What It Takes To Be A Profitable Trader?

What It Takes To Be A Profitable Trader? | Coffee With Markus Episode 49

Nowadays anyone can take the title as trader with online trading becoming so widespread and accessible over the last 10+ years.

There's a lot of ways to make money trading, but from what I've seen and experienced there are a few common denominators that unite profitable traders:

YES, You Need A Trading Plan!
1) What To Trade
2) When To Enter
3) When To Exit

You can get a copy of my plan here: https://www.rockwelltrading.com/plan

Since May 19th when I started trading this new account of $20,000 here are the results to this point:
- 59 PowerX Optimizer Suggestions
- 27 Ruled Out (Crazy Stocks, Bid/Ask high, Risk High)
- 32 Valid Signals
- 17 Have Triggered
- 15 Trades Taken
- 3 Realized Losses = -$547
- Open P/L = $1292

So right now, I still have 12 open trades and as we take a look into the specifics, you'll see I have one trade that's erased all the losses and then some. But more importantly, no BIG losses.

Now with a great trading plan and even the best tools there one trait that I believe really creates successful traders: CONFIDENCE

You can have everything stacked in your favor, but if you lack confidence in your trading plan or tools you'll always second guess yourself.

Believe me, I was guilty of this too when I first started out. I had NO confidence! I would bounce from one trading system to another because I lacked confidence in them, so I always ended up straying from my plan which inevitably lead to inconsistency and big losses.

Big losses are what great traders avoid! Staying in positions far too long is probably one of the things new traders tend to do. They fall in love with their position and refuse to just get out when the rules say to. So for this reason, you need to have both confidence in yourself AND the trading system.

So for me, confidence is truly the number one trait you need to be a successful and profitable trader. Because with confidence the rest seems to just fall into place.

I hope this helps!
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During these live sessions, I'll cover LIVE stock market action and share how I'm currently trading the markets with my live account.

These sessions are a great way to keep a pulse on what is happening in the stock market each day.

During these sessions, we'll also discuss topics like:

- Stock Trading
- Options Trading
- Futures Trading
- Binary Options
- Earnings Trading
- Swing Trading
- Day Trading
- Real Estate

Don't forget to subscribe to my channel, so you'll never miss a market update or one of my live "Coffee With Markus" sessions.

#whatittakestobeatrader #profitabletrader #successfultrader
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Видео What It Takes To Be A Profitable Trader? канала Markus Heitkoetter