V. 26:10 (36-39): Top 10 Trading Habits by Jody Samuels

Top 10 Trading Habits by Jody Samuels

Here are 10 habits you can incorporate into your trading. They are simple and they work.

Here’s a story about two currency traders — I’ll just call them Frustrated Farah and Successful Stacey. Farah, who’s a technical junkie, has fallen into the typical trader’s trap. She is out of trading shape, with no business plan, no profits, and has very little discipline. She trades emotionally and hasn’t developed a trading plan, either. In short, Farah lacks a model for her trading business. There’s a good reason why she’s frustrated.

Stacey, on the other hand, used to be a technical junkie, but has transformed herself into a successful entrepreneurial trader. She makes money consistently, trades with discipline and unemotionally, and operates with a clear trading plan. In short, Stacey is in trading shape and has the foreign exchange trader’s edge. There’s a good reason why she’s succeeded.

How do you avoid falling into the trader trap? Let me tell you a little about my own trading history. I was a successful investment bank trader for 15 years. When I left the institutional business and started out on my own, I realized there were many traders who wanted success but couldn’t attain it. Why? Those traders had the technical knowledge, they had learned about Fibonacci, support and resistance areas, chart patterns, moving averages, and other technical indicators. In fact, they had learned all of the technical aspects of trading that should have helped them succeed, but they were still looking for the trader’s holy grail.