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I like Dr Stephen Covey’s book “7 Habits of Highly Effective People ” and I was discussing with some friends about this book today. My friend said that he likes the first 2 habits of “Be Proactive” and “Begin with End in Mind”. I could not agree more, it would be extremely are very powerful and we will achieve a lots more in our life if we can practice just these 2 habits alone.

As I am recently trying to learn about trading and investment in stock market. It makes me wonder if we can practice Stephen’s principle in our stock market investment or not.

Finally, I think we can definitely apply Dr Covey teaching in the stock market and here’s what I am thinking. Let’s look at this together!

1. “Be Proactive”

I always remind myself that “80 - 90% of traders are losing money, I do not want to be one of them”. If we step back and analyse, why is there so many people losing money in the stock market? My answer to that question is “People are Reactive”. Being reactive means we tend to blame people or circumstance for obstacles or problems we meet everyday. For example, “My broker recommended the stock to me”, “I followed my friend friend friend insider news”, “Market is bad now”, “The trading system is so difficult to use”, … etc etc etc. All reasons are caused by He, She, Them. That’s reactive behaviour.

To be a successful trader or investor, we must take full responsibility in all aspect in our trading life and Be Proactive. We need to take our own initiative and follow by taking lots of actions to. If your broker or friend recommend a stock to you, don’t you know that there is risk involved and you must exercise extra cautions to analyse the stock yourself. If the market is bad now, don’t you feel it and remind yourself to be cautious and taking additional steps to protect your capital. If the trading system is difficult to use, don’t you take time to familiar yourself with the system before trading. If you can begin to analyse the reasons from “I” perspective. There will be lots of actions you can take to improve your trading skill, grow your trading portfolio and make money.

Practice “7 Habits of a Highly Effective Trader - Habit 1: Be Proactive”, analyse the issues from “I” perspective and take action to improve it!

7 Habits of a Highly Effective Trader

• Be Proactive
• Begin with End in Mind
• First Thing First
• Think Win Win
• First Seek to Understand
• Synergize
• Sharpen The Saw

7 Habits of Highly Effective Trader