My Trading Basics
- Take responsibility for ALL results, as I create them
- Understand probabilities, edges and risk/reward prior to the trade and during the trade
- I am a risk manager first and a trader second
- Cut losses short
- Let profits run
- Have a hard to hit stop loss
- Have clearly defined objectives
- Have a written plan that achieves my objectives
- Have a trading plan that fits my personality
- Identify the market type and trade the right strategy for the market type
- Remain calm and centered to manage stress and be in the zone
- Be self aware and trade what is in-front of me
- Set goals that challenge me
- Follow my bliss
- When trading focus on activities not goals
- Trading is a game that I have already won. I only lose when I break my rules
- Work hard to size positions in-line with my conviction
- Don’t ever play (be patient)
- Making sure I know what is going on before I trade
- Implementation is more important than the trade idea itself
- Work hard to develop a variant perception
- Don’t rely on being 100% right when I trade
- Mental rehearsal of perfect performance on every trade is important
- Recording my insights about my trades is critical
- I give thanks for the what went right and what trading has done for me
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is a co-owner of Forex Signal Provider FX Renew (Get a FREE 30-day trial). If you like Sam’s writing you can subscribe to his newsletter.