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What are the habits of successful traders and how do they think?

 

What are the habits of successful traders and how do they think?

Years ago I heard a quote by Abe Lincoln in which he said,” Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” I have long held to this principal. I recognized that the axe I needed to sharpen was my mind and so I began to imitate the habits of people who were successful in my current occupation.

Eventually, I learned to duplicate the methods, intensity and results. So I took another step and asked myself a question. What if I could push my intensity past the limits of the thresholds I was observing?  I found that I was not only equal to; but, that I eventually began to encroach upon the summit where the leaders in total sales reside and at times, exceed their results. I then theorized that with more efficiency, I could make the same gross profit levels with fewer sales by increasing margin and as this became my focus I found that I was beginning to reach profit levels that my co-workers then and now said could were unobtainable. Yes, there are limits; but, where are the actual limits that the market will bear and how far are they from our perception of what is possible? The real question became what was I willing to give? The answer was to give more than expected. I found that people will pay a premium to become a priority and all I have to do is recognize that and make it so.

Quoting Jesus of Nazareth, my mantra became, “You do not have because you do not ask.” Stated as such, it is somewhat out of the context; but, then again… Is it really? Jesus also said that, “When you ask, you do not receive, because you ask with wrong motives, that you may spend what you get on your pleasures.” I checked my motives and began to ask anyway.  In another time and context, Jesus said,” “So I say to you: Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the door will be opened.” My take on this is that to the one who has the shameless audacity to ask while believing it can be, doors open, answers are found and what is asked for can be received. But, I also recognize that motive plays into this. My diagnostic question to myself is why am I asking?

In my current endeavor of learning to trade currency, I am most curious about the habits and perspective of successful traders. How do they think? What do they do to feed the mind that translates into success? How do I imitate that?

So here are some more questions…

How do you prepare your mind for trading?

What market fundamentals are you looking at?

Where do you look for the news and information that reveals the trends and turns?

What about the technical side of the market?

What do you look for and how do you recognize entry and exit points?

Where do you set your Stop Loss and Target?

How do you determine time frames you trade with?

What questions do you have tha

Thu, 07/07/2016 - 8:15pm
 
jeFX

What questions do you ask?

 
hakchinoy

I observe what they do, and formulate a hypothesis about what they did. Next, I'll do some R&D to test that hypothesis, and compare my results with theirs. Afterward, I'll approach them with some questions aimed at refinement.