I remember a few years ago when I was making $50-100 a day trading and was so excited 🤣
But I never imagined that a few years later I would be making $5,000-10,000 a day for several days.
When you put your head down and get to work, things can change quickly.
Here are 8 essential qualities that every day trader making seven figures a year must master:
1. Mental discipline:
Trading is more than just charts and numbers. The real battlefield is between your ears. Emotional decisions = losses. Stay disciplined, stick to your plan and don’t let emotions drive your trading
2. Continuous adjustment:
The market is constantly evolving. So should you. Always track your trades and adjust your settings when you notice how profitable your trades are under different market conditions.
3. Risk management:
Understand that not every deal is going to be a winner. Protect your principal. Decide ahead of time how much risk you are willing to take on each trade. Cut your losses and let the winners run.
4. Response ability:
If the past few years have taught me anything, it's that markets can change quickly. Flexibility is a must. If a strategy no longer works, be prepared to pivot.
5. Be patient:
Warren Buffett once said, "The stock market is a vehicle for moving money from the impatient to the patient." Avoid chasing and wait for high-probability setups.
6. Calm down:
Treat trading as a business, not a hobby or a casino game. Set goals, develop a plan and maintain a consistent approach.
7. Self-awareness:
Know your strengths and weaknesses. Analyze your trades, learn from your mistakes, and always strive to improve.
8. Accept losses:
Recognize that losses are part of the game. What separates successful traders from other traders is how they handle these losses.
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