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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