Continue reading...Trading is hard work. Becoming a profitable trader is even harder. So how can traders move from average to successful? I’ve found the best way to help those completely new to trading is to explain the amount of time and dedication required to become a profitable trader with sports analogies. For instance, in baseball if it’s the first time you experience a 100mph fast ball, you’re going to swing and miss. But if you’re dedicated, work hard and practice, you’ll be able to anticipate the 100mph pitch and knock it out of the park. The most successful athletes work hard and constantly seek out ways to improve their performance, and those same principles apply to successful traders.
As a trader with more than 10 years of experience on the floor and as a trading scout, I’ve seen traders at various stages of development. There are certain characteristics that all of the best traders have in common:
Aptitude for trading
Net daily profit consistently outweighs loss
Average wins versus...
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