7habits_N

7HabitsofaHighlySuccessfulTraderMarkCrisphttp://www.stressfreetrading.com1TableofContents1.TakeCompleteResponsibility:2.HaveaSystemThatfitsYou:3.PlanaTradeandTradeaPlan:4.WorkHardatLearningHowtoTradeProperlyandKeepWorking:5.PositiveSelf-Belief:6.ViewTradingasaScoreinPointsandNotInMoney:7.KeeptradingasPartofaBalancedlife:8.CONCLUSION:21)TakeCompleteResponsibility:Forthesuccessfultraderknowseveryactionhetakes,everydecisionhemakeshe,andonlyhe,isresponsibleforthataction.Youwillnevermeetasuccessfultraderwhoislookingtoblamesomeoneelse,orsomethingelsefortheconsequencesofhisresults.Itjustwillnothappen.Yousee,whenyouaccept100%,noquestionsaskedresponsibilityforallyouractionsyouclosethedoortoexcusesbehindyou.Whensomethinggoeswronginsteadoflookingforsomeoneelsetoshouldertheblame,youwillacceptresponsibility,noteitdownandvownevertorepeatitagain.Simply,youarewillingtoacceptyouaregoingtomakemistakes,butmoreimportantly,youaregoingtolearnandneverrepeatthosemistakes.Avitalcomponentofanywinningtrader.CouldyouimagineWarrenBuffetlosingafewmillion$$$'sonasharetradeandthenblamingthegeneralconditionsofthemarket.Orblaminghisbrokerforgivinghimdudadvice?noway!Justnotgoingtohappen.Iwillguaranteewhentoptraderstakesalossthefirstthingtheywillaskthem-selvesisDidIfollowmyrules?Iftheanswerisyes,thentheywilllookattheirrules.Istheresomethingthatcouldbechangedintheirrulestoavoidthislossagain?Manytimestheanswerwillbeare-soundingno.Ontheotherhand,ifafteraskingthequestiondidIfollowmyrules?,IftheanswerisNO.Thensomedeepselfexplanationwillbecalledfor.WhydidIfailtofollowmyrules?HowcanIstopmy-selffromdoingthatgain?AmIlikelytodothatgain,etc..Butdoyounoticethewordingofthequestions?HowcanI,WillI,WhydidI.IIIIIIIHerethetraderknowshetakestotalresponsibilityforeverytradeandisseekingre-assurancethathewillnotbreaktherulesagain.There'sanoldsayingintrading:Ifyouhavetoaskyoushouldn'tbetradingThinkaboutit.Ifyouhaveasystemthatyouhavetestedandprovenoverthelongrunthatitdoesoutperformthemarketanditisasystemthatfitsyou,whywillyouEVERhavetoaskforanopinion?Whatextrawillathirdpartyopinionprovide?Apartfromconfusingyouandcloudingyouropinion?3Ifyouarealongtermtrendfollowerthenwhyaskadaytrader?Ifyouareavalueinvestorthenaskingamomentumtraderwillbeatotalwasteoftime.WhatIamsayingis,notwopeoplehavethesameopinion.Whywouldyoubelievesome-oneelseoveryourtradingrules?It'safactoflife,andevenmoresointrading,mostpeoplewanttobetoldwhattodoratherthanactingontheirown.Yetthisisamajorreasonmostpeoplefailinthemarkets.Eitheraccepttotalresponsibilityforyourtradingactionordonottradeatall.Ifyournumberoneruleistofollowyourruleswhywillyouneedtoaskaguruwhattheythinkofyourposition?IfyouEVERfindyour-selfwantingtoaskathirdpartyaboutyourpositiondothis:*Closethepositionout.*Reviewyourplanandrules.*Workoutwhyyoulacktheresponsibilitytofollowthatplan*Whenyouareconvincedyoudon'tneedathirdpartyopinionstarttradingagain.Howcanatraderlearntoaccepttotalresponsibility?HaveasetofrulesandrealizeTHEmostimportantpointintradingisfollowingthoserules.Onceyouhaveasetoffirmlyestablishedrulesyouwillfindyour-selfnothavingtofollowout-sideopinion.InfactIgotogreatlengthsnottolistentooutsideopinion.Simplybecause,IknowbyfollowingmyrulesIwillbeontherightsideofthemarket95%ofthetimeandIwillnevermissabigmove.Thosekindoffiguresaremuchbetterthananyout-sidesourcecangiveyou.Sofromtoday,learntotaketotalresponsibilityforallyourtradingdecisions.Strivetodevelopandthenreligiouslyfollowasetoftradingrules,knowingitistheimportanceoffollowingthoserulesthatultimatelydetermineswhetheryouwillwinorloseinthelongrun.Ifyoueverfindyour-selfthinking,theydidthisor,themarketcausedthatloss.Changeitto:DidIfollowmyrules?Iftheanswerisyespatyour-selfonthebackasyouareonyourwaytobecomingamarketwinner(oneoftheminority).IftheanswerisNOfindoutwhyandstrivenevertorepeatthiserroragain.4Accepttotalandutterresponsibilityforeverytradeyoutakefromtodayandyou'llbeamazedathoweasytradingreallyis.52)HaveaSystemThatfitsYou:Everysuccessfultrader,investor,moneymanager,etc..hasasystemthatfitsthem.Somearelongterm,somemechanical,someintuitive,daytraders,scalpers,arbitrage,value,momentum.Thesystemitsselfisnottheimportantfactor.Whatis?Isthatthesystemfitstheiruniquepersonality.Thesystemdoesnotmatter.I'veheardofvalueinvestors(WarrenBuffet)whomakeuntoldmillionsfromthestockmarket.I'veheardofdaytraderstakinghomeover$2millionperannuminprofits.I'veheardofadancermaking$2,5millionfromMomentumtrading.Whatdotheyhaveincommon?Asyoucanseeit'snotthesystembuttheyoperateastyleoftradingthattheyarebothhappywithandexcelat.Theywouldn'tdreamoftradinganyotherway.No-onetoldthemtotradethiswayitjusthappenedthisway.Toomanytraderstrytocopythelatesthotfadintrading.Rightnowthatwouldbedaytrading.Butthatstyleoftradingwillnotsuiteevery-one.Tobeasuccessfuldaytraderyouhavetolovetheshorttermupanddownsofthemarketduringtheday.Beingincontactwithquotesforhoursatatime.Yes,thereareanumberoftradersmakingverygoodincomesfromdaytrading,butthere’smanymorewholosetheirshirtswithinacoupleofmonthsanddon'tevenfindoutwhetherdaytradingissuit