Seven Habits of Highly Effective Traders (Part 2)

by , 03 December 2018
Seven Habits of Highly Effective Traders (Part 2)
Last week I revealed three of the most important trading habits you'll need to adapt to become a successful trader.

These habits were based on one of the most popular financial books of all time called “The Seven Habits of Highly Effective People”.

It's one book that I like to read and absorb every five years, to apply to my trading and with life.
 
 
 
Today I’m going to discuss the final four essential habits you’ll need to adapt to your trading.
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Habit #4: Save money every month to grow your portfolio quicker
 
First you need to get into the habit and set money aside every month for your trading account.
 
It should be money you would use on a holiday, at a restaurant or for entertainment.
 
With trading you need to understand that there is no reward without taking on a little risk.
 
If you can spend the money on a holiday, I’m sure you can save some of that money to trade and grow into a substantial income for your future.
 
Every month, I allocate at least 5% of income to trading.
 
Habit #5: Patience is a trader’s virtue
 
You need to understand how important it is to be patient when it comes to waiting to buy or sell a trade.
 
You need to form the habit to wait for a perfect trade to line up, according to your trading plan. Never rush into getting into a trade just for the thrill and excitement of trading.
 
Without a plan, you’ll lose your money.
 
TIP: With daily charts, I like to wait for the market to close. When this happens, you’ll find it a lot less stressful to analyse charts and look for trades lining up for the next day.  
 
Habit #6: Guts to take the trade
 
Right, so you’ve waited for day end to analyse and look for trades to take, now here’s habit you’ll need to adopt.
 
The guts to actually take the trade that has lined up.
 
To press a button to buy or sell, is probably the most difficult habit to have.
 
You’ll find that sometimes right before you must buy or sell a trade, there may be feelings of doubt about your decision.
 
As I mentioned before, with trading you need to risk a little to make a lot. And you can only do that if you press the button to buy or sell each trade.
 
TIP: If you find that you just don’t have the guts to press that buy or sell button, cancel the trade immediately. The best thing to do is lower your risk per trade to the point where you can psychologically handle the loss. Or go back to demo-trading to practice with real markets and real time, but without having any of the financial risk.
 
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Habit #7: Become an independent trader
 
Nobody cares about your money more than you do.
 
This means, you’ll need to learn how to become an independent trader.
 
Once you have a proven trading strategy, you won’t need to DEPEND on any other external factors.
 
By this I mean, you should not need to hear a second opinion from your friends, family, analysts or even journalists.
 
Once you’ve entered a trade, switch off your trading platform and carry on with your everyday activities.
 
“Wisdom yields Wealth”
 
Timon Rossolimos,
Analyst, Red Hot Storm Trader
 
P.S: If you feel you don’t have the guts to take a trade, deposit money or you don’t have a profitable trading strategy yet, then I would suggest you join my trading group to get you to the next level.
 


Seven Habits of Highly Effective Traders (Part 2)
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