Published On: Fri, Jul 20th, 2018

When can you call yourself a successful trader

What success means? How will you know whether you are successful? When can you call yourself a successful trader? Actually, if you ask a Singaporean trader he or she might know the answer. He wouldn’t have to think twice to answer. The process of becoming successful is not as you assume. And your process of success will not be similar to another trader. Each and every trader will have unique ways to succeed. One trader’s success cannot be equalized to another. Even among Singaporean traders, you would hear different success stories. So, success is not about the way you trade but it is about the end goal. However, how will you know if you are a successful trader? How to identify that you have done your best? When will you know if you have reached the ultimate? Most beginners struggle, they don’t easily find their place in the CFD market. But they can focus on the long-term goals if they want to become successful traders.

There are many traders who often proudly say they know all the art of trading. But if you ask them to show their portfolio they will never give you any clear answer. To be honest they are just showing off and trying to earn some respect. Those who really know how to trade this market have precise knowledge in this industry. Most importantly they have verified portfolio and you can easily see their performance. Unless you have such portfolio, you can’t call yourself as a successful trader. Majority of the investors lose their money within the first three months. Keeping your investment safe for the first three months is a very hard and you can’t make any real progress unless you know how to deal with the market. Always assess your trading performance and be honest with yourself. Never let your emotions to fool you as it will directly ruin your trading career.

When you are familiar with the market

You should not assume that trading success is only when you become a millionaire. Even if you are not a millionaire, you can call yourself a successful trader. If you are CFD trading you should know the market. If you don’t know the market it means you are not experienced. You don’t have the proper idea on the ways to trade, and so on! This is usually seen among naïve traders. They are foreign to the market, so they wouldn’t know much about it. If you are a successful trader you would know a lot about the market. But how will you know whether you know the market or not? Actually, once you feel that you are familiar with the market you should know that you really know the market. So, if you are familiar you are on your way to becoming a successful trader.

When you are ready to accept the losses

If you are not ready to accept losses it shows that you are naïve. An experienced trader will not worry about accepting losses. He would know that losses are a part of the game. If you want to remain as a trader you should be ready to accept the losses. So, you can call yourself successful once you are ready to accept losses both mentally and financially. However, it can be pretty hard to accept the losses, but if you try your best, it wouldn’t be a big deal. The moment you are capable of handling losses, you are on the path to success.

When you can anticipate the market

Once a trader becomes familiar with the market he would know to anticipate the market. Most of the times his anticipation would be correct whereas, at times, it may go wrong. You should bear in mind, if you want to anticipate the market accurately and to become a successful trader you should practice often. Regular practice is the key to success!

 

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