10 Rules for Becoming A Successful Trader
In this post:
- How to become a good trader?
- What is the secret to reaching success that drives many of us to begin the trading journey?
- How do traders learn and master the basics first?
Commit to Becoming a Successful Trader
What does it take to become a successful trader? We are often asked:
“How much money do I need to succeed?
“How many classes does it take before I get it?”
“How much can I make with what I have?
“When can I plan on quitting my day job?”
After all, it is the financial freedom that drives many of us to begin this crazy journey.
To the new trader, these seem like the most logical questions. However, the pros know better, and they know the secret to reach the success that we are all seeking.
Of course, like any other skill set, traders need to learn and master the basics first. Skills such as how to effectively use your platform, and manage your time are important. You must learn the intricacies of the various options strategies, and why you should use them to leverage your money. Recognizing which setups you’ll trade and how much capital you’ll risk is of utmost importance. The complexity of this craft cannot be denied, and brave are those who embark on this mission of self-sustainability and financial freedom.
But what does it REALLY take to be successful? For us traders, being successful is defined as a positive equity curve – but more than that, it’s the habits that separate the few from the many.
As John states,
“There is no best trader out there, there are just niches. Discover what yours is. Once you do, then you have to put the right habits around it. In general, what I’ve found is that people take a little bit of each and then they make it their own. And over the course of 100 trades, it’s the habits that distinguish those who are consistent from those who are not.”
These are the lessons that our trading mentors drill into our heads on a daily basis. For me, this has been one of the hardest. It’s the fact that in trading, you’re going to get kicked in the teeth every now and then. There can be no shame in failing and taking losses. You must develop the ability to overcome adversity. I can’t remember how many times I just repeated to myself the phrase always says when I got knocked down, “This is just another character-building moment.” I don’t know about you, but those moments make me all the more determined.
So where does that leave us? As John states, “There are no guarantees in trading, except this one. The only thing that we can say is that if you don’t do these things, you’re not going to be consistent. The markets are going to change, but good habits do not.”
Which are the most important on the road to consistency, and how can we get ourselves to the place we want to be? Check out our 10 Steps to Becoming a Successful Trader:
(Click on the image below to enlarge)
In trading, you have to be brutally honest with yourself. Which of these steps are you having trouble with? This is what we are committed to helping you with. Notice the last step? Finding a mentor? That’s where we step in.
This week, we had one of our live events in our hometown of beautiful Austin, Texas. Most of the time, we are behind the screens, but this once-per-year event allows us to meet some of the traders that we teach and collaborate in our chat rooms and classes. During this time, we heavily discuss just how important these trading habits and psychology are, to go along with our trading setups and strategies.
John explains how he’s teaching his kids to trade during his talk.
Sitting in a classroom instead of behind a screen, our team is able to collaborate face-to-face, and our attendees can ask questions right then and there. I personally always liked the in-person aspect of the mentorship – there are some questions that are just hard to clarify online. The impact of being able to point at a chart and ask a direct question is something I know our traders enjoy. And just as much, we love being able to speak with our trader’s face to face, and finally being able to put a face to a name. Trading can be a lonely journey – but not when you really take advantage of the community we’ve created. That, in and of itself, is an immense resource.
Are the mentorships all work and no play? Not at Simpler Trading! One of the most fun aspects of the mentorship is always the poker tournament. Not only is it a fun event that allows us to get to know each other, but Texas Hold’em also has many important lessons that reflect in trading. What is the most important of these? Know when to hold ’em, and know when to fold’em. The best thing you can do when you have a bad hand is to save your chips for a better time and place.
Fun times at Texas Hold’em Poker Tournament
Group Pic of Traders and Members
From our live trading in the classroom to the poker tournament and cocktail party, we all had an incredible time getting to know the faces behind the online handles. Our traders have mastered their craft, created their own style, and found the niche that works for them. Hopefully, with each step along the way, we can help you find your way. This is our passion, and it’s what we’ve built our lives around.
If you were able to come out to Austin, we hope you had an excellent time. If not, we’ll see you around in the Live Trading Chat Room. Please let us know if you need anything! You can contact us at [email protected], or call us at 512-266-8659.
Here at Simpler Trading, we understand that trading can be overwhelming, but we have experienced professionals that can help. Sign up today and us in Simpler Free Trading Room for a learning center, live trading, and trade alerts. Don’t trade alone again.