If you are still not seeing progress, this is for you
The question ”How can you become a better trader?” is one of the most asked question we receive regularly, in addition to the indicator and systemic issues, that is another story … Today we’ll talk about some of the topics and the concepts that are the # 1 priority for every trader. The topics and ideas that we’ll share will be used to make self-check and evaluate how your train of thought, approach and attitude to live up to these points.
You need the basics first
Success is neither magical or mysterious. Success is the natural consequence of consistently applying the basic founders.
– Jim Rohn
The problem with traders is that they often get lost in the details and skips over the basics that will inevitably lead to unprofitable trading, and it is difficult, if not impossible to get back on track after having learned negative behavioral patterns. To focus on the essentials and building a solid foundation first is so important that we cannot stress this often enough.
If you want to become a doctor, you must know your tools and get a good understanding of the human body before making a diagnosis or have your first operation. There is no ”How I become a doctor in 2 weeks” course, and traders would be much better if they understood that the shortcuts lead to nowhere and that profitable trading takes a much longer time and effort.
As a trader you need to identify your most common mistakes and problem areas first and proceed only after you have overcome these problems. If you still don’t have the discipline to wait until all the rules of engagement is present, or if you continue to extend your order for stoppavbrott to lose the business that are often unused, it is no problem to look for another ”better” method, or try a different for-profit approach that can give you some extra points. If you do not have overcome the most fundamental and important problems in your trading, there is no reason why you should focus on more advanced handelsämnen.
Bottom-up means that you identify and address your biggest problems first and you address your questions one by one. In this way, you will see not only the biggest impact on your trading, but it is a solid foundation on which to build up your handelskarriär later.
Realistic expectations and the right attitude
The vast majority of people start to shop because of all the money that can be earned and even if it is justified and you have big dreams and ambitions, it is not necessarily bad but it can often lead to wrong actions. To hunt the two-digit yields is a huge paradox in the trade. People can not and do not want to accept the fact that it only required a few percentage points in a consistent manner that is much more desirable than to ever risk a significant portion of its account to try to land in a happy kind.
We encourage you to check your expectations now. But don’t just say you are not after the big money and that you shop because you like the game. Evaluate your actions because they will accurately reflect your true way of thinking. You jump from system to system on a regular basis without seeing any progress, are you still doing the usual nybörjarnas mistake as to extend the stop-loss orders, take business which is not consistent with your criteria and use big risk in order to compensate for the previous losses faster? How serious is it on trade? Do you spend enough time on your skills? Are you planning your trades ahead, and regularly updating your handelsdagbok? This is all the questions you need to answer in order to get a clear picture of your expectations and thoughts.
To be honest with yourself
This paragraph picks up where we left off. To be honest with himself is an important character trait, for which professional professional, in any area. Without having the opportunity to honestly look at yourself, is progress is impossible, even if it can sometimes be a painful revelation, and if you are not aware of your shortcomings, you will continue to make the same mistake without any chance to improve yourself.
I think that self-consciousness is probably the most important thing towards being a champion.
– Billie Jean King
In trading is self-delusion very common and it is often a defense mechanism that protects you from the painful reality of your real performance and it helps to justify the completely irrational pursuit of trying to find the only trading system that will finally give the best bet of the signals and make you a successful trader. It is not unusual that even after spending years after years of trading, seeing people still out as complete beginners and they are so far from becoming a profitable trader, as they possibly can be.
Answer all the questions completely honestly in the end does no one care about you being a profitable trader or just lying to yourself if your arrow:
Lose I still a consistent money?
I still make the same mistakes time and time again?
I talk regularly new practices, but to really put in the work to master the?
Reflects handelsrutiner my goals? I set aside time to work with my skills? I agree a handelsdagbok and planning my trades in advance? Should I spend the time on the charts at all?
These 4 questions will give a very clear picture about your train of thought. The answer will show if you really are serious with the trade, or if you’re just looking for a quick method to become rich. But if you catch yourself with thoughts like ”This is not true of me”, ”I don’t need to answer these questions” or ”I will find a good trading strategy in any way”, then you need to reconsider your trading strategy more than any other.
7 tips for starting your trade and make a new start
# 1 – Select a method and keep the
This is more like a challenge than a tip. The next time you want to switch to another trading system or make a remarkable change, ask yourself how much change from system to system has given you. Stop try new things in the next few months and focus instead on how you can improve the strategy you already have.
# 2 – Follow the bottom-up method
Identify your biggest challenges, problems, and work with them first. Don’t spread your focus, but try to do one step at a time. What causes the greatest losses? Identify your # 1 problem and work with it!
# 3 – Create a handelsrutin
Instead of doing several things at once and be everywhere, to pause and reflect. Establish a routine that includes time to plan your trades, your actual handelstid, and how you approach a trade in general (what instruments, time frames, how to monitor your charts, etc) and how you work with your skills for your trading sessions.
# 4 – Stop chase back
Do not try to double your account in a few months. This is just not how trading works. Set yourself realistic expectations. The order of priority should be:
Stop making nybörjarmisstag. Stop losing so much money. Become a balanced trader. Small and consistent profit following a disciplined approach.
# 5 – Work on your skills offline
After the closing of trading see most of the traders never in their previous shops. This avoids the hence, learning effects, and makes improvement impossible. Start a handelsdagbok and regularly review your business and past performance.
# 6 – Evaluate your thoughts and goals
Continuously check in with yourself and evaluate if your actions reflect your goals. If you continue to make the same mistake?
# 7 – Focus on making the best decisions
Adopt a process-oriented approach. It means that you are acting detached from your P & L and focus exclusively on making the best trades and decisions. This will also take care of them many other problems. In this video we explain the importance of having a process-oriented approach.