- Take complete responsability, that is , don't try to blame anybody else for the mistakes you do.
- Have a system that fits you. In order to define a system that fits your personality ask yourself the following questions:
- What annual rate of return do I want ?
- do I want to trade full time, part time ?
- Can I handle the stress of day trading and short term selling ?
- Do I have the patience for long term trading ?
- What king of personality am I ? Do I need lots of action, Do I need to make decisions all the time ?
- What kind of books have I read and which top traders do I most admire and why ?
- Plan a trade and trade a plan. Here are some helpfull questions that you should ask:
- Where will I place my initial stop ?
- How will I take my profits ? ( Will I trail stop ? If yes then By how much will I trail my stop ?)
- Will I add more shares as the trade goes my way ?
- If the share does not show any profit after x periods will I get out ? And how ?
- If stopped out of this trade will I be willing to get back in ?
- Work hard at learning how to trade properly. Would you expect to become a brain surgeon after attending a weekend seminar ?
- Positive Self-Belief: You'll never be able to follow a system if you have a doubt in your mind. But how can one gain the confidence in the system ? Well, the answer is : only by doing the groundwork described in the previous step ( Work hard !)
- View trading as a source in points not in money. Stop counting dollars every time the market makes a move and focus on following your time tested rules.
- Keep trading as part of a balanced life. Work hard, play hard. Successful trading is :
- boring
- effortless
- easy
- stress free
August 17, 2008
The seven habits of successful trader by Mark Crisp
Recently I read on a trader-girl's blog (www.olesiafx.com) something about this author (Mark Crisp). The title was very intriguing so I decided to have a look. So, according to Mark Crisp the 7 habits of successful trader are:
