• Nial Fuller

    NIAL FULLER Nial Fuller
    Professional Trader, Author & Coach

    This Is How Millionaire Traders Think & Act

     One of the hardest truths about trading to implement, is that if you hope to become consistently profitable you’re going to have to think and act like you are, BEFORE you are.

    Aspiring traders should follow and mimic the mental traits, attitude, belief systems and trading processes of those successful traders and investors that have walked before them. This seems obvious and sounds relatively easy perhaps, but there’s a reason why so few people actually achieve trading success. You need some insight and help with what you need to actually change and do, if you want to start making money in the markets..

    The main reason most people fail at trading is that people generally don’t like to consistently do anything that is somewhat “boring” or “uncomfortable”. Even when it comes to such important things like health and fitness for example, most people know what they SHOULD do, but they knowingly don’t do it, even when they are aware of the consequences.

    It is when these “consequences” seem “far off” or “a long time away” that we start to ease up on our dedication to the discipline required to succeed. So, you need to keep these consequences in your mind, so that you begin to place more value into doing what you need to do to achieve what you want.

    So, what DO Millionaire Traders Value?

    • They value abundance and opportunity

    Want to know the fastest way to lose all your money trading? Trade like you’re desperate. Or, if you want to lose your money REALLY fast, trade like you’re desperate and not even know you’re doing it!

    What is “trading like you’re desperate”?

    Trading like you’re desperate essentially means you are “desperate” to make as much money as you can as fast as you can, and this is what prevents most traders from actually ever making money, ironically. When you do things like trade when your edge isn’t there, or increase your position size beyond what you know you’re comfortable with losing or otherwise deviate from your trading plan, you are trading as if you’re “desperate” to make money. You will have to stop this if you want to think and trade like a millionaire.

    Millionaires operate from a mindset of abundance. They don’t feel desperate to make money, and not just because they are millionaires. It’s because they see the endless opportunities in the market and elsewhere in business, so they don’t feel like they’re in a “rush” to take the next thing that comes along. Instead, they feel like they should wait patiently for the most obvious trade setup or perhaps the lower risk opportunity to come along.

    Here is one of my favorite quotes that relates to not trading like you’re “desperate”:

    I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime. Even people who lose money in the market say, “I just lost my money, now I have to do something to make it back.” No, you don’t. You should sit there until you find something. – Jim Rogers

    I know it can be difficult and cliche sounding, but honestly, if you want to become a successful trader you’re doing to have to start trading as if you’re already a professional. The habits and mindset of a losing trader (desperate to make money) are NEVER going to translate into consistently making money in the markets. So, even if you have a $200 trading account, you have to trade it as if you are NOT desperate to grow it too fast or you WILL blow it out, quickly.

    • Millionaire traders value their performance in the market

    One of the biggest distinctions between a successful trader and a losing trader, is that the former values performance whereas the latter primarily values money. When you value your actual trading performance in the market, you start focusing on all the right things and developing the proper trading habits that cause your performance to remain positive. When you value only money, you start to forget about all the things you need to do properly to improve your performance. Things like having a trading plan, being disciplined and not over-trading or risking too much per trade, holding your trades longer, placing your stops further away, etc. You value what you need to do to see your equity curve consistently go up.

    You see, it’s impossible to value your trading performance and not also value the proper processes and habits that allow you to see your trading performance improve. But, when you start only valuing the money, you can easily forget that it’s not just about “making money”, it’s about SLOWLY making money over time. Because trying to make “fast money” always results in LOST MONEY.

    Focus on performance, on the actual trading “game” and being good at it, not on the money.

    The goal of a successful trader is to make the best trades. Money is secondary. – Alexander Elder

    • Millionaire traders value themselves and their abilities

    Self-doubt does not help anything for the most part. Yet, time and time again traders will stare a perfectly good price action signal in the face and not take the trade, because they’re afraid, for one reason or another. They are doubting themselves and they are not confident in their ability to trade. Now, sometimes this is caused by just not really knowing what your trading edge actually is (which I can help you with in my professional trading courses), but often it’s just caused by overthinking.

    One thing you’re going to have to begin doing right away is thinking and acting more confident in your trading abilities. Just like in life and in business, the confident players are typically the ones who come out on top, it’s the same in trading. I’m not saying you have to be some “outgoing prick” but you need to at least have solid confidence in yourself and your ability if you want to make money trading. Fear, insecurity and hesitation are not attractive qualities in relationships, business or trading; they do not attract people or money, so figure out how to drop them, quick.

    This quote by famed trading educator Dr. Van K. Tharp discusses how to build confidence in your trading. First, you learn and study the markets, then you develop a refined trading strategy and then you practice it until you believe in it:

    The top traders that I’ve worked with began their careers with an extensive study of the markets. They developed and refined models of how to trade. They mentally rehearsed what they wanted to do extensively until they had the belief that they would win. At this point, they had both the confidence and the commitment necessary to produce success. – Dr. Van K. Tharp

    Side note: Being a “confident” trader does not mean you should be a “cocky” trader, and there’s a big difference. A cocky trader will take stupid risks, and too many of them. A confident trader will stick to his plan and execute his trading strategies when he sees his signal present, he doesn’t hesitate but he isn’t stupid and careless either. Hopefully, you see the difference.

    I’ve written a multitude of lessons discussing trader psychology and behavior and how significant having the proper trading mindset is. Check out my article on the psychology of forex trading, to learn more.

    How do Millionaire Traders Act?

    Knowing how millionaire traders think about trading is only half of the equation, the other half is how they act in the market. As you may well know, it’s one thing to know something and an entirely other thing to put it into action and actually DO IT. So, I don’t want you to just read this lesson and think you “know it all”, I want you to actually put it into action in your trading.

    • Millionaire traders, trade less than you.

    Anyone who’s followed me for any length of time has probably read one of my lessons on end of day trading and why you should do it and how powerful it is. But, let me just repeat it here: end-of-day trading is how most millionaire traders trade. How do I know this you ask? It’s easy. There simply aren’t enough high-probability trading opportunities in the market each day, week or month to allow most traders to day trade and become really successful at it. Furthermore, day-trading is often a catalyst for people to trade too much, risk too much and do everything else wrong. I really can’t say enough bad things about trading too frequently, if you don’t believe me, it’s only a matter of time before you find out through trial and error!

    This quote by Jim Rogers is one of my all-time favorites on over-trading:

    One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people – not that I’m better than most people – always have to be playing; they always have to be doing something. They make a big play and say, “Boy, am I smart, I just tripled my money.” Then they rush out and have to do something else with that money. They can’t just sit there and wait for something new to develop. – Jim Rogers

    • Millionaire traders control their risk, carefully

    Controlling position size is really one of the overall keys to trading success. If your position size is in-check then it’s going to go a long ways to calming your mind down and putting you into the proper trading mindset. Also, managing / controlling your position size is one good example of HOW you trade from a mindset of abundance and opportunity, instead of desperation, as I discussed earlier. Keeping your position size at the dollar risk level you know you’re OK with possibly losing per trade, means you’re staying calm and you’re Ok with whatever the outcome and you’re not trying to make “fast money”; you aren’t desperate.

    As the following quote from the trading great Paul Tudor Jones highlights, we should be more focused on protecting our capital than on “making money”, because when you focus on being a defensive trader, everything else tends to “fall into place”.

    “I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones

    Conclusion

     I want you to close your eyes and imagine that you’re already where you want to be with your trading. You’re making consistent money in the markets for a year, you have a plan you’ve followed to get here and you are comfortable with your risk per trade. You have no issues with losses because you know that as long as you stick to the plan, the wins will eventually make up for them and much more. Now, every time you sit down to look at the charts, before you turn on the computer, do this same exercise or similar. Every time.

    Eventually, we do what we think about the most, whether those thoughts are positive or negative, hurtful or helpful to our goals. Hence, all of this, trading success, etc. starts in your head, as thoughts. I know it sounds cliche, but it’s true that “thoughts become things”, so be very careful what you are focusing on when you think about trading. Ask yourself, are you thinking about “dollar signs”, money and all the things you’ll buy with it? Or, are you thinking about your trading performance, about a consistently rising equity curve over time and about becoming a more calm and self-controlled human being? Start implementing positive trading habits and effective trading strategies. Fill your mind with positive yet realistic expectations about what is possible in the market and set sail on the journey of self-discovery and improvement that IS trading, and don’t ever look back.

    Please Leave A Comment Below With Your Thoughts On This Lesson…

    If You Have Any Questions, Please Contact Me Here.

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    Nial Fuller

    About Nial Fuller

    is a Professional Trader, Investor & Author who is considered ‘The Authority’ on Price Action Trading. His blog is read by over 200,000+ followers and he has taught 25,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
    Nial Fuller Professional Trading Course Preferred broker 2020 v1
    1. Amir

      thanks nial.was very helpful

      Reply
    2. Prabha

      Hi Nial,
      As ever, I’ve always enjoyed reading your articles regularly. Unfortunately, I admit, I haven’t been disciplined and therefore, resulted in losses each and every time. After numerous tries, I have now finally decided to be totally disciplined with selective trades, risks, waiting for the trades to come to me rather than chasing, and staying away from the screen (which I’ve surely realised is the main factor or over trading).
      With regards to NY close, unfortunately, it will be 11pm here in Germany and way past my bedtime, as I cannot last any longer than 9pm ;-) . Therefore, I suppose Asian Close would be the next best time to review the NY close setups? I would make notes or take a trade (if it falls above 90% according to trading plan)
      I would then only return back for NY Open and London Close to review open trades and place any potential trades. I’ve been following exactly as per your “Trade & Forget” discipline and I am doing pretty well, I must say. Thank you!
      All the best,
      Prabha

      Reply
    3. Munge

      Thankyou.

      Reply
    4. Tshepang

      One of the best lessons that will make me a better trader thanks nial

      Reply
    5. BRONO

      nice article to read Nial Fuller, thanks so much for the inspiration

      Reply
    6. Eric Kofi Doh

      I just learn a lesson that will last me a life time,I have always wanted to be one the great traders and not just “come play for money “trader . Desperation makes you act stupid.

      Reply
    7. Stebza

      Very powerful, “we do what we think about the most.”

      Keep going higher Mr Fuller sir. I salute you

      Reply
    8. Projit

      Simply so wonderful to follow and rectify as a consistent and confident professional trader for the long run. Thank you so much for your benevolent support and advice to be a sustainable players in this huge games.

      Wish you all the best and God bless you. Will wait for your next writing. You are a great Mentor!

      Best Regards,

      Reply
    9. Therabur

      Evaluating trading performance like more important than evaluating money gain.. it can change our behavior!! My take away from this article..

      Reply
    10. POLA P

      Realistic expectation in this probability paradox…nice article….This is the business!!

      Reply
    11. Alfie

      Thank you! Neil

      I learn a lot about the psychology need to make it in trading as well as in life. Please, continue to make articles like this and spread you good advocacy reaching young traders like us. Praying for all the best things for you. God bless

      Reply
    12. Lucky Khumalo

      God Bless you always My life coach!

      Reply
    13. Michael Adair

      Great article Nial. It’s obvious your no scalper like myself. Personally I find it really hard to keep a trade going longer than 3 or 4 days max. See the small dollars and take it. Making a little so all good but keep trying as it’s so interesting to trade and learn.

      Reply
    14. Lereko

      Great lesson indeed!!!Now it’s time to implement what learned into my trading habits..thanks fr keeping me posted to your articles ✌✊

      Reply
      • Patokenneth

        Great article, Nial. Thanks for sharing with us.

        Reply
    15. Prince Adeyemi

      Great one!

      Reply
    16. Ages, Nigeria

      Thank you Dear Mentor Nail.
      You have humbly availed yourself to be used by God, in steadily teaching us all we need do to achieve more success in the markets.
      God bless you more in wisdom and abundance.
      We love you Nail.

      Reply
    17. JAMIL BIN EMIN

      Very good and helpful lesson…thank you Sir

      Reply
    18. Dale Gruhn

      Nial, thank you so very much for this post, I appreciate you!

      It is very refreshing to listen to experience. This will be a game changer for me. See your future, Be your future. Nice conclusion as well, very positive. Thanks again.

      Reply
    19. Alex Peschansky

      Great! Thank you.

      Reply
    20. Ramesh Jha

      Thank you Nial. Your posts have always helped develop thought process.

      Reply
    21. fawaz bamakrait

      great one my friend .i’ll work hard to implement all the rules above.

      Reply
    22. Amoh

      Thanks Nial for sharing this with us, very helpful. I will make sure I put it into practice, I think I have to work on my confidence on trades that I enter because not once I have messed up profitable by exiting early. thanks again.

      Reply
    23. gadipheal

      millionaire mindset

      Reply
    24. Moses

      This is so wonderful, it’s an eye opener. I believe it will really help me on the journey to becoming a millionaire in the market. Thanks and God bless

      Reply
    25. Eazy Guy

      I view your writings as part of your charitable work because some of us are being changed out here, God bless you man of GREATNESS.

      Reply
    26. Zinnur

      Remarkable lesson! Thanks

      Reply
    27. freddy

      THANK YOU SO MUCH NIAL , WOW WHAT A FRUITFUL ARTICLE

      Reply
    28. khesiwe

      Thanks Nail beautiful article

      Reply
    29. Muna

      Wow!!! The Great Maestro does it again … O U T S T A N D I N G

      Thank you.

      Reply
    30. Bamdell

      Thank you very much for the write-up. Following trading plan is very necessary as professional traders

      Reply
    31. Mishy

      Very GREAT ARTICLE Nial.

      Reply
    32. Okiti

      Thanks for this piece. It’s very insightful. I always read your articles voraciously. God bless you Sir.

      Reply
    33. Rahman Rahman

      Hi Nial
      I am pretty sure that the daily time frame is highly profitable and very relaxing to trade, however, I have an issue with it , it is the pull back within the same candle, some times it retraced more than 400 pips within the same candle (I trade the DOW US30), I can not stand this drop so I go to lower time frame and end up with more losses, I have been loosing since I started trading 10 years ago. it is I think because of the short time frame which I am looking at and my poor money management. I want to trade the daily, I tried many time but I failed.

      Best Regards

      Reply
    34. Chijioke Nnabugwu

      This is the best advise for any one aspiring to succeed as a forex trader. Sometimes i stayed late at night analyzing the market and noting the currency pairs to trade. Most often i ended up not trading them. Later, the market confirms my analysis and i wonder why i did not trade them but rather depending on some signals from other traders who claim to know better.
      I now know that i should trust in myself and take positive actions timely and depend less on others trading judgement.
      This piece from Nial is like a father telling his son to always remember whose son he is.
      Thank you Nial for sharing this post.

      Reply
    35. EL Prem Ayo

      Wow.
      Thanks 4d heads up, NF

      Reply
    36. Uzoma Nnamdi

      Thank you very very much sir. I have been trading over a year now, but still not profitable. But recently I have started having an edge, I start my analysis from the weekly timeframe down to the daily, and I enter with the H4 candle. I don’t plays much trades this fees weeks and I wait for the setups. I can say its been good, I have been trying to record my performance. I want to ask, HOW DO I RECORD AND MONITOR MY PERFORMANCE ON THE LONG RUN.

      Reply
      • Michael

        The article is awesome. So much knowledge and information that will improve my trading performance. I have to be more discipline and stick to my trading plan. Thanks for your teachings

        Reply
    37. Ra Meas

      Thank you very much for the best lesson for me and other.

      Reply
    38. Lawrence S.

      Wow, here’s serendipity AGAIN. I was just telling my trading buddy yesterday morning that what has hurt me as an aspiring trader is that too many times I’ve brought my difficult personal financial situation to my trading platform. In a moment of personal reflection I said, “the market doesn’t know if I have $1M or $0 in the bank. And it doesn’t care!” It’s up to me to relax and trust my process, my setups. I KNOW that I have a great system for taking profits out of the market, I just need to stick to it.

      Thanks for the insightful and encouraging article from someone who has been there, done that.

      PS- Interesting coincidences. My friend in Tampa was Jerry Parker’s college roommate; also, my children live less than 3 miles from Renaissance Technologies’ office and were born at the hospital on campus where Jim Simons used to teach. It obviously doesn’t help my trading at all, but is strangely coincidental.

      Reply
      • Tony

        Hi Nail
        very interesting article and one that I will be doing my best to adopt.
        After many losing trades the money was my main concern and the trade was secondary. Finally got it, put the money in the background and trade first.

        Reply
    39. Mike

      Great article. All the stuff behind the scenes needs to be figured out first in order to become
      successful at trading and life.

      Subconscious self sabotage is the biggest
      issue and if you’re already wired as an impulsive Individual then addressing the
      behind the scenes stuff is even more important.

      Reply
      • Lawrence S.

        You hit the nail on the head. It’s almost as if you’ve sat at my desk watching me trade.

        Reply
    40. SIPHO

      I’m currently faking it , by that i mean i mimic everything Nial Fuller does and i will make it

      Reply
      • Rasheed Olusegun

        Thanks a lot, Fuller, this is highly inspiring. I appreciate. The whole story is just what I am facing, but lesson learnt. Thanks

        Reply
    41. tom

      Another cracking article. Whenever I find it a bit painful to read I know the truth is there. Tq.

      Reply

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