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5 Qualities Of Successful Traders: Lessons From A Frontline Trader

How much does a trader need to earn to feel successful? And is success measured only in money? Perhaps you, too, have thought about this question – and most likely, you do not have a clear answer. 

The answer is not so hard to find: so many books and little books on the store shelves promising to reveal the secrets of success. Hundreds of coaches in expensive suits and shabby sweaters are also ready to share their knowledge on this topic, from how to correctly bet on cricket to making millions in Forex. 

  • Professional psychologists with academic degrees are not so definite: they sculpt treatises and debate, trying to figure out what it is. Ordinary people, on the other hand, most often use the notions of success that have been established in their social circles;
  • Or choose the version of the definition that they prefer;
  • Or suffer in their leisure time by wondering if they are successful enough. 

The latter option is often accompanied by anguish about the meaning of life. 

Let’s figure out what success is and how not to twist our brains looking for it.

If you’re going to be a successful trader, it’s time to have a “cool head” and curb your emotions: they can hinder your success in the Forex market. So today, we will tell you how to develop your psychological confidence and what to do to make investing in Forex a profitable business.

Society and Personality 

The two most common approaches to the definition of success are socially oriented and personal. 

In the first case, success is defined as compliance with specific standards of society. In this case, success reflects society’s values, and its achievement is reduced to acquiring appropriate attributes. The set of such features varies considerably in different eras, countries, and even social strata. 

Interestingly, the higher the social stratum, the more critical are intangible attributes of success: good education, status, connections, level of culture, and sometimes even the place of residence.  

Everything becomes even more complicated when a person is sharply out of the typical picture of the philistine world. 

The personal approach to the definition of success is more flexible. It implies the achievement of set goals and self-fulfillment. But here, too, not everything is simple.

Five types of success 

Well, what do psychologists tell us? And they say that the perception of success depends on the characteristics of the individual. So the following types are distinguished: 

  • Optimally responsible. Such people strive for self-realization and prioritize personal criteria, their importance compared to material, and social status increases with age while dependence on others’ opinions decreases. The most crucial external standard for evaluating success for the “optimally responsible” is professionalism. These are ambitious and responsible people striving to realize their abilities. Representatives of this type, becoming traders, act according to the principle of Olympic champion Bonnie Blair: “Victory is when you become better than you were .”They will increase their professionalism and improve their skills without becoming slaves of the golden calf – but they will still get the material reward they deserve. 
  • Such people will take up stock trading only if they consider it their life’s work. Professional success will be closely connected with self-realization and bring moral satisfaction. 
  • Executive. For this category, the main thing is the external attributes of success (the one that is currently relevant in society). Modern “performers” dream of a prestigious job and career, managerial positions, money, and family welfare. They consider patience, diligence, and diligence as the secret of success, but at the same time, they believe that luck and good fortune are even more critical. Representatives of the executive type expect, first of all, material “pluses” from trading. The success in exchange trade is directly connected with the number of zeros on the account and the status opportunities money gives. The problem is that it is not easy for the performers to reach the exchange success: there is no habitual career ladder, and it is dangerous to count on luck. 
  • Situational. Representatives of this type are even more dependent on public opinion and are focused on the standards accepted in their social circle. It is a conformist, philistine type of person. Only an inspiring example of a relative or friend can encourage them to become successful trader. Unpreparedness for risk and fear of loss, as well as one of the critical features of this type – the avoidance of failure – will be an obstacle to success. They often get bogged down in the swamp of comfort, preferring “small success” to a journey beyond the horizon. 
  • Functional. These comrades love instructions and patterns but are not at all at ease with creativity—typical “boots on the ground” and bureaucrats. To succeed, think “functionalists”; you need to be persistent and hardy and not forget to make the right connections for social support (e.g., superiors). One of their most important criteria for success is respect for others. Trading is not very suitable for them because they lack a clear hierarchy. 
  • Selfish. For these guys, the main thing is personal well-being. Success is concentrated in the phrase “life is successful” and almost equals happiness. External attributes of success are also crucial for “egoists.” Still, they attach great importance to a subjective assessment of their well-being (for example, being in a prestigious and well-paid job that does not allow them to enjoy life is not such a success for them). Representatives of this type are flexible and strive for success, enabling them to enjoy life as much as possible. He/She becomes a successful trader, but the intense stress can make them or choose a calmer occupation. 

However, the unique personality is difficult to fit into a Procrustean bed, so that a person can be characterized by features of the above 2-3 types. 

So what is success for you? 

To find a clear reference point in life and avoid disappointment when you reach the top (but have I climbed to the right one?), it is worth adopting two basic principles: 

  • If any external, socially recognized attributes of success (money, fame, possession of status things, etc.) are essential to you – it’s normal; you shouldn’t be ashamed. 
  • If the social trappings of success don’t matter to you, that’s okay too. There is nothing stupider than wasting your life on externally imposed goals. 

There’s also meaning: 

  • Don’t suffer needlessly if your vision of success doesn’t match the accepted one in your environment (perhaps the domain is worth changing).
  • Don’t chase mutually exclusive attributes of success.
  • Choose a path to success that allows you to make the most of your abilities. And avoid methods that require violence to your personality.

Shape the concept of a successful trader as you see fit, choosing the criteria that are meaningful to you. Stephen Covey, who wrote The Seven Habits of Highly Effective People, has a good line: “Before you climb the ladder of success, make sure it’s nailed to the wall of the building you want.

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