Financial and other markets at all times attract those who want to make quick money, but for some reason some really make fortunes, while others lose their money over the years. You can understand the reason for this situation if you analyze what has helped most famous financiers to succeed. Strange as it may seem, the real state of affairs does not correspond to the portrait of a trader, which is painted by a cinematography, and sometimes in the opposite direction.
- The illusion of self-confidence. It’s a pretty dangerous quality that makes most newcomers lose their money completely.
- The desire to learn modern tools. Many novice traders start to bypass these tools when they see the scary words of Java stock market api. However, if you consider all these possibilities in more detail, with the help of such tools you will have a better chance of success. So you should always be prepared to explore new interesting instruments that can lead you to success in trading and investment.
- It’s highly stress-resistant. Panic on the stock exchange makes you close promising deals and forget about your own opinion. Trading on the stock exchange is always associated with a high level of stress. If you are not ready for it, just choose something else for yourself.
- The ability to control greed. It is greed that makes you take an unjustified risk, which often ends in failure.
- Absence of a craving for overspending. A person inclined to excessive spending rarely achieves success in trading. It is only in the movies that a typical trader shrivels money, in life many of the billionaires who made a fortune on the stock exchange live quite modestly. For example, Warren Buffet still lives in a house bought 50 years ago and walks to work. It is humility in desires that allows you not to throw yourself at every successful transaction, and scrupulously assess the market situation.
- Ability to put up with losses – it should be understood that no one trades with 100% profitability, a successful deal can always be followed by a losing one.
- Analysis of errors – one should not grieve over unsuccessful trades, but analyze why they have happened. Errors happen to everyone even to the trading guru, for example, George Soros lost about a billion dollars after Trump won the election. One of his quotes is, “I overcame all difficulties mainly because I admitted my mistakes.”
- Distrust of analysts’ opinion – often statements of leading analysts pursue hidden objectives and do not always speak truthfully about the market situation.
- Ability to create your own system of work – if you read the stories of major investors, you will notice that each of them has found some kind of investment system. Someone buys shares of new companies and waits for their growth, and someone earns money during exchange collapses, making fortunes on the collapse of others.
At the same time, it should be noted that even if you do not have the above qualities, you can always buy them. The main thing is the desire to change to achieve the goal, if you follow this rule for you will not remain unattainable peaks.
As we have already said, there are a lot of interesting tools now, but beginners are most often ignored. Companies like Twelve Data can be very useful if you want to get serious results in your treading. However, if you don’t see these features and follow the easiest path, you may not expect good results. You should never be afraid to try a new tool, which has already become popular among professional traders. Thanks to such results, you yourself get an opportunity to become a successful trader and learn how to earn on trading operations.