My Trading Basics

  1. Take responsibility for ALL results, as I create them
  2. Understand probabilities, edges and risk/reward prior to the trade and during the trade
  3. I am a risk manager first and a trader second
  4. Cut losses short
  5. Let profits run
  6. Have a hard to hit stop loss
  7. Have clearly defined objectives
  8. Have a written plan that achieves my objectives
  9. Have a trading plan that fits my personality
  10. Identify the market type and trade the right strategy for the market type
  11. Remain calm and centered to manage stress and be in the zone
  12. Be self aware and trade what is in-front of me
  13. Set goals that challenge me
  14. Follow my bliss
  15. When trading focus on activities not goals
  16. Trading is a game that I have already won. I only lose when I break my rules
  17. Work hard to size positions in-line with my conviction
  18. Don’t ever play (be patient)
  19. Making sure I know what is going on before I trade
  20. Implementation is more important than the trade idea itself
  21. Work hard to develop a variant perception
  22. Don’t rely on being 100% right when I trade
  23. Mental rehearsal of perfect performance on every trade is important
  24. Recording my insights about my trades is critical
  25. 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.