Successful investors may use different systems or approaches to the market, have different educational backgrounds and be of various ages. However, they would have the following beliefs that enable them to reap profits from the markets:
1. Self-confidence. This comes from both knowledge of the markets and self-knowledge of their strengths and weaknesses. They effectively believe that they will make profits in advance. They believe the game has been won before they begin. If you are not self-confident in your own ability, it is unlikely you will ever become a successful trader.
2. Money itself is not important; this allows them to emotionally detach themselves from trading.
3. Losing money can and will occur, and is acceptable to these investors.
4. Profits will occur over a period of time and these can be run to a significantly larger size than their losing trades.
5. These investors love and enjoy what they are doing, and therefore have no problem devoting regular time to trading.
6. Open-mindedness and adaptability. Successful traders remain open-minded and receptive to new ideas when it is necessary. They find it easy to adapt and change and they are not concerned with admitting when they are wrong.A well thought out and logical trading method, combines with the above beliefs, will give any trader an edge in the quest for profits.
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