This article is taken from the YourTradingEdge magazine (MAY/JUN 2012 issue).

Louise Bedford is a full-time private trader and author of four best-selling books

  • Louise Bedford details the habits traders must develop for success

No – you’ll be fine,” the babysitter told me when I was six years old. "Just stand real still, I’ll slam the door quickly, and your tooth will be out in no time." So, I did. Deft hands tied twine around my jiggly, hanging-on-bya-thread tooth. Then – slam went the door. "Arrgghhh!" Blood everywhere. Me screaming hysterically. Soul-scorching laughter from the babysitter. Pain like I’d never experienced before. Sure, the tooth coming out hurt. But I think what hurt me more was that my trust had been betrayed. How could she have been so  mean? She must have known the consequences. I failed to see the humour. Fast forward to the present day. Like children innocently lining up to have their teeth ripped out, I see star-struck traders buying a trading package for their computer, a fortune promised in the blink of an eye. "Just buy when this little green line crosses over the red line," the charismatic, confident presenter tells them from stage amidst a round of applause. "You’ll be achieving your dreams in no time and it won’t hurt a bit." Sure! I’ve heard that one before.Many traders slide into an abyss because they are sucked in by the bright lights and the excitement of the moment. I get to see the results because sometimes these course junkies stumble into my trading community. I see their financial scars.