Most of the day trading advice out there is not worth listening to. The old saying “don’t take advice from broke people if you want to be rich” is more relevant than ever, in this internet age where anybody with a website can offer you their “expert” advice.
The truth of the matter is that only a small percentage of traders ever make any serious money. We are talking like 5% of people here. 95% just fight over the scraps or don’t make anything at all.
Elite traders have their secrets and they like to keep them close to their chest. If you want to be as successful as them, then you must learn their secrets.
Here are some of the secrets that “THEY” don’t want you to know…
Focus on one thing and screw the rest
Rich traders all have one thing in common…they become experts in one type of trading and then they put all of their focus on that.
Contrast this to the majority of traders. They typically try to learn everything about everything, and falsely believe that to make money requires being a jack of all trades. This approach rarely works though.
Sometimes, successful traders drill down even further. Instead of focusing on just one market, they go deeper and just focus on one currency pair. That’s it.
Don’t you think if you did this your chances of becoming more profitable would immediately increase? Specialized knowledge is key!
Patience will be rewarded
A lot of average traders trade just for the sake of it. They believe that “motion creates emotion” and that they must constantly be hustling.
This is the complete opposite of how millionaire day traders view things. In their world, patience is a virtue, and they understand that the rewards are far higher for those that are prepared to sit back and wait for the right conditions.
Once those conditions present themselves, they pounce, and watch their balance grow month after month.
Ask yourself, do you trade for the sake of trading? Do you often get involved in trades you really don’t know anything about? If so, then you might want to take a step back and spend some time watching the market instead of always being involved.
Go against the herd
This one is huge. The vast majority of people always look to what everybody else is doing… and then proceed to do the same thing.
Very rarely is mass opinion right, which is why successful traders often go against what the herd is doing. Just doing this and nothing else can be a profitable strategy in it’s own right.
Basically, the masses are almost always in reactive mode. This means they are always reacting to the market.
A better strategy is to always stay in control of your thoughts and to not just simply “react” to what is going on around you.
Trading against what everybody else is doing is one of the secrets that winning day traders like to KEEP a secret.