ECN Traders

ECN Traders can be divided into four main groups based on their trading strategies. The 4 main types are 1. Day traders 2. Scalpers 3. Swing traders and 4. Positions traders, these types of traders are driven by their trading time frame and methods.
For any of these traders they all have certain traits which determine how successful they are as traders.

Good ECN Traders know how to handle risks well, they think for themselves, and focus on their own growth and development.
Traders should also know if they are trading for short, medium or long term investments, this also depends on their trading skills, time availability and risk tolerances.

Keynotes:

Trades should first be knowledgeable about trading before investing their funds, practicing with a reputable broker on a demo account is highly recommended.
Based on the learnings and time available a trader can decide what trading style, trading platforms and financial assets are is suitable to trade with.

Qualities of a Successful Trader

Good traders are Committed

They Only focus on trading when trading. Anything that makes it hard to pay full attention to the markets is put away until the end of the trading day.

Good traders are responsible

They don’t put the blame for their own mistakes on other people. They think about things beyond what is obvious. Gets ideas from a lot of different places and isn’t afraid to do things that are strange or unexpected.

Good traders are risk managers

Trading losses are unpredictable. The risk wouldn’t exist if we knew. Good traders recognize that managing risk maintains their capital and emotional well-being.
Process, longevity, consistency. This trio lives off trading.

Good traders manage their Emotions

Good traders understand how emotions affect trading.
Good traders maintain composure to make superior trading selections.
To stay on top of their game, they practice mindfulness, exercise, or journaling. This helps individuals assimilate information and deal with challenging problems.

Good traders practice self-control and Increase their Awareness

They react calmly no matter what’s going on. A good trader doesn’t get too excited about either losses or gains to the point where he can’t think straight.

Good traders practice introspection

They look at your own strengths and weaknesses again and again. Plans are made to take advantage of the strengths and make up for the weaknesses. Successful traders care less about how they compare to others and more about how they compare to their own standards.

Good traders are Realistic

They sets goals that are achievable. They don’t take crazy risks just to “improve” your chances of getting a windfall. Recognizes that traders have no control over the market and that traders will always lose money, no matter how good they are.

Good traders are patient

They know that it’s rare to get what you want right away. They don’t try to follow markets. They know there will always be chances in the future.

Good traders accept change

Not simply the market changes. Everything changes our lives, the world, our friends, our bodies, and our minds. Good traders welcome change. They adapt to change instead of rejecting it.
They also focus on what they can control. They’re savvy.

Good traders view failure as empowering

Failures make good traders curious and eager to improve. They know we learn from every step. So they don’t punish themselves (and others) They learn from their mistakes.
Trading is about struggle, evaluation, and adaptation. You lose, then succeed. Probably how most people progress. This road requires resilience, stamina, and a focus on growth.

Good traders think long-term

Many traders fail because they focus only on daily profits and losses. Good traders know it’s a numbers game. They don’t prioritize short-term results. Even short-term trading requires a long-term perspective
Good traders keep to their guidelines because they know their goals. They know the key to long-term market success is sticking with what works. They retain this in mind and heart.

Good traders think independently

Humans are survival-oriented. We’re like sheep behaviorally. Because the throng is comforting, we follow, want to fit in, and seek leaders. Trading and investing need to be unique. This requires new methods of thinking and acting.
Good traders did it. Their trading plan and process are solid. They don’t let others’ opinions sway their trades. They go Long and Short based on their strategy.

Traders with discipline

Disciplined traders succeed. They follow a trading plan. They know when to trade small and big. They know good trades from bad. They’re conservative with money, take losses when necessary, and choose transactions carefully.
Good traders delay gratification. They consider trading a marathon, not a sprint and are willing to endure short-term pain for long-term benefit.

Good traders remain positive

Traders with a positive mindset can better weather trading’s ups and downs. When the market gets rough, many traders tell themselves they’re paying for growth and will do better next time.
Good traders recognize trades might fail. They can accept a bad day because they believe in their trading talents and method. They keep their emotions in check and trade calmly.

Recommended ECN Brokers

Choosing the correct broker for trading is critical to your trading journey, there are many factors you should take into consideration specifically for ECN trading before settling with the broker you may be trading with or when switching to a new choice broker which is best suited to your needs and factors which are important to you personally.

Traits you have to acquire to become a Successful Trader

1. Optimistic Attitude

Even if their most recent profit-and-loss statement doesn’t support it, successful traders are always optimistic.

This is because they are aware that drawdowns are temporary and that they possess the skills necessary to resume earning income.

2. A high sense of self-worth and self-esteem

Successful traders are aware that they cannot make consistent profits if they do not believe they merit it. Over time, they learn that developing self-confidence is a series of small decisions made one at a time. In turn, they examine each trading day with ruthlessness to ensure that each action was undertaken with confidence and wealth accumulation in mind.

3. A sense of power from the inside

In my personal and professional lives, we are all confronted with the notion that we both have and lack power.

Successful traders accept this challenge with vigor because they recognize that developing their own power is a direct path to financial success.

4. Don’t Worry About the Market

Successful traders devote as much time to personal concerns as they do to market preparation.

They eat well and take care of their bodies, and they understand that maintaining their trading skills requires having joy.

When their own attempts to attain balance fail, they also seek help from clergy, mental health professionals, and mentors.

Your existence outside the financial markets is a direct reflection of your performance within them.