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How to Become One of the Top Traders in the World

Guest post by: Gary Kerkow

Article Overview: Just think of it. You could be your own boss, set your own hours, and have the chance to make unlimited money. Learn the secrets of the world's top traders, and you could make a fortune.

How to Become One of the Top Traders in the World

The best make millions



Just think of it. You could be your own boss, set your own hours, and have the chance to make unlimited money. It sure sounds good, doesn't it? Well, it is possible, but will literally take years of proper trading education, and experience. The world's top traders have made millions, and in some cases, billions of dollars. How did they do it? In this article, I will share with you some of the key traits, and principles, that are synonymous with incredible trading success.

You have to really want it



One of the important traits, shared by virtually all the top traders, is an enormous desire to become successful. A key element to this trait, is you must really love what you are doing. This is most likely, the only way you will put in the time and effort necessary, to become an elite trader. I can assure you, the learning process is long and difficult. There are no shortcuts. You must have the desire to be great, and the love of trading. This combination is the launchpad to becoming one of the top traders in the world.

Find a trading method that fits your personality



The world's best traders and investors utilize methods that cover the entire spectrum. Some only use technical analysis, and others believe only fundamental analysis is the way to go. Most of the elite traders implement a combination of technical and fundamental analysis, to make their trading decisions. My analysis is about 75% technical, and 25% fundamental. It is vitally important to choose a method that is consistent with your own personality. It needs to be right for you. Pick a trading style you will feel comfortable with. This is part of a top traders mental framework. It will take some research, observation, and a lot of thinking.

You need an edge to be successful



It is crucial the method you implement gives you an edge, on each and every trade you make. You simply will not win in the long run without an edge. Basically, you want the odds to be in your favor when making a trade. I will try to have as many factors as possible, in my favor, before taking a position in the market. It is not possible to know the outcome of any individual trade. It doesn't matter what your method is, as long as it gives you an edge. The world's top traders know that trading is based on probabilities. Because of this, they also know great success will be theirs, in the long run.

Money management is a key element



Nearly all top traders employ rigid risk control. You can implement the best strategies, methods, and techniques, but without solid money management, you are skating on very thin ice. One half of the golden rule of trading says, to cut your losses short. Keeping your losses small not only saves your trading capital, but psychological capital as well. A good policy is to never risk over 5% of your total capital on any trade. It is also wise to predetermine your maximum loss, before taking a position in the market.

How you think will determine your ultimate trading fate



Never underestimate the psychological part of trading. This is what separates the fairly good trader from the world's top traders. One of the keys to a proper trading mentality, is to not let emotions, such as greed, fear, and hope, be part of your overall trading equation. Emotions will cloud your judgement, and not allow you to be totally objective. Both good judgement, and objectivity are crucial to your overall trading success. You want to be in a carefree state of mind when trading. If trading causes you to mentally struggle in any way, you are not in the perfect traders mindset. Part of this mindset includes, totally accepting your risk. It also includes, not having to know what is going to happen next in the market, to be successful. The world's top traders think much differently from the rest.

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Article Tags: top trader, top traders, trading



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