RICH INTRADAY TRADER VS. POOR TRADER:
Trading is undoubtedly linked with rich intraday trader money making skills. It starts with the risk in the markets because one wants to make money. If one trade well for a longer period of time then can fetch good amount of money from stock market.
Everyone knows that and loves the result of trading success i.e. easy bank balance, nice car, lavish house etc. traders are competitive a lot and they want to shine themselves.
There is very less understanding about the trader’s psychology and money. But Traders have an emotional relationship with money which can affect their trading for better or worse. If trading is about planning the trade and trading plan then one should understand the topic. Also it is said that if one have an emotionally unbalanced relationship with money then in-spite of his /her hard work it will result into failure.
Robert Kiyosaki in his famous book named Rich Dad, Poor Dad, did comparison about the different ways of thinking of a “Poor Dad” and a “Rich Dad”. He wrote about his dad, who got a good education and worked hard but didn’t have much to show in the end versus “Rich Dad”—who lacked official qualifications but thought different way that led him to create sizable capital.
Same way if one wants to turn into Rich Trader; one should internalize the way of thinking in order to achieve success in trading.
Some of the personality traits and step towards rich trader. Here is the check list for rich trader and if you really want to excel yourself into stock trading then follow this.
Rich Intraday Trader :
1. Proven plan – Works in a Pre-planned way and have right practical plan to earn more profit.
2. Right Strategy- spends money to gain more and more knowledge about different strategies.
3. Discipline approach- he is discipline trader when it comes to trading.
4. Know the basics of market- Right Entry , Right exit and Stop loss.
5. Know stock selection- He knows which and when to buy stock.
6. Right Charting software- He find the right software and do trading.
7. Drives luxurious Car and Dress like Gentleman.
8. Use less heart and More Mind while trading.
9. Possess that skills to Achieve big Target with small loss.
Poor Intraday Trader :
1. No plan only gambling- He believes in doing Tukkabaazi and doesn’t posses any plan.
2. No rules- Rules are always meant to be broken that is what poor trader believes.
3. No knowledge rely only on Tips Providers and other advisory.
4. No Market Knowledge – They don’t understand the market trends, volatility properly.
5. Keep Changing Software- when it’s about trading, they change software just like fashion.
6. Use more heart and less brain while trading.
7. Possess skills to achieve small target with big loss.