Everybody has heard stories about people going from broke to millionaires through trading and investing. And everybody else wishes to duplicate that feat. Little they know that a transformation like that requires a mountain of change.

If you want to be successful in trading and investing, you should focus your attention on these five traits that are common to wealthy investors.

An investor is someone who commits a certain sum of money to an economic enterprise. In exchange for assuming risk, he or she expects to earn a profit. Warren Buffett succinctly defined investing as “The process of laying out money now to receive more money in the future.”

If a profit isn’t guaranteed, why risk your money at all? It’s because if you invest wisely, the upside is worth the risk.

Regardless of how much you earn an hour, simply trading time for dollars has some serious limitations: you have to work long and hard; sacrifice your precious time, and deal with the stress of constant effort to stay ahead of your expenses.

Millennials are known to differ from previous generations. They’re less concerned about the future and more concerned about the present. But that has led to the unintended side effect of millennials not making the investments they should.

The best time to start is when you’re young. And among all past generations, Millennials have more access to research, expert opinions due to the digital age. When every knowledge is within reach, then why don’t they get skilled in financial management.

Do not put all eggs in one market, spread your investment across multiple areas and instruments. Do mistakes at the beginning for they’ll turn into important financial lessons.

Many people talk about contrarian investing, but the fact is that most investments are inherently contrarian. For example, you don’t want to buy stocks when everyone else is buying them or sell them when everyone else is selling them.

Whether you are investing in stocks, real estate or precious metals, the idea is not to do what the “herd” is doing at that particular moment. You may be focused on trying to expect a new trend with an original investment idea or staying in a bull market when others are suggesting an exit, but the point is the same – never simply go along with the crowd.