7 Habits of a Highly Effective Trader – First Thing First

We have discussed 2 habits of highly effective trader, we shall discuss about 3rd habit, “First Thing First“.

Let me ask you another question here, what is the first thing you do when you decided you want to start trading or investing in the stock market? Oh, my friend told me, “What a simple and stupid question, the first thing to do is definitely to open a trading account and trade”.

Do you agree with that? But is that the right first thing to do?

Think deeper, no doubt we need to have a trading account in order to trade, but do we know what to trade? When to enter? Where is our stop? When to take profit? Do we have a good reward/risk ratio? There are a series of question we need to answer before entering the market. The whole series of question forms our Trading Plan.

Having a trading account may sound to be very urgent to have one if we are anxious to enter the market. However, it is more important task is to have a trading plan if we like to be highly effective and profitable trader. It is not the trading account. Too anxious to open a trading account will only result in more money loss to the market if we do not have a plan.

First thing first, in trading or investment in stock market, we must recognize the importance of trading plan first before anything else.

Some of you might now ask, how to create a trading plan? Well, be proactive and take initiative to learn how to create one. There are lots of books you can read, websites you can learn or attend some seminars to pick up the skill and knowledge.

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 - First Thing First

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