In case of a nuclear war, the tradeonlinemarket cockroaches that are not killed by the initial blast will probably survive the radiation fallout. That speaks much about their survival skills and bad news for those who jumped to the other direction at the sight of these insects. The cockroach is probably a bad way to start an article about the stock market today but it drives home the point that you don’t need to be highly intellectual or be truly adept at mathematics in order to be a successful trader.
If it’s all about crunching numbers than members of MENSA, that exclusive group of highly intellectual people, or top mathematicians would have dominated the Forex market. But the failure rate is high as ever. You can’t possibly compete with somebody boasting of an IQ of 160 so the only thing left to do is to think differently.
Look for patterns then you wait
Most successful traders share a commonality-the strength of resolve to never sell even when all the indices are against you. Not that you are going to make a profit every time when you do this. The only point is they seem to be wired differently. The learning curve of mathematicians and academicians to spot the highs and lows of price points is definitely better than most people. But there’s a huge difference between knowing the theories and applying them in real life scenarios. Successful traders in the Forex trade market have created their own set of principles which make them immune to the market conditions or losses. This gumption to keep the stocks while everybody is already unloading theirs can be described as extreme patience, or stupidly stupid.
Old dogs do learn new tricks, and how!
You who are going back to school to learn about trading? The 60- to 70-year-olds who believe they can do something substantial about their retirement pay than just splurge it. In the same vein, you should never stop learning. The lucky ones get to be mentored one-on-one by successful traders. Others have gone the do-it-yourself route by studying all the materials about stock and Forex market trading. There’s no single method that can guarantee success. Until now, everyone is trying to develop a perfect system that can drive home profits and minimize investment risks.
Understand the nature of the beast
This is probably the most common characteristic of successful traders. They know the risks they are taking. You know how gamblers end up with a mountain of debt? They are eternal optimists. They think their next hand will be the lucky hand that will get them back on play. But when you understand that in financial market trading you will lose money, you won’t scramble on the next play to get the big one in order to recoup your losses. That will only drive you to the poor house.