14 habits that are important to become a highly profitable trader

There is a lot of advice on how to be a better trader. I once put together a list to help you with this. For the most part, trading is having a right process. The following list provides excellent foundations on which to immigrate the right processes in your trading career. Have lots of fun with it.

1. Use a diary

  • Add something every day
  •  Archive setups that make sense for you
  • Document the best trade of the day
  • Make notes about your good and bad trades and what mistakes you made
  • Check your diary weekly and monthly

2. Record your trading screens

  • Make notes of the key moments in your markets
  • Look at the most important moments of your month again
  • Watch your recordings again and again to improve your “tape reading skills”
  • Watching your market closely is the best way to learn how to trade
3. Train yourself to be observant
  • Be aware of how you feel: angry, sad, happy. Different emotions can trigger good and bad trading
  • Many traders do mindset training and meditation to calm their minds and increase their focus

4. Take care of your sleep

  • If you are tired, you will trade poorly
  • Develop an optimal sleep routine
  • Always go to sleep at the same time
  • Measure your sleep and watch it in relation to your performance
  • Reduce your risk / position size if you have slept poorly
5. Pay attention to your diet
  • Develop an eating routine that suits you best
  • Some foods slow you down and make you sluggish. Some foods keep you focused. A lot of fast food before a trading session can worsen your performance
  • Every person is different
  • If you are not disciplined in your diet, how can you be disciplined in trading?

6. Have a mentor

  • If you have a mentor, you're in luck, most don't have one. Take full advantage of this
  •  If you don't have one, find one who is both a trader and a good mentor. Some traders are not good mentors. Some mentors are not good traders.
  • Be present and prepared in every session
  • Ask good questions
  • Learn something new in every mentoring session

7. Preparation

  •  Prepare 30 minutes before opening: news, levels, spreads
  • which market do you want to trade today?
  • Was du handelst ist wichtiger als wie du handelst
8. Talk to other traders
  • Learn from Junior Trader
  • Learn from Senior Trader
  • Gather trading experience with joint trade review

9. Schedule for large trades:

  • What is the next big trade?
  • How will you react?
  • Risk?
  • Target?
  • Exit?
  • Trading plan? If Trump rules out a China deal, what would you buy and what would you sell?

10. Daily gratitude exercises:

  • write down three things every day for which you are thankful

11. Relationships:

  •  Allow time for your friends
  • Plan time with your partner and children to achieve excellent performance
  • Science says that happiness improves your performance

12. Learn every day

  • read books
  • Listen to audio books
  • Register for a seminar / course

13. Go through charts

  • Develop a daily system to go through charts
  • Both daily and weekly charts

14. Challange:

  • Create a daily routine full of effective habits
  • Develop it yourself
  • What you do to improve yourself determines who you become as a trader!
If you don't have any of these habits, it's difficult to implement all of the habits and routines at the same time. Start with 1-2 and if you have migrated them add more.

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