The Billionaire Trader's Secret
Trading can be a way to make people become successful and rich. However, they must know what the secret of the billionaires of the world can succeed in having such abundant wealth. In addition to mindset and also a high work ethic, also consider some tips and secrets that must be explored by many of you who want to follow to become world billionaire traders.
World Class Billionaire Traders Have This Secret
1. Never Lose Money
If you dive into the world of trading, it's only natural for you to know a world-class billionaire named Warren Buffet. He once said that the first rule in doing business is never to lose your money, and rule number two of doing business is never to forget rule number one.
Warren Buffett's statement has a very deep philosophy. Every business must spend money, but how can we not lose money. What is meant by not losing money is not to let our business capital not return.
2. Minimize Risk
A professional trader Marty Schwartz revealed the secret in trading is to have a mindset for how a trader controls a decline in profits, how to accept a loss, and how to minimize a loss.
In the world of trading it is very clear when the market is not on our side as a trader, or when the predictions we have calculated turned out to be wrong. The last step we take is how we minimize the loss we will get.
Do not let individual egoism make your loss become uncontrollable. Receiving a loss is a mental test that is hard for beginner traders especially those who have limited capital. But the name of a business must sometimes experience a loss where the loss must be minimized.
3. Think About Yourself
Warren Buffet once revealed a mindset in doing business. The way to become rich is to close the door, be afraid when many people get greedy, and be greedy when most people are scared.
In this statement Warren Buffet emphasizes the mindset of trading where when many people are hunting for profits in the market, you as a trader do not rush to participate in market euphoria and go with the flow.
When trading according to market opinion, it is easy to make a profit, but even more profitable is when the position is stagnant and no statement that arises that influences the market too much. Here you as a trader can determine the direction of their own execution.
4. Concentrate on one type of market/pair
There are lots of individuals out there who know various kinds of market values and how market patterns work. But only a handful of people can succeed in all fields. When you dive into forex and find a suitable pair, then focus on the pair and learn its characteristics before adding positions to other pairs.
5. Be a person who is always learning
In the world of trading, never assume to be a hero and carried away by the ego to achieve success. There are many people who are better than you, so always remember your limits and always learn new things from everything.
When you realize and question your own abilities, you will automatically increase your interest in learning more and more. This will make you more open with new insights from the world of trading.
Broadly speaking, there is no definite secret to being a successful person in trading. Tenacity, interest in learning, and also accuracy are things that must be kept in mind so as not to make a wrong move and make your trading experience annoying.
