Habits 4 and 5

...continued from yesterday...

Fourth. Think win/win in interpersonal relations. Stephen Covey says that a character trait essential to win/win is the abundance mentality where you believe there is plenty out there for everybody. In trading, that means your win is not necessarily anybody’s loss. For example, when you sell for a profit somebody else could be buying to take profits on a short position. Both of you won! Thinking that your win is someone else’s loss, as is frequently mentioned in literature about trading, could disable you from trading effectively.

Fifth. Seek first to understand, then to be understood. In trading, ensure you understand what your order is supposed to be. Then proofread it before transmitting it to your broker to ensure that you will be understood.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
Leisurely e-Mini Futures Trading
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