The Trader Wealth Profile

Buying low, selling high”
 

Many people see themselves as traders. This is possibly as a result of the increased profile of online, retail and options trading. In reality, most people aren’t traders, which partially explains why most who try these things, lose their money. Their strength of operating at point blank range is also their weakness as they rarely plan ahead. George Soros has achieved great wealth through following his natural path as a trader without deviating.

Traders are masters of timing. However, unlike Deal Makers, who make their money by bringing assets and resources together, Traders will buy and sell the assets and make their money from the spread. Extrovert traders will do this where they can influence the price through hard bargaining. Introvert traders prefer to trade through analysis rather than face-to-face bidding, and include many of today’s successful market traders
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True Traders have been trading all their life. As a result of the popularity of online and retail trading, many people try their luck as market traders. Unfortunately, most are not, which results in them losing more often than they gain. They love finding the margins in market value and so it comes naturally, whether getting a bargain at the flea market or making a billion on the currency markets.

While Creators need to immerse themselves to create their wealth, Traders need to detach themselves. If markets were symphonies, the Creators are the composers while the Traders are the conductors. They naturally detach enabling them to remain grounded while others might be losing their heads.
Value comes from waiting for and surfing the right wave while others get caught in the current. When asked if he went with the herd or against it, George Soros replied: “I am very cautious about going against the herd; I am liable to be trampled on. The trend is your friend most of the way; trend followers only get hurt at inflection points, where the trend changes. Most of the time I am a trend follower, but all the time I am aware that I am a member of a herd and I am on the lookout for inflection points.”
Many failed traders have never taken control of the trade. As reliable and hard-working employees, they may see either the buy side or the sell side of a transaction within the company they work for, but often never the two together. Only when they are in control of both sides will traders become aware of the natural talent that they have.
Examples of successful Traders
George Soros, Peter Lynch, John Templeton and Jim Rogers.

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