Millionaire Trader Michael Marcus
When you study forex millionaires and how they got from where they where to where they are now, there are some very similar characteristics they all posses. How did Michel Marcus turn a $30,000 account into $80,000,000 in 20 years?
How do these millionaire traders do what they do?
Want to know the answer?
Well, the secret to the success of these forex millionaires or other millionaire traders is very simple: they have developed traits or characteristics that following them only leads to one thing: success.
Here are the top 5 Qualities All Millionaire Traders Have That Separates Them From The Rest:
1. Cut Loss Quickly
Forex millionaires learn to cut loses quickly. At the end of the day, its the loses that will kill your trading account. Not your profits. So its really a simple logic to cut your losses quickly and let your profits run.
2. Consistency
Whatever trading system or systems that a forex millionaire uses to enter the market, he follows it consistently. That includes risk management. The lack of consistency is an obvious sign of lack of faith and confidence your your own ability to follow through on your own rules and systems you have in place to trade the forex market.
3. Confidence
Forex millionaires are full of confidence not because they have 7 figure bank accounts but confidence in following the rules of the system. A full back account is a result doing everything stated in here right. A confident forex trader knows that there will be periods where trading losses will happen and there will be times when he will make profits. The real test of confidence happens when a forex traders start losing money in the trading account
4. Ego has no place in trading
Forex millionaires know that sometimes they will have massive winning trades…even consecutive winning trades that rake in hundreds and thousands of dollars or millions of dollar. But they do not lead this get into their head. They keep a cool head because they know, there will come a time when they will have loses as well. What they do is protect what profits they have already gained and keep doing what they have doing all along and applying proper risk management so that their trading account keeps growing. Ego is linked to overtrading…especially if you happen to win alot.
5. Keep Learning
Forex millionaires never stop learning. They are a keen students of the market. They learn from others, they see the success of others and always try to be better themselves. As a matter of fact, Michael Marcus fortunes begin to change when he met Ed Sekoya…but not at first…it took a while. Ed Sekoya was a much successful trader at that time when Marcus Met him. Iron sharpens iron.
Do Millionaire Traders Ever Made Mistakes?
You bet they do. One of the expensive mistakes Michael Marcus did was lose $32,000 in a trade that went horribly wrong when he was just starting out. This guy did not even have a clue about trading when he actually started trading. He went pretty much with everything he had into this trade and almost walked away empty handed. Did he learn his lesson? Not really…not on that trade.
He had to undergo another trade that shook him so much that after that, everything changed.
Here’s the summary what happened: There was another trade he took, which took a $12,000 account to a $4000 account and was on the verge of being wiped out. Out of desperation, he held on. Guess what, he went into this trade with everything, similarly to what he did initially.
But somehow the market went back up again and his trading account increased to $24,000 and by the years end in 1973, that account was increased to $64,000.
And it is reputed that Marchael Marcus then increased this account to more than $80 million in 20 years.
So what did Michael Marcus learn from these two mistake: This is his quote: ” After that scary experience, I never overtraded again”.
Be motivated.
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