A Day in the Life of a Successful Trader – System, Strategy and Plan

A Day in the Life of a Successful Trader – System, Strategy and Plan

By Jody Samuels

This article in The Trader’s Pendulum Series reviews a successful trader’s system, strategy and plan to move you from hobby to business in your trading. In the last article we discussed the importance for a trader to develop a trading system as part of the ‘A Day in the Life of a Successful Trader’ series. 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.

The Difference between a Trading System, Strategy and Plan

A trading system is a collection of trading strategies. A trading strategy is simply a methodology that determines how a trader enters and exits trades based on price action, analysis techniques, a chart setup with indicators, or a combination of all. To deal with various market cycles, a trader often defines a number of different trading strategies. These strategies together make up the trader’s trading system.

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Jody
Jody Samuels, a former institutional trader for a US Investment Bank, and author of The Trader’s Pendulum, The 10 Habits of Highly Successful Traders, founded FX Trader’s EDGE in 2006. A premiere, global online Trading and Coaching School, FX Trader’s EDGE is home to the Forex Foundation and Elliott Wave Ultimate, progressive educational training programs to assist traders of all levels in the markets. FX Trader’s EDGE offers individual and institutional clients proprietary tools, services and education to trade Forex, CFD’s and Stocks online. One-on-one coaching is also available.
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Jody

Jody

Jody Samuels, a former institutional trader for a US Investment Bank, and author of The Trader’s Pendulum, The 10 Habits of Highly Successful Traders, founded FX Trader’s EDGE in 2006. A premiere, global online Trading and Coaching School, FX Trader’s EDGE is home to the Forex Foundation and Elliott Wave Ultimate, progressive educational training programs to assist traders of all levels in the markets. FX Trader’s EDGE offers individual and institutional clients proprietary tools, services and education to trade Forex, CFD’s and Stocks online. One-on-one coaching is also available.

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