“Tell me, what is that one secret behind your massive success that I can follow,” someone asked. “Hard work,” came the reply.
At times, even when we know what it takes to get to the top, we continue looking for magical ingredients, crediting what we already know as a clichéd and non-responsive path. We know, to succeed, one needs to work hard. To score big in exam, the student needs to study smart. Yet, sidestepping the obvious, we bug Google all the time.
Same is applicable on the trading scene. The life and teachings of some of the successful traders are like an open book for the rest to read and follow. Still, in quest for some shortcuts and out-of-the-box technique to make more money from trading, many decide to overlook the obvious.
How successful traders became successful with sustainable and high-rewarding portfolio?
Here’s a simple answer that beginners don’t want to believe:
Successful Traders Don’t Do Anything 99 Percent of Time
“Much of our trading comes down to a battle between our patience and our impulses,” said Steve Burns. Warren Buffet shares the same view, believing, “the stock market is a device for transferring money from the impatient to the patient.”
Some of the most profitable traders, experts and market strategists believe that trading isn’t a game for impatient. Many of them even go to the extent of advising that new traders shouldn’t be doing anything at all. Evidently, this approach has made them riches. They have accrued big returns from their investments by seemingly doing nothing and having a long-term approach.
Doing ‘Nothing’ Doesn’t Mean Doing Nothing
Sadly, many new traders take this advice of doing nothing at its face value. When, in fact, this technique, although looking simple, is entirely different. Doing nothing doesn’t really mean “nothing”. It includes watching the market thoroughly, indentifying the trends, doing technical analysis, finding the right entry and exit point, and then making the right moves.
Nothing means having the patience to understand and analyze the market movements to not just avoid overtrading but also to hit the chords perfectly. They strike only at the right moment. At other times, they do nothing by continuously broadening their market understanding.
Are you still looking for a good answer?
Yes, that’s the simplest and most honest answer to how successful traders have become profitable. So if you want to follow their suite, do what they do and what majority of beginners don’t. Have patience and do “nothing”.