This article in The Trader’s Pendulum Series discusses the first 3 habits of The 10 Habits of Successful Traders to give you areas to focus on to move from hobby to business in your trading. In the last article we discussed The Trader’s Process which you can follow to get organized in your trading. Your goal in developing these habits is to get out of the Technical Trader’s Trap and transform into an Entrepreneurial Trader. By now you have completed the Scorecard (www.fxtradersedge.com/scorecard) and are ready to get down to business.
- Establish a trading business for the right reasons
Make a list of your reasons for entering the trading business. If your main reason is to make a quick buck, you may as well go to the local casino, buy a lottery ticket, or look at the myriad of get-rich-quick schemes on the Internet. Many people are attracted to trading because of the financial rewards that will result in an independent lifestyle. Although this is possible, it is not without a tremendous amount of dedication and hard work. It also helps if you have a passion for trading, and strongly believe that your heart is in the right place doing it.
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