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Video: 20 Habits of Wealthy Traders

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Video: 20 Habits of Wealthy Traders

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I thought some of you might find this audio slide presentation. Tim has interviewed hundreds of professional traders and these are some of the commonalities he has come across.

20 Habits of All Successful Traders

Here's the list:
1. They are patient with winning trades and enormously impatient with losing trades.
2. They realize that making money is more important than being right.
3. They look at technical analysis as a picture of where traders are lining up.
4. Before the enter any trade, they know exactly where they will exit for either a loss or a gain.
5. They approach trade number 5 with the exact same mindset they did with the 4 previous losing trades.
6. They use naked charts.
7. They realized a long time ago that being uncomfortable trading is OK.
8. They found a market that fit their style and personality.
9. They stopped trying to pick tops and bottoms a long time ago.
10. They stopped thinking about the markets as being "cheap" or "expensive".
11. They are willing to change sides, long to short and short to long, when the market tells them to do so.
12. They trade aggressively when trading well and modestly when they are not.
13. They realize the market will be open again tomorrow.
14. They never add to a losing trade...EVER.
15. Money is the target, but they set goals for themselves that are anything but money.
16. They read trading books - the read more "crowd" books or books about herd mentality, mob behavior, like "The Wisdom of Crowds", or "The Art of Strategy" or "Markets, Mobs and Mayhem"
17. They provide liquidity to the markets - watching price and volume.
18. The majority use some sort of tick-based chart so they can get a feel for the speed of the markets.
19. They practice reading the right side of the chart - not the left.
20. Most keep a trading journal - how they felt, what the market was doing, what was in the news, etc.

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