Becoming a Successful Trader: The Transformation Process

This article in The Trader’s Pendulum Series discusses the Transformation Process from The Technical Trader’s Trap to Transformed Trader. You might ask, ‘‘If I am stuck in the Technical Trader’s Trap, how will I get out of it? And how do I turn myself into an Entrepreneurial or Transformed Trader?’’ Or in other words, in the context of this Series, ‘‘How do I transform myself from a Frustrated Technical Junkie Farah into a Successful Entrepreneurial Stacey?’’ (from the last article)

Depending on your level of experience in trading and your trading habits, you fall into one of the quadrants in the Table above. The question you need to ask yourself is this: ‘‘Where am I now, and where do I aim to be?’’

If you have just started trading, your job might be easier because you are not set in your ways. If you follow this series or have read the book, you will soon see yourself form positive habits and modeling the way successful Entrepreneurial Traders run their trading business.

Start strong and start in the right direction, and you will be well on your way to success. If you’ve been trading for a while, do not fret if you find out you have formed some negative habits in trading regardless of how long you have been practicing them. Given the difficulty to break bad habits, finding a coach can help develop positive routines that are geared towards becoming a successful trader.

Keep in mind that it is easy for you to get into the successful quadrants, II and IV, only to find yourself falling back to the unsuccessful quadrants, I and III, if you do not have a process to hold yourself accountable. This is the reason why I highly recommend you learn these habits.

Here are three broad areas that will help you start on the right path.

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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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