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Good Habits of Successful Traders

  • #1
  • First Post: Dec 20, 2014 7:38am Dec 20, 2014 7:38am
Hello Guys,


What are the habits that we should have as traders ? Came across an infographic showing habits of successful traders


http://forexreferral.com/successful-forex-traders/
Attached Image (click to enlarge)
Click to Enlarge Name: info.jpg Size: 1.0 MB
  • #2
  • Dec 21, 2014 12:00am Dec 21, 2014 12:00am
Thanks for sharing!

I think a lot of habits mentioned are simply things all good traders should do, rather than strictly being habits i.e have a trading plan.

Though, I certainly agree with No. 1, keeping a trading journal is incredibly important! I would of thought No. 10, ‘accept losses’ would be higher too!
  • #3
  • Dec 21, 2014 6:34am Dec 21, 2014 6:34am
I have all habits except 9
-milkeyway
  • #4
  • Dec 22, 2014 10:04am Dec 22, 2014 10:04am
Looks like I need to brush up myself.
  • #5
  • Dec 22, 2014 11:14am Dec 22, 2014 11:14am
All the advice in the infographic is basic common sense. Unfortunately sometimes that works only in theory for some people.
  • #6
  • Dec 22, 2014 8:58pm Dec 22, 2014 8:58pm
#9 Being Patient is still my biggest problem. I exited two winning trades yesterday simply because I wanted to keep my profit and was worried about retracement and it was taking too long to hit my TP. I could have doubled what I made if I had stuck to my TP and went and took a nap or watched movie.

So I took profit at around 14 pips and 20 pips when most of the time I could have gotten out at 30-50 pips but I can't wait that long. So I don't know if I should accept this or figure out a way to be more patient.
  • #7
  • Dec 22, 2014 10:41pm Dec 22, 2014 10:41pm
Quoting MsKat
#9 Being Patient is still my biggest problem. I exited two winning trades yesterday simply because I wanted to keep my profit and was worried about retracement and it was taking too long to hit my TP. I could have doubled what I made if I had stuck to my TP and went and took a nap or watched movie. So I took profit at around 14 pips and 20 pips when most of the time I could have gotten out at 30-50 pips but I can't wait that long. So I don't know if I should accept this or figure out a way to be more patient.
Depends if it's a short-term or longer term trade. In long term, pa maintains the direction and less choppy.In short term, up and down all the time. You may take partial profit and let the rest ride. I find multiple entries and multiple exits better than a single trade. It averages out the profit and loss and therefore less worries about missing a trade or giving profit back to market.
The Thief of Wall Street
  • #8
  • Dec 22, 2014 10:49pm Dec 22, 2014 10:49pm
Quoting Chicky
{quote} Depends if it's a short-term or longer term trade. In long term, pa maintains the direction and less choppy.In short term, up and down all the time. You may take partial profit and let the rest ride. I find multiple entries and multiple exits better than a single trade. It averages out the profit and loss and therefore less worries about missing a trade or giving profit back to market.

It's a day trade so I can usually wait an hour or two. But today had I waited another 3 hours, I could have double or if I had waited 5-6 hours, tripled my profit. It was a straight down trend the entire day so it wasn't that choppy at all. I would have had to pay the swap rate and also waiting the 6 hours, it's just hard for me to hold my positions that long. The short term trading is working for me right now, so I don't know if I should really work on this or just be happy and accept the lesser daily profit.
  • #9
  • Dec 23, 2014 3:51am Dec 23, 2014 3:51am
That was a good list, saved for reference!
THANKS!!
  • #10
  • Dec 23, 2014 7:11am Dec 23, 2014 7:11am
I think if you have fully 3 of ten you already successful forex trader.
  • #11
  • Dec 23, 2014 8:20am Dec 23, 2014 8:20am
That's a damn good infographic..and one that all newbies should pay attention to - esp the first point.
  • #12
  • Dec 24, 2014 3:05am Dec 24, 2014 3:05am
Thats a very useful advise, specially coming from professional traders..

and like MsKat, patience is a problem to me also..I admit that.
among other habits issue, heheeheh..

anyway, thanks for sharing
Maura Zaky Putri Fadhin
  • #13
  • Dec 24, 2014 7:07am Dec 24, 2014 7:07am
It really is useful, thanks for sharing!
However, #10 is the most forgotten rules of all them.
Let the market comes to you!
  • #14
  • Dec 24, 2014 11:08pm Dec 24, 2014 11:08pm
Thanks for sharing this! Really good information for rookies and beginners taking on FX.
  • #15
  • Dec 26, 2014 7:54am Dec 26, 2014 7:54am
Quoting ciptard
It really is useful, thanks for sharing! However, #10 is the most forgotten rules of all them.
Accepting the loss is something we can never get used to..chalk it up to human nature. It would make sense to analyse the same and work out the reasons for the loss..
  • #16
  • Dec 26, 2014 8:11am Dec 26, 2014 8:11am
Quoting Forexnuts
{quote} Accepting the loss is something we can never get used to..chalk it up to human nature. It would make sense to analyse the same and work out the reasons for the loss..
Agree!
Let the market comes to you!
  • #17
  • Dec 26, 2014 4:00pm Dec 26, 2014 4:00pm
Thanks for sharing these habits. I think it is very important to adapt successful habits and keep to those habits regardless of the circumstances. These 10 habits are clear, concise, and easy to follow. I'll be integrating them into my trades.
  • #18
  • Dec 28, 2014 4:15am Dec 28, 2014 4:15am
Quoting MsKat
#9 Being Patient is still my biggest problem. I exited two winning trades yesterday simply because I wanted to keep my profit and was worried about retracement and it was taking too long to hit my TP. I could have doubled what I made if I had stuck to my TP and went and took a nap or watched movie. So I took profit at around 14 pips and 20 pips when most of the time I could have gotten out at 30-50 pips but I can't wait that long. So I don't know if I should accept this or figure out a way to be more patient.

I have the same issue most of the time. Exit trades with a little profit even before hitting the TP. That's why we need to improve trading habits. I hope 2015 will be a good year for all of us
  • #19
  • Dec 29, 2014 8:12am Dec 29, 2014 8:12am
Thanks for sharing. Although these 10 steps seemed easy on surface, they are really hard to follow through entirely.
  • #20
  • Dec 29, 2014 9:47am Dec 29, 2014 9:47am
I wish you can conclude each habit with 1 or 2 sentences like how it stated above in the picture. But guess what, each habit takes time to master and effort to learn that includes all the pain through losing and losing and losing.

Regular people and mind set just don't work in the business of trading. The learning curvy and the process of adapting isn't easy at all for most the people not to mention committing to this business with a false goal and hope.
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