Top 10 Habits of Successful Traders

10 HABITS of successful TRADERS We asked 20 professional traders to share their top forex success habits. Here's what they said: 01. HAVE A TRADING PLAN V 8 votes "You have no business trading without a trading plan." Kathy Lien, www.kathylien.com 02. HAVE A STRATEGY V 6 votes "A trader can use one or a combination of strategies in his trading portfolio, depending on his personality. There is no "one" strategy that is better than the other." Mario Singh, www.mariosingh.com 03. MANAGE YOUR RISK 6 votes "Never trade money that you can't afford to lose because then the pressure of losing it won't allow you to have the patience to profit." Vladimir Ribakov, www.vladimirribakov.com 04. KEEP A CLEAR MIND 4 votes "For the last 14 years, before I do anything in my day, I practice yoga/meditation. So before I traded each day, I always made sure my mindset and brain wwere in an optimal state." Chris Capre, www.2ndskiesforex.com 05. EXERCISE DISCIPLINE 4 votes "You must exercise the discipline to follow the process and do the work required..." Jamie Saettele, www.sbtradedesk.com 06. DO YOUR RESEARCH 4 votes "Every morning, before I start looking for trade opportunities I do my analysis and try to choose the currency pairs that have the clearest conditions of them all." Raul Lopez, www.straightforex.com 07. ANALYZE EVERY TRADE 4 votes "Analyze also the successful trades to see if it worked as planned or if you were merely lucky." Yohay Elam, www.forexcrunch.com 08. STUDY PRICE BEHAVIOR 3 υotes "Filter out noise, focus on price, stay small." @50Pips, www.twitter.com/5OPips 09. BE PATIENT 3 votes "I never had the attitude of 'when will I become successful'. My mentality was 'however long it takes is however long it takes'." Chris Capre, www.2ndskiesforex.com 10. ACCEPT LOSSES 3 votes "You have to know that taking a loss is a part of the game and you need to embrace it. If you can't take a loss and accept you were wrong, you will never be a successful trader." Joel Kruger, www.jkonfx.com REFERENCES A big thanks to these professional forex traders: 50 Pips Joel Kruger Raul Lopez www.straightforex.com @50Pips www.jkonfx.com Andrew Barnett Johnathon Fox Rimantas Petrauskas www.ltggoldrock.com forexschoolonline.com www.ea-coder.com Anna Coulling Steve Kathy Lien www.kathylien.com nbt www.annacoulling.com www.nobrainertrades.com Chris Capre Lean Tim Ikels www.2ndskiesforex.com @leanco @ITradeNaked Hugh Kimura @TradingHeroes Malte Kaub Vladimir Ribakov @SE1_Trading www.vladimirribakov.com Mario Singh www.mariosingh.com Yohay Elam www.forexcrunch.com Jamie Saettele www.sbtradedesk.com Jared Martinez Praveen Fernando @FXChief www.forexwatchers.com Proudly brought to you by: FXR www.forexreferral.com Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your objectives, financial situation, needs and level of experience. The possibility exists that you could sustain a loss of some or all of your trading funds associated with trading foreign exchange. ForexReferral.com recommends you seek advice from an independent financial advisor. I therefore, you should not speculate n capital that you cannot afford to lose. should be aware c Il the risks