This article in The Trader’s Pendulum Series discusses habits 7-9 of The 10 Habits of Successful Traders to give you areas on which to focus to move from hobby to business in your trading. In the last article we discussed the habits 4-6 which will get you working on your system and strategies. Your mission 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.
- Plan the trade and trade the plan
The road to success is dependent on not only our performance, but also in the methodical practice we consistently put into the performance. Trading mastery is a function of understanding market patterns, rehearsing execution skills for trade entries and exits, as well as learning from endless market responses. Without a trade plan, our emotions become obstacles and we become susceptible to overwhelming feelings of fear and greed. Planning the trade and trading the plan is the practice you need to develop as a tool to overcome these emotions.
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