Simple Steps to Becoming an Incredibly Consistent Trader
Are you an active trader who's not achieving the results you want or possibly deserve, despite your best efforts? You might be wondering what it takes to become a profitable trader in today's machine driven, hyper-competitive market. In this blog post, we'll explore five simple steps that can help you become a consistent trader.
Step 1: Become an expert at entries and exits
One of the most crucial aspects of trading is mastering your entries and exits. Focus on developing a deep understanding of how to identify the best entry and exit points for your trades. Utilize resources such as educational videos, training programs, and mentorship to refine your skills in this area. But above all, rehearse. Visualize yourself winning and taking profits, and more importantly, losing and happy to have only lost $700 vs. $4500.
Step 2: Develop a consistent routine
Consistency is key to success in trading. Establish a daily routine that includes essential tasks such as:
- Completing a daily scorecard
- Practicing with a highlight reel
- Building your book of charts
- Maintaining a daily journal
- Taking care of your physical and mental well-being
Remember, it's not just about knowing what to do, but actually doing it day in and day out.
Step 3: Focus on targeted scalping
During periods of low market opportunity, it's essential to have a strategy that can help you "pay the bills." Targeted scalping is one such approach. By identifying specific setups and using technology to assist you, you can make consistent profits from scalping trades. Aim to gradually increase your monthly earnings from scalps, creating a solid foundation for your trading income. *This style has become increasingly hard. Shorter timeframes are easier for algo's to dominate so take time to master.
Step 4: Play to your strengths
Just like a star pitcher doesn't need to excel at hitting or fielding to be successful, you don't need to be an expert in every type of trade. Identify your unique talents and the setups that align with your skills. Focus on becoming the best at what you do well, rather than worrying about your weaknesses. *Only play your strengths. Becoming loose and forcing trades is formula for huge losses.
Step 5: Practice short trades
You don't have to be only a short trader or even like short trading, but having a competence lets you see what the other side sees - the sellers and those taking the opposite side via shorts. You also won't force long trades when short opportunities present another host of opportunities.
Step 6: Identify problems and find effective solutions
When you encounter challenges in your trading, don't just identify the issue and move on. Take the time to find a well-thought-out, effective solution that will drive improvement. By consistently identifying problems and implementing best practices to solve them, you'll compound your growth and become a better trader over time.
Becoming a consistent trader is a journey that requires dedication, hard work, and a commitment to continuous improvement. By following these six simple steps and focusing on the daily process, you can develop the skills and mindset needed to achieve your trading goals.
Remember, when you pour your heart and soul into something you're passionate about and have a talent for, the results can exceed your wildest dreams.
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