Top 30 habits of wealthy traders 

1. Wealthy traders are patient with winning trades and are enormously impatient with losing trades.

2. They realize that making money is more important than being right.

3. They look at charts as a picture of where traders are lining up to buy or sell.

4. Before they enter any trade, they know exactly where they will exit for either a gain or a loss.

5. They approach trade number 5 with the same mindset they did on the 4 previous losing trades.

6. They use ‘naked’ charts and focus on zones.

7. They realized a long time ago that being uncomfortable trading is OK.

8. The markets are their workplace. They are a participant, not an onlooker.

9. They stopped trying to pick tops and bottoms

10. They stopped thinking about the market being ‘cheap’ or ‘expensive.’

11. They are willing to change sides if the market tells them to do so.

12. They trade aggressively when trading well and modestly when they are not.

13. They realize the market will be open again tomorrow.

14. They never add to a losing trade… EVER.

15. Cash is the goal, but never the measure of success.

16. They trade the reaction, not the news.

17. They provide liquidity to the markets while watching price and volume.

18. They have a way to gauge fear, greed and speed of the markets

19. They practice reading the right side of the chart, not the left.

20. Every wealthy trader has an ‘edge’ they can explain to their mother.

21. Their position size is calculated exactly on risk tolerance.

22. Profit targets are based on average range or something objective

23. One or two trades a month make their month.

24. They are confident decision-makers in the face of incomplete information.

25. A losing trade does not mean they are a loser.

26. They buy higher highs and sell lower lows.

27. Their business isn’t trading, it’s finding the right trades.

28. They write down or record every trade, price, thought and piece of news, as well as their attitude throughout the trading day.

29. Their conviction on an active trade remains unless something major changes.

30. A winning trade does not result in taking on extra risk in the next trade