In the world of trading, what would you like to be? The Jack of all trades or the master of one?
Other than a touch of luck, be it psychological or mental, the top athletes of the world share two common traits that make them successful in their respective fields
- Having a set process and practicing them regularly so that with each concept they adopt, they move a step closer to their final goal.
- Practicing discipline and staying focussed on the task at hand until they’ve aced every aspect of it. Once they have mastered it, they put in a lot of work to stay consistent and to get better at those tasks.
In this article, we will talk about the need to stay focused when trading and taking all the variables out of the equation to be a master trader. If you see how people with a lot of money behave, you would notice that they have mastered the art of being exceptional not at everything but at just a few skills. In the field of trading, in particular, you pay a heavy price for not being able to master your trading strategy. Check out more at multibankfx.com.
What do successful traders have in common?
Find out about the leading traders around the world or even the best hedge fund managers, the secret to their success is nearly always an incredible amount of focus and great expertise in the way they trade.
These traders will very clearly tell you that a scattered approach in the market is not one where you will be able to earn money. Using a confusing combination of several trading methods would lead you to make bad trading decisions. What would in fact work well for you is a set of basic, not too elaborate technical analysis tools or patterns using which you’re able to assess and trade charts.
Consistency is a common aspect that all key traders follow. They’re not constantly jumping from one strategy to another. They are not experimenting or trying too hard to make things work. Rather, they employ one strategy and patiently wait for it to show results. Below are some key areas of focus that you would require to stay steady on a single strategy until you ace it.
Focus and Discipline
Focus and discipline are the two factors that are important in almost all aspects of life and you would not find someone who would disagree here. Highly unlikely.
But when we’re talking about picking a single trading strategy at once and sticking to it until you have mastered it, the importance of focus and discipline is even more. For instance, you may be required to keep up with just one price action signal at a time. This would imply that you would not keep switching on the basis of every single candlestick pattern which emerges on charts. Rather, you stay determined to not lose focus and stick to one strategy at a time and move to the next one only after you have aced the last one you picked. You would be able to do this by identifying a strategy, getting familiar with it,, and seeing how it functions on the charts as well.
An Expert at Your Craft
The human brain thrives on repetition and habit as it helps us in creating strong pathways that are hard to come out of. It is almost like building a routine for yourself in trading. The more you repeat an action, the more efficient your mind becomes in mastering that action. It is unfortunate that not a lot of traders make it to this point because they lack the patience or are relying on way too many scattered strategies. They’re trying to implement everything that they read off the internet and that is a sure-shot road to downfall. The key is to stand by a trading strategy that you have known is most likely to work best for you.
The know-how of acing a certain trade signal at a time is a matter of focus and discipline. See what works for you. Maybe it is printing out the examples of the signal, analyzing the signals from different courses, going to mentors, and tracing charts. You should make the effort to learn all you can about it thoroughly.
Master One Trade Setup & Then Add Another
It is important to stick to a setup until you master it largely because then you have a solid action you must take and be accountable for. Discipline and focus are something a large number of traders struggle with and often find themselves drowned in the sea of information overflowing off the internet. It affects their decision-making.
Get over that hiccup–make an informed decision and then stick to it. You would see guaranteed results in the long run. The golden rule is to take it slow and stay focussed.
Those who have managed to be tremendously successful in their trading journey, be it individuals or trading companies, have their secret lies in perfecting their strategies. They stay focussed on one thing until they excel in it and then take things a notch higher.
Conclusion
No matter which field you come from, you could be a martial arts master or a successful trader. A few things are common about the people who succeed in their area of work. We strongly feel that in today’s time and age, there is nothing more important than practicing the tricks of your trade again and again until you have mastered it and the process becomes nearly automated for you.
If you’ve reached the end of this article, you already know what actions you need to take and why you need to do so–now it is time for action. Choose a setup that you prefer, and learn it thoroughly so that you are aware of every aspect of it. When you do this, everything else would seem to fall in place as you would not be second-guessing your decisions or get swayed away by what the self-proclaimed market gurus advise you to do.
