What you’re still missing with your trading – 5 Elements
You’ve entered into a very challenging endeavour.
It might seem impossible in the beginning.
It might be very challenging.
Emotionally, financially and the very idea of it.
Besides, if it was easy everyone would do it right?
However, there are traders out there that are making it work.
And it’s your job to work on yourself, your strategy and your approach.
Rinse and repeat and you will get it right and it will be very rewarding.
I have some ideas of what might be missing from your trading performance, and it just might help you along the way of trading success.
Here are five factors.
- You’re still lacking a Defined System
A trading system encompasses a set of rules and criteria that guide your decision-making process.
This is your game plan that gives you the analyses and results, of whether it’ll yield positive results or not.
Without a clear system in place, you’ll continue to trade on impulse or gut feelings.
This lack of structure can lead to erratic and inconsistent results.
This will take up most of your time in finding who you are as a trader.
Whether you adopt, develop or adapt a winning system, you need to find what works for you.
This will help you to establish your strategies, risk management rules, and entry/exit criteria.
- Inability to Handle Losses:
I truly believe you need to take HUNDREDS of losses – to become immune to them.
They are inevitable and how you handle them can significantly impact your overall success.
Many traders struggle with the emotional issues of taking losses.
And this pretty much always lead to impulsive decisions, chasing losses, and mounting financial stress.
It’s vital to accept that losses are a part of the game and to develop a resilient mindset.
To take a loss like a champ, you need to risk very little that it doesn’t affect your portfolio and your stable mindset.
Lower the risk and increase the reward, and mathematically you’ll come out with a shining portfolio…
Experience is an invaluable teacher in the world of trading.
I can teach you how to ride a bike.
You can learn how it works, the physics, the terminology and how to stay up.
But only you can get on the bike and learn to ride in the wind.
Only you must make those falls to learn to train yourself to balance better.
Consider a tricycle first, to limit the damage.
Consider starting with a demo account to practice your strategies and build confidence before risking real capital.
Experience provides insights that can’t be gained through theory alone.
- Discipline and Integration:
Maintaining discipline in trading is easier said than done.
It requires you to stick to your trading plan and managing emotions.
A lack of discipline can lead to impulsive decisions, overtrading, and deviating from your established strategies.
Once you achieve discipline with your trading, you’ll then enter into a state of ‘without thinking’.
Integration is the ability to adapt and improve your strategies over time as you gain experience.
It’s where you take action without needing motivation.
It’s where you integrate it into your daily routine, like brushing your teeth or getting dressed in the morning.
- The Big Market Trends:
Some traders focus solely on short-term trading, missing out on significant profit potential presented by long-term market trends.
The markets have a historical tendency to produce long-term trends, and these can offer substantial opportunities.
You’ll need to learn to train your eyes or develop systems, to identify the big market trends.
- Maybe you want to use different time frames.
- Maybe you want to use the 200MA as your barometer.
- Maybe you want to use trend lines, supports and resistances.
To increase your probabilities of success, you’ll need to know what trends the markets are in – to help your favour.
So what is missing in your trading?
Find it and you’ll gain your competitive edge to trading triumph.
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Enjoy and remember…
You won’t need to buy or order another book on chart patterns and candlesticks ever again as I will be updating it very often and will let you know.
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