The book pictured above (7 Habits of Highly Effective People by Steve Covey) has had a profound impact on me since I first read it some 20 years ago – leading me to make many profound decisions (some good, some bad and some crazy!). Incidentally, the book came up in yesterday’s trader development session with hedge fund trader ‘M’. We were talking through some of the obstacles he is currently overcoming in transitioning to trading more frequently.
Here’s a quick and simplified (though, IMHO, powerful) application of Covey’s 2nd habit to traders (whether professional or retail, full-time or part-time, novice or maverick):
Click here for examples of testing activities
Click here for example of routines and processes
I remember clearly being pointed to it by an Australian traveler whilst I was a train, with my backpack, in the Czech Republic! Those were the days! Do yourself a favor: buy the book read it, and apply it your trading!