Trade Insider
by InsideTrade Staff on March 12, 2019

How to Get the Killer Instinct of Top FX, Crypto and Spread Betting Traders

No matter how hyped investment platforms can be, the fact remains that more people lose than win. This is because most people lack the skills needed to win consistently. Some people are lucky enough to be born with the right skills and mentality. On the other hand, there are others who need to learn it through experience and studying.

Top FX, crypto and spread betting traders share similarities which puts them in the top 5% of their counterparts. We will be taking a look at what those traits are and how you can replicate them.

Manage your emotions

Top traders have excellent control of their emotions. They are able to almost turn it off. This is key to making calculated trades. On the other hand, most people begin to panic when they are in a losing streak. As a result, they make riskier trades or veer off from their strategy. This causes them to lose even more. They become frustrated and think investing more money will solve the issue. In most cases, it digs a deeper hole.

This is the reason why day traders on Wall Street are paid 6 and 7 figure sums. Their job requires them to do something almost inhumane. They need to ‘play’ each trade as it comes and not let the previous result – good or bad – affect them.

Manage your capital

Top FX traders can remain calm because they have a trading budget which takes into account their average percentage of losing trades. On the other hand, most traders develop a gambler’s mentality. They believe that they can spend their way out of trouble. Some end up going into debt to trade. Money management is the key to becoming a successful trader. Unfortunately, most people are simply not disciplined enough.

Knowledge

You wouldn’t just set off on a trip without knowing where you are going, right? Well, that is precisely what most crypto, fx and spread betting traders do. They believe that they have a gift which will set them up for success. This is rarely the case.

There are some good strategy guides available online. The global financial market is mobile; therefore, you have to learn continuously. Instead of trying to know a little about a lot, aim to know a lot about a little. Top traders focus on a few commodities or currency pairs. As a result, they become masters at knowing how geopolitical affairs can affect the market.

Patience

Nothing good comes quickly. Hitting the 6 and 7 figure marks will take time. It takes time to develop a strategy and use the power of compound interest to grow wealth. Run from anyone who tells you that you can become a top trader overnight – for a fee of course. They don’t know what they are talking about. All you will get for your investment is the dream of success and not the guide map.

Snipers can remain in one position for hours, waiting for the right moment to strike. Similarly, elite traders have the patience to wait for many hours in order to find the perfect opportunity. They value data backed decision making and patience over trading volume. As a result, they pull ahead.

Perseverance

Some days will be better than others. Despite your best efforts, you might run into a series of losses. Exceptional traders have this amazing ability to assess what went wrong and make mental adjustments. They do this almost without thinking. They are humble and accept that they will sometimes make the wrong judgements. The key is to learn from your mistakes.

Rebound from failure

This is linked to perseverance. What happens when you fail in a big way? Do you spend days or weeks thinking about it, or are you able to bounce back the next day as if nothing happened? Elite traders do the latter. They understand that failure and success go hand in hand. Each trading day is an opportunity to succeed.

Being able to rebound from failure is difficult to teach. Some people have lived such comfortable lives that a small setback affects them in a big way. There are others who are scared of failing; therefore, they live their lives without taking massive action.

Every individual who has ever achieved greatness had to step outside their comfort zone. If you want what few people have, you have to be willing to do what few people will attempt.

Trading isn’t limited to people of high intelligence and a fat bank account. You can learn and improve over time.

To conclude, here is a summary of what elite traders do differently to 95% of people:

  1. They are excellent at managing money. Each dollar is respected, and they don’t buy unnecessary items. In most cases, they only showcase a small percentage of their wealth to the public.
  2. They are good at managing their emotions. They trade with an ice cold mentality which few people possess.
  3. They understand that good things require time and patience. As a result, they can delay gratification because they believe that massive success is just around the corner.

By InsideTrade Staff

InsideTrade Staff is a general account of our team. We are the experts in the financial trading area, and we bring you the most recent news to blast off your trading analyses. Besides that, we often publish various one-time contributions and through this profile. If you want to get your content featured at InsideTrade.co - get in touch with us.

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