You may have been trading for years and may have made some profits on the way, but have you actually made it to the ranks of Rich traders? Are you still dependent on predictions and speculative hope? If this is the case, then you are unfortunately a poor trader. Yes, this may be hard to digest but it is the bitter truth. What makes a trader rich or poor? Check out the following differences and gauge which category you currently fall under.
1- A poor trader will follow conviction and align his actions in keeping with what he believes. A rich trader, on the other hand, follows the price action and makes his decisions based on accurately calculated values.
2- Poor traders may have picks based on selective judgement, but rich traders are the ones who will always have high probability choices that have strong quantifiable calculations.
3- If you have opinions and beliefs, then you are most definitely a poor trader. A rich trader will always monitor charts, statistics and other resources. Most importantly, he will ensure that all the trends are carefully analysed for arriving at the best conclusive decision.
4- Being overly selective is the characteristic of a poor trader. While trading, it is good to be selective but only to a certain extent. If you really want to make it big, then do what the big guys do – focus on making money instead of running after your “preferred” stocks. Diversification will help you to make more money than what would have been possible with a few selected stocks.
5- A poor trader is one who still wishes to operate with manual interpretations and calculations, even in this age of advanced digital communication and processing. A truly successful and rich trader is one who makes use of the best automated trading systems (sourced as per his specific style and requirement) and uses it to perform like a veteran in the stock market.
Having gone through these definitive
points, you must have figured out what kind of a trader you are. If you came
under the poor segment, then it’s high time you made some drastic changes and
upped the ante. Change your trading style, become a bit more aggressive, and
take the help of Day Trading Robots to
join the club of rich traders. However, if you are already a rich trader, then
it won’t hurt to become even richer. By enhancing your trading style, you could
be part of the elite club of super-rich traders and this is an achievement very
few are able to make.
Share your experience with us and tell us what other definitive aspects may be included as a differing factor for distinguishing rich and poor traders.