INTRODUCTION - 7 HABITS OF A HIGHLY SUCCESFUL TRADER

1) Take Complete Responsibility:
For the successful trader knows every action he takes, every decision
he makes he ,and only he, is responsible for that action.
You will never meet a successful trader who is looking to blame
someone else, or something else for the consequences of his results.
It just will not happen.

2) Have a System That fits You:
Every successful trader, investor,money manager,etc.. has a system
that fits them. Some are long term, some mechanical, some intuitive,
day traders, scalpers, arbitrage, value, momentum.The system its self is
not the important factor. What is? Is that the system fits their unique personality.




3) Plan a Trade and Trade a Plan
Without doubt, no trader will last long if he doesn't plan every trade.
But there is absolutely no point in making a plan for a trade if you are not
disciplined enough to follow it.

4. Work Hard at Learning How to Trade Properly and Keep Working:
This is no different from any other trade. Would you expect to
become a brain surgeon after attending a week-end seminar and reading
a few books? Yet, why do so many people expect to become a Market
Wizard within such a short period of time?

5. Positive Self- Belief:
Positive self-belief is built from repetition after repetition of
following your rules. Extensive back-testing of your system and
constant self analysis.
You'll never be able to follow a system if you have a doubt in your
mind. That's why so many people who buy other peoples systems fail.
When that system goes through a losing period the person who purchased it
will throw it away and search for the next system. Yet the trader who
has rock solid belief will be aware that the system does display periods of
losses. He's seen it all before and sits it out waiting for the conditions
to become more favourable. When they do he gets back in and makes a ton
more cash. The person who purchased the system in the meanwhile is now
losing more money with the new system because that too has just come into
a losing streak.
Only by doing the groundwork

6) View Trading as a Score in Points and Not In Money:
Really what I am saying is "follow your time tested rules which you
have complete belief in and forget about everything else"
How can you do that when it's money we are trading with? Use some
imagination. Pretend it's not money but simply a game your playing
and your account represents points scored. Stop counting dollars every
time the market moves and start concentrating on following your rules
flawlessly. When you can operate on this level not only do your profits
soar over the long run but it takes away all the stress of trading.


7. Keep trading as Part of a Balanced life:
Trading be it successfully or not, is a very stressful career. When
one is dealing with making and losing money based on your perceptions
the stresses can be enormous. You must do everything in your power to
eliminate the stresses.
I have never met or heard of a successful, highly stressed trader.
In fact it's quite the opposite. Most of the successful traders I have talked
to seem very relaxed and confident. I suppose this is what has made them
such success in the first place.