7 Habits of a Highly Successful Trader Book Reviews

7 Habits of a Highly Successful Trader by Addison Publishing Book Summary

A few sample contents from the eBook is as follows:

Take Complete Responsibility:
For the successful trader knows every action he takes, every decision he makes he ,and only he, is responsible for that action.

You will never meet a successful trader who is looking to blame someone else, or something else for the consequences of his results. It just will not happen.

You see, when you accept 100%, no questions asked responsibility for all your actions you close the door to "excuses" behind you. When something goes wrong instead of looking for someone else to shoulder the blame, you will accept responsibility, note it down and vow never to repeat it again. Simply, you are willing to accept you are going to make mistakes, but more importantly, you are going to learn and never repeat those mistakes. A vital component of any winning trader. Could you imagine Warren Buffet losing a few million $$$'s on a share trade and then blaming the general conditions of the market. Or blaming his broker for giving him dud advice? no way! Just not going to happen. I will guarantee when top traders takes a loss the first thing they will ask them-selves is "Did I follow my rules?" If the answer is yes, then they will look at their rules. Is there something that could be changed in their rules to avoid this loss again? Many times the answer will be a re-sounding no.

On the other hand, if after asking the question "did I follow my rules?", If the answer is NO. Then some deep self explanation will be called for. Why did I fail to follow my rules? How can I stop my-self from doing that gain? Am I likely to do that gain, etc.. But do you notice the wording of the questions? How can I, Will I, Why did I. IIIIIII Here the trader knows he takes total responsibility for every trade and is seeking re-assurance that he will not break the rules again.

There's an old saying in trading:
" If you have to ask you shouldn't be trading" Think about it. If you have a system that you have tested and proven over the long run that it does outperform the market and it is a system that fits you, why will you EVER have to ask for an opinion? What extra will a third party opinion provide? Apart from confusing you and clouding your opinion? If you are a long term trend follower then why ask a day trader? If you are a value investor then asking a momentum trader will be a total waste of time. What I am saying is, no two people have the same opinion. Why would you believe some-one else over your trading rules? It's a fact of life, and even more so in trading, most people want to be told what to do rather than acting on their own. Yet this is a major reason most people fail in the markets. Either accept total responsibility for your trading action or do not trade at all.
If your number one rule is "to follow your rules" why will you need to ask a guru what they think of your position? If you EVER find your-self wanting to ask a third party about your position do this:

* Close the position out.
* Review your plan and rules.
* Work out why you lack the responsibility to follow that plan
* When you are convinced you don't need a third party opinion start trading again.

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