Many people think some magical strategy or indicators is all they need to be successful at trading. But what really goes in the minds of a successful trader? Professor Hichman Benjelloun did research on this.
- Successful traders have a poker face. If you talk to successful traders or chat with them, you can’t figure out if they are happy or sad. Having good time or bad time.
- For them, making money or losing money is the same thing, as they say a good trader feels great after a good trade, but a great trader feels NOTHING after a great trade. They control their emotions not only in trading but also outside their trading life. They are highly disciplined.
- Whether they are making money or losing money, they continue with their daily routine, going to gym, cycling etc. they don’t skip it because of a losing trade. It doesn’t affect them. They have probability mind set.
- Just because there is a continues Tails in flip of coin doesn’t mean occurrence of Tails will be more, if you flip 10000 time, you will realize heads 50% tails 50%. They know the probability of success or failure, and they believe in the law of large numbers.
- Successful traders keep doing the same boring thing over and over a dozen times without worrying about the next trading outcome, because they know over the long run probability is in their side. But 95% of the traders don’t do this.
Professor Hichman Benjelloun interviewed one guy who told him that he wanted to be the next Warren Buffet and if hired he said he can give his 100%. Becoming the next Warren Buffet, next Bill Gates, next Steve Jobs is highly impossible. Why?
Because these people are called as outliers in statistical terms.
When Bill Gates was asked “How he became richest person in the world?” He replied Am just lucky.
This is true fact. You do good, work hard, have realistic expectations to succeed, but don’t try to become next Gates.
It’s not success that is pure luck, it’s the extent of the success that is pure luck. By doing exactly the same thing over and over again, statistics will be in your favor. That’s why they say “Good trading is boring”. That’s the actual secret behind Successful trader’s mind.