The 8 habits of highly effective traders

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.