One of the things that I am hearing more and more these days is that traders are not making money consistently.
Do you know anyone with this challenge? Do you know them intimately?
So, what can you do to make money consistently?
- Deal with your trading as a business
If you think of your trading as a hobby, then you produce the results of the hobby and making money becomes secondary.
For your trading to be successful, it is imperative to create a proven process to make it a success.
- Have a written plan that matches who you are
This is a very important step. We want to have a proven plan that succeeds. However, if it does not match who you are, you are setting yourself up for failure. It will work for a while, but because it goes against who you are, after awhile you find reasons not to follow it.
- Have a money management system in place
When you have a system in place, it enables you to manage your risk better thus allowing you to preserve and grow your capital on a more consistent basis.
- Create your own daily routine
Everything we do is a routine. If you think about it, when you get up, you follow certain routines. However, most of us are not conscious of our routines. So, create one that serves you and sets you up to make money consistently.
- Be patient
I know that some traders love the excitement of trading and once the excitement is gone, they get bored and start sabotaging themselves. Does this sound familiar?
If you are looking for excitement, find a hobby that can provide you the excitement.
This is one of the most important skills of your trading success.
- Don’t focus on the money
By focusing on the money, you get hooked on the trade that you have placed in. Therefore, you are less likely to be in the zone and really noticing what is happening in the market.
You need to detach yourself from the result of your trade. This does not mean that you don’t care. Of course you do, and that is why you have placed your trade. It means that you are not married to your position. You are free to be in the zone and really notice what is happening versus what you hope and wish to happen.
- Develop your Mental Edge
This is a crucial step. Stephen Covey has a 90-10 principle. He mentions that 10% of your life is determined by what happens to you. 90% of life is decided by how you react.
Events happen to us. What differentiates the super stars is how they react!!!
“Any fact facing us is not as important as our attitude toward it, for that determines our success or failure.”
~Norman Vincent Peale
Remember, this is a process. Any step in the right direction moves you closer to your goal.
“Continuous improvement is better than delayed perfection”.
~ Mark Twain
Here is to making trading success your habit™,
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nice post. thanks.
How do you develop a plan that meets your personality? I’ve written out loads of plans detailing the circumstances where I will enter and exit trades. But, I just can’t figure out the right one.
When I talk about plan that matches your personality, I am talking about knowing yourself. For instance:
• Knowing why you trade?
• Do you want to make money or do you want the excitement?
• What type of trader are you?
• What style of trading best suites you?
• Does the frequency of your trades, matches who you are?
• Are you comfortable with the risk/reward ratio?
• Do you know your own risk profile?
• Do you rather be right or make money?
These are some of the factors that I would consider when creating a trading plan.
this is an excellent plan- i use the very same plan in my day to day portfolio managment
Sometimes it’s really that simple, isn’t it? I feel a little stupid for not thinking of this myself/earlier, though.
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Cheers
I want to quote your post in my blog. It can?
And you et an account on Twitter?
Damn, that sound’s so easy if you think about it.
I cannot believe this is true!
Yes, you can quote me on your blog.
My account on twitter is: http://twitter.com/nazymassoud
Thank you
I am gald to hear that…
Yes it is that simple.
There is no need to feel stupid. Sometimes we think if it is simple it does not work and we have a tendency to make things complicated…
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