Top 4 daily habits that a trader should implement to become successful

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We know that positive habits, in the long run, builds good discipline which is key to your success as a trader. All of that said and done, how exactly do you enforce that sort of strict regiment?



Top 4 daily habits that a trader should implement to become successful


TOP 4 BEST HABITS OF A SUCCESSFUL TRADER:


Well, I'm a strong believer that the way you trade in the stock market is a reflection  of who you are in real life. 

I mean, I'm not saying the numbers and prices on stock charts are not real, but, just like that Lamborghini on a lot of day trading ads, sometimes it's hard to connect what you see on the screen to something tangible in real life.  

So that's why I think it's extremely important to have good daily habits outside of trading.  I do find that when my life is a mess, my trading will likely be a mess as well. 

In order to trade well, I formulated 4 very strict daily habits for myself in real life.  So none of these things is directly involved with trading or the markets, but they definitely can form a trickle-down effect and help form a very solid foundation in your trading discipline. Such as not chasing breakouts, not adding to a loser and not forgetting to hit the like button.

Top 4 daily habits that a trader should implement to become successful


1. First and foremost,  I just want you guys to know about this 100% successful trader diet. It's true there is no DVD  or secret trading strategy that will make you Lambos all the time, but the true secret to trading is in this proprietary Humbled Trader diet, called I eat whatever I want.  I'm a true believer of enjoying food but in a balanced way. 

Yeah there 1 or 2 days in a  week where I’ll eat some delicious indomie and fried spring rolls, that will cause my face to breakout. This is the only kind of breakout I will buy.  But the rest of the week, I’ll eat healthier homemade meals, smoothies and greens to balance that.

2. The second habit that has helped me tremendously as a trader, is embracing and learning from solitude. I know you must be thinking that I must be an extrovert but actually, I am very introverted. I'm that person who goes to parties and barely talks unless somebody wants to talk stocks. 

I prefer to talk less, but listen and observe more. I  believe that the reason we have two eyes, two ears, and only one mouth. The general consensus in society is that a person is a loner, he or she must be weird. Well, I'm a loner, and I'm perfectly happy this way.  It's only because I have spent so much time by myself, that I have the time and peace to truly reflect on everything I learned and observed from the market on a daily basis.  

I'm definitely not saying that you need to be a loner and shut out everyone else, but what I'm saying is it’s worth allocating an hour or even 30 minutes of your day just to yourself as a self-reflection at the end of the day after the market closes. All those charts price action upticks downticks and screen time need time to condense and formulate in your mind to become useful information later on.  

3. The third habit of an effective trader is going to sound simple, but you’d be surprised how many day trading beginners don’t do it. It’s simply the act of being resourceful,  and take responsibility for your own success in trading.  

Yes, that means doing your own due diligence on that stock before you buy and sell, perhaps dig up some SEC filings or even just quickly search it up on Finviz. 

I want to expand even further on this topic a little bit more by saying that…  

Most new traders fail because they expect the answers and the easy money to be handed to them. I'm often very surprised by how little effort some people put into their own success,  especially when their own hard-earned is involved.  

Everyone should be resourceful and take responsibility for their own success.  You want to know what trading platform, what broker I use. For some traders, that's just too much work. Those are probably the people who just want signals and easy trade alerts and start banking with zero effort. 
And if that's the kind of effort, they want to put into their own financial success. I respect that.  

As a first-generation immigrant, I learned first hand from my mother how to be resourceful  and learn to take matters into our own hands. When we first arrived in Canada there was no Google search or articles on how to learn English, how to take the bus, and how to get legal aid, and how to file personal taxes in a completely foreign country.  We didn’t sit there and complain. We took matters into our own hands, learned to use the library, community centres and improved our own situation slowly over the years. I learned that I'm the only person responsible for myself, and don't complain, and stop expecting everything to be handed to me.  

4. The fourth habit of an effective trader is, learn to admit that you might not be right all the time. Having humility is actually an extremely important trait as a trader.  There have been too many times in the past where I'm in a trade and I'm thinking, this stock has to go higher, 

I am right, it has to go my way. And my stubbornness and inability to admit that I'm wrong and should get out will often make small losers become giant losses.  After being humbled by the market so many times, I finally learned that while I can plan for my trades and trade my plan, I'm never better than the market. 

The market is right all the time. It’s is like queen Bee, you just gotta respect her.  I’m not a guru and my opinions are not 100% correct. I'm simply sharing my experience as a trader, who has been wrong a lot. But the market has taught me to cut my losers  small when I'm wrong and leave my winners when I'm right.

HIGHLIGHTED POINTS TO REMEMBER:

  •       PROPER AND HEALTHY DIET
  •       EMBRACING AND LEARNING FROM SOLITUDE
  •       ACT OF BEING RESOURCEFUL AND TAKE RESPONSIBILITY FOR OWN SUCCESS
  •       LEARN TO ADMIT AND HUMILITY

CONCLUSION:


So, these are my top 4 daily habits of a successful trader outside of the markets that have greatly improved my performance in day trading. Being detail-oriented, working out, enjoying solitude,  taking action and responsibility for my own success, and having humility.

Also, read this article: Analysis of Bitcoin and it's working in India 2020

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