Successful Trader?

A key ingredient is a winning attitude which needs to be developed and binary options can really help.  Although the winning trader attitude sounds simple, it will probably be the hardest obstacle that you will overcome because it’s all about what is going on inside your head or as some would say the “I am” statements.

Among experienced traders, there is a saying that if a trader wants to find the Holy Grail in trading, just look in the mirror.  Plus, the concept isn’t unique to trading and has been around for a long time.

Here are just a few examples of this phenomenon:

The military uses the power of “I Am” to turn the average person into a lean, fighting machine.  For example, the Army Solider’s Creed has ten statements — six begin with the words “I am”.  Then each field has another creed that has to be memorized, again all incorporate the power of “I am” within the statements.

In 1952, Dr. Norman Vincent Peale wrote “The Power of Positive Thinking”, which was surrounded by negative criticism.  Yet, it stayed on the best-seller list for more than 186 consecutive weeks.  Dr. Peale endorsed a philosophy that mental imagery and thoughts could change the course of one’s life.

Dr. Joseph Murphy wrote about the power of the subconscious mind in 1963.  He was convinced that a person could filter energy via their conscious mind to their subconscious mind.  The subconscious mind works as a servant to the conscious mind.  By filtering powerful thoughts from the conscious to the subconscious mind a person could utilize the power of the subconscious to improve one’s life.

The self-help empowerment gurus of today, all use positive thinking and mental imagery to encourage people to improve their life.  They even teach power stances and other powerful body language techniques to use to feel empowered.

Yet, the issue in trading is that it typically invokes so many negative emotions and thoughts that a positive trading attitude is hard to maintain.  For example, when a trader has a losing trade, it’s hard not to think as a loser.  Something must be wrong with the trader or his methodology that created the loss.  Actually, it’s part of trading — you will profit on some and you will lose on some.

Good News for Traders

Binary Options provide an ideal environment for traders to overcome the psychological issues (which are normally based in negativity) because binary options allow traders to limit their losses while learning to master what is literally bouncing around within their head.

As a new trader, there is so much to learn — markets, platforms, indicators, money management, and the list goes on and on.  It will take time to learn everything one needs to succeed in the markets.  However, what new traders often fail to realize is, that their learning phase is just a small moment in time (which is also why money management is a key ingredient to ensure they can remain in the field).  Success does not come in a day or a week, but over time as you learn the ins and outs of trading, your journey to become a winning trader is getting shorter.  Being able to limit your losses during this time, is crucial to having the funds to continue on your journey.

Take a moment to think back to a period of your life that was difficult.  Did you overcome it with negativity or did you change your thought processes to one of “I am” or “I will overcome”?  More likely than not, it was with the “I am” or “I will” attitude that got you thru it.

Do not allow a few losses to define who you are.  Instead, realize that it is part of your career path (learning phase) and you can overcome.  Easy to say, but hard to do.  However, with practice, it will get easier especially if you surround yourself with positivity.

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