A Day in the Life of a Successful Trader – the System
By Jody Samuels
This article in The Trader’s Pendulum Series discusses a successful trader’s system to move you from hobby to business in your trading. In the last article we discussed the 8-step routine of a trader in A Day in the Life of a Successful Trader. 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.
- What can we learn from big corporations?
Just like tested and proven systems do wonders for giant corporations, a robust system for your trading will help you consistently achieve the results you desire, too. Successful traders rely on well-defined systems for their trading.
If you have a system, ask yourself this: Is your system tested and proven? Does it consistently produce the results you desire? Are you executing it consistently, or are you still jumping from one system to another, like a typical trader who is in the Technical Trader’s Trap? Can you trust it wholeheartedly? And do you have the confidence to follow your system?
If you don’t have a system, consider setting one up, as this will give you a winning edge in trading. What does it take for you to find or establish a system? Do you need to engage the help of a coach?
When you try to set up your system – especially if you are still a novice trader – you may start out by experimenting with many different strategies, attending as many seminars as you can afford to, taking courses, and jumping from one guru’s recommendation to another’s. That’s okay short term. However, at some point you need to settle down, take a step back, and develop your own system according to your trading style and temperament.
And when you have an approved tested system, follow it. A system is only as good as the pater it is written on, which is good to look at but practically useless unless you apply it in your trading and strictly adhere to it.
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.