I already know about what you’re thinking; the headline of this article is quite bold. Though it may be bold, however, I am sure that you it’s not a magnification. As my promise, if you read this article completely, think about it thoroughly and then really execute the insight that I’m about to share with you. Also, you will see why the headline is no magnification at all.
Being a successful trader is not as hard or elusive as you probably think at present. All asked for is some changes in your behavior and more crucially, changes in your thinking. I recommend you to read this whole article until the end since I believe that the information I would like to share with you might be the ‘missing piece’ of the trading puzzle that you have been making an effort to put together.
Step 1. Take the next week off from trading
This is an essential first step for you if you want to enhance immediately your trading and put a quick end to whatever trading problems which you’ve recently been experiencing.
It’s very difficult to see objectively about the trading mistakes that you have been making if it is without taking some time off from trading. Hence, exiting all positions if you have any open and take the entire next trading week off from the market is the first thing you need to do; remember not to be in any trades at all.
Then, you are going to do a number of things during this week, here they are in order of important points.
- First of all, review and update / tweak your trading plan
If you haven’t been using your plan in trading that probably explains much about why you’ve been struggling in the market, recently. Therefore, it is a must that you can get it out and update it; go through it and ensure that it’s still what you want. But, if you don’t have one, then you need to make it. If you fail to know where to get a start, then simply, get my trading course since it is really useful and I show you how to make a trading plan within it as well.
- Secondly, shift your thinking
You soak up the feeling of not being in the market during your week off. Clearly understand THIS is how you should be feeling MOST of the time that means most of the time you should not just be in the market. For most of the time, you should be waiting patiently for high probability trades to set up. In other words, you should trade as a crocodile. In addition, you should understand when you make the mental shift from thinking that you need to trade a lot in order to make money. For accepting that, you need to be more patient and disciplined, too. You are getting closer to your target of being a successful trader.
- Thirdly, organize
I really want you to organize wherever you trade from, so please keep it in your mind. For example, if you have a trading office, promise to organize it. If you don’t have one, then very simple, you just organize your computer by cleaning out old files, etc. Moreover, you should organize your trading plan into a nice looking document; print it, also, laminate it if you want. Just make your plan look professional and organized, thus you’re more likely to use it.
- Lastly, clean charts
In case you haven’t already, just take everything off your charts, that means all indicators etc. you can choose to set your charts up as how I recommend here and before your week back trading, I want you to go through the markets that you trade and add in the main chart levels BEFORE the markets open. For your ease, in order to learn how to do this, you can read the article how to draw support and resistance levels as your reference.
In summary, you should take a full week off from trading to follow these points such as review, update or make a trading plan if you don’t have one; shift your thinking of trading from just ‘needing’ into trade all the time in order to become a patient person trading as a sniper; organize your trading area, computer and trading plan; set up clean indicator-free charts and draw in the main chart levels for the following week.
Step 2. Shift your definition of successful trading
It is necessary for you to change your idea about ‘trading successfully’ from one of ‘fast money, fast cars, etc.’ into learning to trade properly and following your trading plan and trading method as well. Being slow and steady wins the trading race, not quick and impulsive. Well, what you need to understand is slow but steady progress and obtains each month is what creates success in trading. Thus, the sooner you understand this and begin behaving in a way reflecting your understanding deeply, the sooner you will become a successful trader.
Now, you should stop thinking about the market as ‘constant opportunities’. For me, trading is more as ‘a window to potential money-making opportunities, exactly that the way I think about. But, with many traps and high risk’ in it. Thus, you should be careful to not get caught. Within education, screen time and experience, you will finally learn how to not get caught in bad trade signals and the many ‘traps’ occurring in the market each week. It has no meaning that you won’t have losing trades, that just means you will be avoiding unessential losses born out of not being fully prepared and not being in the right mental place in your trading.
Step 3. Stop gambling and learn how to trade properly
Basically, there are two ways to approach trading, for example, randomly as a gambler, and then there’s the right way which is as a skilled and patient market analyst.
But, it is so sad that most people finish up trading as a gambler; no matter how hopeful they are as they start out. It is said that trading is a very easy thing to become addicted to, and you can see that once you become addicted to trading, you have officially become a gambler in the market, whether you know it or not.
So, for avoid becoming a trading gambler, it actually take a conscious effort on your behalf. Let’s see, if you simply drift along and trade randomly without proper training or trading plan, you’re going to finish up gambling, it’s essentially just human nature and how we are wired. For successful trading, it takes more effort than what you might be used to giving; definitely, it takes strategic thinking and planning. I’m not mentioning it is ‘hard’ or asks you be extremely intelligent, I’m just talking that it takes more objective analysis and planning than what most people may think or be inclined to do.
Generally, the best thing for you to do is to learn how to trade within a very simple, minimalistic manner by using raw price action data. Successful trading asks for a start with learning to trade properly, and if haven’t yet learned about how to do that, it is very important that you need to make it a priority since it’s going to be your trading foundation. After building that foundation, it allows you to build a trading plan from it and execute the mental ‘shifts’ I mentioned in this lesson. If doing that, obviously, successful trading isn’t a matter of ‘how’ or ‘what’, it will just be a matter of making it happen and just following the ‘blue print’ that I’ve laid out for you here.