Every year, millions of people begin their trading careers. Sadly, the majority of these people fail. Some even declare bankruptcy after suffering significant losses. Do not be concerned if you struggle at first, everyone does some for longer than everyone does others.

However, if you want to accelerate your progress toward success, you can begin imitating the behaviors of successful traders right now. Much of this has to do with how you conduct yourself as a trader, rather than your market knowledge.

At Just2Trade, we have seen many individuals triple, or 10x their wallets but most do not last.

In this article, we will be sharing 6 habits that we found in common from the minority that continues growing their account.

Understanding the economy

The majority of successful traders follow a daily routine. They constantly review the economic calendar and read the most recent news.

The advantage of such a routine is that it allows them to simplify their trading strategies. It also assists them in identifying new ideas and making relatively successful trades on a daily basis.

Testing and adding strategies 

As a trader, you already have and should have a trading strategy that you employ on a daily basis. If you do not already have a strategy in place, we recommend that you work on developing one.

All successful traders have their own trading strategies. They are aware of the weakness of their strategy and do their best to avoid a situation where their strategies are at a disadvantage. They don’t try to forecast the market, they only control their risk and let the market move itself to their profit point.

Journal of Trading 

Traders that succeeded most often reflect on their mistakes by having a trading journal.

To begin, a journal is a soft or hard copy document that allows you to keep track of your trades. There is no single best journaling template, as long as it could allow you to learn or conclude your previous trade, is a good journal.

Knowing when not to trade

Sometimes in trading, is better for us to not do anything, don’t force a trade.

Most inexperienced traders would force a trade, although they are consciously aware that there is no signal of entry but they are willing to bet on it. All because they are unable to control themself, and can’t control the desire in seeking excitement which eventually causes them to lose.

If you are able to discipline yourself by not going into the market when not needed, you will be one step ahead of the 1% club.

Exchange your own ideas

A common error, particularly among new traders, is to focus solely on what analysts say. They read popular websites, find trading ideas from top professionals, and implement them.

This is incorrect because analysts are frequently incorrect! Sad but true, literally no one can forecast 100% of the market. As a result, we recommend that you conduct your own analysis and put your findings into action. If you work on a trading floor, you should be open to discussing these ideas with your colleagues.

You will be in a better position to avoid mistakes and identify trading opportunities if you do so.

Conclusion

Developing a habit is essential if you want to be a successful day trader. All successful traders share such habits. If you are just starting out, we recommend taking the time to develop a strategy, back-test it, and then develop a good trading habit.

Have fun trading!

Click here to start your trading journey with us!