50 Successful Traders' Habits

  1. Invest in yourself before you invest in the markets.
  2. Learn the rules of the game.
  3. Practice, practice, practice on demo accounts.
  4. Start small on a real account.
  5. Do not expect to become a millionaire with $100 deposit.
  6. Have realistic expectations.
  7. Learn to identify the trend.
  8. Learn to identify trend reversals.
  9. Develop  a trading system based on trend following and trend reversal.
  10. Test your system.
  11. Revise your system to boast  low drawdown.
  12. Revise your system to have a high percentage of wins.
  13. Lock small profits.
  14. Incorporate risk management rules.
  15. Be easy on leverage.  It’s risky.
  16. Calculate the position size every time you open a position.
  17. Always place a protective stop loss.
  18. Move the stop loss to protect profits.
  19. Do not trade the news.
  20. Define the trading hours.
  21. Follow your system religiously.
  22. If you cannot stick to your system then have an EA developed for you.
  23. Do not overtrade. 
  24. Trade only high probability setups.
  25. Test your system and adjust its parameters for different currency pairs.
  26.  Do not try to beat the market.
  27. Follow the market instead.
  28. Do not let your ego take over your trading.
  29. Do net let your emotions take over.
  30. Be disciplined. Su Tzu considered discipline a matter of life and death.
  31. Accept losses. They are part of the game.
  32. Nothing is 100% in life. Trading is not an exception.
  33. Amateurs want to be right.  Professional want to make money.
  34. While beginners are looking for the best entry, professionals are looking  to lock profits.
  35. Trend is your friend.
  36. Leverage your knowledge.
  37. Avoid the frog’s and the scorpion’s traits.
  38. Do not be greedy.
  39. Always remember the farmer with the golden eggs.
  40. Oscillator extreme levels are just a warning.
  41. Support and resistance levels break all the time.
  42. Moving averages substitute trendlines.
  43. Price is the boss not indicators.
  44. Indicators are secondary tools.
  45. Volume is not available in Forex.
  46. Do not expect to become a successful trader by just reading a couple of articles or books.  It takes a lot of time, reading, knowledge and practice.
  47. Determination, discipline and knowledge are imperative to survive the markets.
  48. Ego is a killer in the markets.
  49. Trading is studying the crowd’s psychology.
  50. Technical Analysis unveils the crowd’s trails.