The Trader's Pendulum: The 10 Habits of Highly Successful Traders

Chapter 3Becoming an Entrepreneurial Trader—The Process

You might ask, “If I am stuck in the Technical Trader's Trap, how will I get out of it? And how do I turn myself into an Entrepreneurial Trader?”

Or in other words, in the context of this book, “How do I transform myself from a Frustrated Technical Junkie Fred into a Successful Entrepreneurial Stacey?”

Steps to Transform from a “Technical Junkie” into an Entrepreneurial Trader

To start on the right path, here are three broad areas that will require work.

Planning

First of all, make sure you have entered the trading business for the right reasons. It is true that successful trading can reward you with more money for less work and an independent lifestyle, but you need to understand that trading is not a get-rich-quick scheme. It takes hard work and dedication to get there.

To be a successful trader, you need to run your trading as you would run a serious business. Define your trader's business plan, including personal and business goals. This will help you to clarify the steps you need to take to fulfill your expectations, and make it possible for you to set your sights on the prize from your trading. You will also know how to react in case of any contingencies.

Execution

As an Entrepreneurial Trader, you need to go through the process of finding a trading style that suits you the best. It does not matter whether you eventually land on momentum trading, day trading, swing trading, or position trading as long as the style ...