“How to become a stock trader?”
There are many ways. Many strings need to be pulled together.
A simpler path among them, though, is to look at the successful stock traders.
However, while it is “simpler”, it’s far from easy.
On the surface, the profitable stock traders might not give away too much. They know how to play the game, they are technically proficient, and they have a good plan on how to build a solid portfolio. Basic stuff!
But, in a more intensive observation, a look at them can unveil plenty of insights, enabling one to learn how to become a stock trader.
Upon doing a personality analysis of successful stock traders, here are the five most important things you will discover:
1.They take care of their health
Especially among the aspiring and new stock traders, there is this flawed perception that stock trading is all about frantically making moves, yelling at the screen, and stressing over every market movement.
In reality, it’s much, much different… at least for the successful stock traders.
The winners in the game, above all, prioritize their health. They take proper care of themselves. And this is the most fundamental part. Unless you’re in good physical and psychological health, it’s going to be challenging to trade profitably.
So, they have a well-defined routine. They eat healthy foods. Most of them exercise and get involved in recreational activities.
Better health, along with well-organized days, improve their efficiency and productivity, enabling them with higher profits in the long-run.
2. They don’t undermine formal training
Of course, the experience is one of the most important elements in being a successful stock trader. When you have enough experience, it improves your cognitive prowess. It improves your intuition. So, you make more profitable trades.
However, this doesn’t mean formal education is any less important.
In the early stages, at the beginning of your journey to amass the experience, you need the right understanding to stay on the right track. This is where formal stock market training comes – and the successful stock traders understand its value well. Not only they recommend the beginners to enroll in relevant programs, but they themselves opt for stock market courses to keep their learning process on-going. This adds to their skill, accrue them more knowledge and experience, and help them build a high-value portfolio.
3. They think differently from the crowd
This is quite an evident characteristic you will find among the successful stock traders.
They are not followers. They don’t follow the crowd. They don’t run in the same direction.
In fact, true to Warren Buffet’s rule, they are greedy when others are in fear and they are in fear when others are greedy.
This distinction from the rest of the crowd plays a key role in their growth as a stock trader.
They have their own systems. They make their own analysis. They follow their own ideas and understandings to achieve their trading goals.
So, if you’re looking to become a profitable stock trader, you must know how to out-stand the crowd. Your skills, knowledge, and experience must be your guide on the path – and not where others are going and what they are doing.
4. They know what they want
One of the biggest mistakes many stock traders make is not knowing what they want.
Sure, they want more money; they want profits. However, that isn’t an intrinsic goal; it’s very broad.
On the way to build a strong and sustainable portfolio, you need a well-outlined plan that stacks short and long-term goals properly.
The winning players in the game have one such plan.
They always know what they want and what needs to be done.
Their every trade is based on a plan and a clear objective.
This keeps them in the right direction, accelerating the pace in the progressive building of their portfolio.
Moreover, having plans, roadmaps, and goals also help them manage risks and get them out of uncertain situations with little loss.
5. They have adequate personality traits
(Profitable) Stock trading isn’t about a singular thing. It isn’t just about being technically proficient. It isn’t about having a goal. It’s about a collection of so many different variables. And these “variables” also include personality traits.
The successful stock traders have relevant and well-established personality traits that help them in trading.
They are highly disciplined. They are hard-working. They are analytical. They are patient. They are life-long learners. They are consistent.
They have plenty of other positive qualities that attribute to not just their stock trading success but overall success in life.
On a closeer personality analysis of successful stock traders, among many, these are the five most important things you will discover.
So, when you’re looking at these winning players and maybe even role-modeling them, it’s essential that you look beyond their technical dexterity and the number of years they have been in the game.
There’s much more to it beneath the surface. You must pull off that surface and unveil the insights if you really want to learn how to become a stock trader and build a high-worth portfolio.