I am about to say something that might shock you. You don’t need to be highly educated or possess excellent ability in order to make money trading. You just need to be disciplined and do what most people aren’t willing to do. If you want to be the best at anything you must follow what the top performers do every day.
The fact is that most people make a loss while trading. Some of the smartest people on this planet lack the skills to play with the markets and unlock the keys to real wealth. As a result, they go for the ultra-safe option in return for a low-interest rate which can’t even beat inflation. As a result, their savings decrease in value each year.
What does the bank do with their money? It gives it to people with exceptional trading skills. They then turn it into much money and get a cut from it. An elite trader with enough bankroll can make more in one day than most people make in a lifetime.
Moreover, they don’t have to suck up to their boss or beg for their holiday to be approved. They are making money from money. This is true power and freedom.
Here is how they get there:
Much like any top athlete, they play the situation in front of them. They are able to stay calm in trading situations which would leave most people curled up in the foetal position. Society teaches us that failing is wrong; therefore, it must be avoided at all costs. However, top traders understand that they learn best through failing. They delve deeply into their successful trades as they do their losing ones. You can apply this mindset to any venture and pull ahead of your competitors.
The popular saying “a fool and his money are soon parted” couldn’t be truer than in the world of trading. As you conduct more research into fx, crypto and/or binary options trading, you will be bombarded with all sorts of courses, tools and boot camps.
Sadly, most people get stuck into a state of buying every resource they can. This is money they could have invested in reaching their trading goals. You should invest time into gaining knowledge about trading on websites like this, but always remember that implementation is key.
Elite traders are able to remain calm partly because their lives remain unaffected if they suffer a bad trading week and lose much of their capital. At the start, many take on a part-time job or work overtime to save enough money to trade with. They are willing to do whatever it takes to raise capital. Are you?
Of course, some “trading experts” will tell you about how it is worth going into debt because you will “make it all back and more”. I sit on the other side of the fence. If you don’t have money to lose comfortably, don’t trade.
Top traders have a strong belief in their system. Moreover, they are humble because they understand that they don’t have a special gift for predicting the market. They believe that they can incur losses over the short term but their strategy will make them wealthy over time. An outcome of a trade isn’t in their hands. They follow their principles and trust in their system.
Similarly, you must believe that your strategy will give you the edge over time.
Trading apps are incredibly popular because they promote the illusion that one can easily trade from anywhere. The thought of ‘easy money’ is incredibly attractive. However, in reality, top traders use a desktop or laptop and have their strategies close at hand. They might have a dual monitor with data on one screen and the trading platform on another. This ensures that everything they need is close at hand. Plus, it doesn’t cost much money to set this up. You can buy refurbished monitors from eBay.
On the other hand, most traders switch between Facebook, Twitter and Youtube. They are distracted often and miss out on good trades. As a result, they aren’t successful in the long term.
Moreover, most people who go into trading, give up after the mansion, Lamborghinis and private jet don’t arrive within the first week. Are you willing to stay focused and work hard for what you desire?
In this world of instant gratification, telling people the truth about wealth building can turn them off. It takes time to build wealth, and elite traders understand this. At this point, I will like to make a distinction between what it means to be rich versus wealthy.
Society perceives a rich person to be someone who has a big house, nice cars and the income to go on lavish shopping trips and vacations. You can be rich just by having a well-paid job.
On the other hand, wealthy people have multiple streams of income. They don’t have a boss. If they fell ill for an extended period, their wealth will still grow. This is because they employ others or machinery to work for them. Their primary goal is to build more income streams and find opportunities. Their money is enough to take care of themselves, their children and grandchildren.
Can you spot the difference?
You can be rich temporarily, but real wealth lasts lifetimes. To reach the point where money isn’t an issue takes time. Great traders understand this. As a result, they are obsessed with becoming better. They know that an improvement in skill can carry long term benefits.
To conclude, I hope this article has opened your eyes to how elite traders stay on top. If you want to be the best, you have to copy the best. Therefore, I encourage you to take action and implement the ideas shared in this piece.