This article in The Trader’s Pendulum Series discusses habits 7-9 of The 10 Habits of Successful Traders to give you areas on which to focus to move from hobby to business in your trading. In the last article we discussed the habits 4-6 which will get you working on your system and strategies. Your mission in developing these habits is to get out of the Technical Trader’s Trap and transform into an Entrepreneurial Trader. By now you have completed the Scorecard (www.fxtradersedge.com/scorecard) and are ready to get down to business.
- Plan the trade and trade the plan
The road to success is dependent on not only our performance, but also in the methodical practice we consistently put into the performance. Trading mastery is a function of understanding market patterns, rehearsing execution skills for trade entries and exits, as well as learning from endless market responses. Without a trade plan, our emotions become obstacles and we become susceptible to overwhelming feelings of fear and greed. Planning the trade and trading the plan is the practice you need to develop as a tool to overcome these emotions.
- Measure your performance
Elite performers such as athletes and concert pianists practice and study daily in order to constantly improve. They keep notes so that no aspect of performance is overlooked. Observing performance metrics frequently is one tactic that professional traders utilize in order to discover their strengths and weaknesses. By keeping track of the results, one will be able to build the motivation to continuously improve.
- Learn the secrets of successful traders
If you study the successful traders, you will see that they have ambition, determination, patience, and a positive attitude. They remain persistent and more determined than ever, when others throw in the towel. They take notes and learn from their mistakes, so that they don’t make the same ones again. Successful traders thrive on independence. They are take-charge people who can come up with creative and intelligent solutions. Trading requires stamina, and successful traders have that in spades. Most importantly, they never doubt they are worthy of success.
Next week’s article will discuss Habit #10, the final habit.
If you’re interested in adopting these habits and working through the business planning template for Habits 7, 8 and 9 discussed in this article, the book is a detailed blueprint for you to follow and make your own.
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.