Becoming a Successful Trader: Habit #10
This article in The Trader’s Pendulum Series discusses habit 10 of The 10 Habits of Successful Traders to move you from hobby to business in your trading. In the last article we discussed habits 7 – 9 which highlight the trade plan and performance metrics. Your mission in developing these habits is to get out of the Technical Trader’s Trap and transform into an Entrepreneurial Trader and get out of hobby mode. By now you have completed the Scorecard (www.fxtradersedge.com/scorecard) and are ready to get down to business.
- Add balance to your life
Have you ever experienced a state of mind where you were in an unbalanced state? Can we agree that life balance is important? It’s not just about the money from a trade, is it? It’s about balance! When you are balanced in your lives, don’t you feel balanced in your trading? If you adopt an approach to trading where it isn’t your whole world, you’ll better achieve the work and life balance that we all strive for. Of course, you’ll need to ask yourself how trading fits into your life, how you are planning to simplify your life, what the rewards will be if your trading is on target, and what kind of a life you will have outside of trading.
I learned an important lesson from some of my trading mentors in the mid-90’s – that trading is a journey and through that I was embarking a journey of self-discovery. I didn’t quite understand what it meant back then, but I can now simplify it in one sentence. How I manage my personal life is consistent with how I manage my trading life. When I develop certain positive habits in my personal life, those habits show up in my trading life. So when my personal life is well balanced and I am centered, so are my trading results.
I know these habits work not only from applying them to my own trading but also from the traders I have coached. One example is a client who traded for three years and wasn’t able to put together three months of consistency in his trading results. After applying these 10 positive habits, he has made consistent returns on his trading capital every month for the last 8 months and counting, just by applying his trading strategy and following his daily trade plans. Another client tells me this program has affected his family life in many positive ways. He has incorporated weekly goal-setting sessions with his family, and this has led to consistency in trading. I’m confident that if you apply these habits, you will be more productive, make more money, and be well on your way to achieving your full potential as a trader.
If you’re interested in adopting these habits and working through the business planning template for Habits 1 – 10 discussed in this article series, the book is a detailed blueprint for you to follow and make your own. The book is also supplemented by a companion website with downloadable tools.
If your mission is to become a trader or investor who stays out of the Technical Trader’s Trap, then take the leap to grow into an entrepreneurial trader.
I created the FX Trader’s EDGE Coaching Program modelled after the “10 Habits of Successful Traders”, which is the title of my newly published book by Wiley.
Excerpted with permission of the publisher John Wiley & Sons, Inc. from The Trader’s Pendulum: The 10 Habits of Highly Successful Traders. Copyright (c) 2015 by Jody Samuels. This book and ebook is available at all bookstores, online booksellers, and from the Wiley web site at www.wiley.com.