fbpx

Become a Successful Trader

January 11, 2022

The 3 Pillars to a Successful Trading Career

“The most effective thing you can do after coming up with a dream is to create process goals and take action.” 

Commit

What is it that you want? Coming up with a goal is, in most cases, the easy part. Commitment is where the rubber meets the road.

What does your ideal day look like? Paint that picture in your mind. You can use that image of your ideal day to help create that big goal. Once you have that, clarify it being as specific as possible.

Once you have that specific goal in mind you need to commit to doing what it takes. In order to understand what it takes to achieve your goal, you need to do your homework. You can begin working backwards to figure out the steps to get there. Reaching out to those who have what you want or live the lifestyle you want can be a good starting point.

When it comes down to it, there is no magic formula. Work to create small positive routines that become habit.

Build Confidence

Confidence comes from the consistency of taking action and achieving small milestones along the way. As we just talked about with commitment, setting a clear goal is great. Setting process goals or small milestone objectives along the way help you break it down into smaller parts, making it easier to keep momentum and move forward.

With trading, keeping a simple log of your trades can enable you to build a large dataset of numbers. Running some basic calculations such as average winner/loser, R-Multiple, and Expectancy can show you definitively how your system is doing. Putting the emphasis on the numbers is yet another way to remove the subjectivity out of the equation.

Gain Consistency

If you want to become a profitable trader, then you have to start with mastering your craft, trade strategy and execution.

At first it’s not about making money, it’s about the commitment to consistency, learning and producing data that you can make reasonable decisions off instead of assumptions.

Developing that repeatability and routine of looking at the markets each day will dramatically speed up your progress. Reviewing your trades in groups, such that you don’t let one trade influence a major change to your trading plan is also important.

As much as everyone wants to be an overnight success, it’s the small things that no one sees that bring about the big results that everyone wants.

Three Additional Building Blocks

Adapt:

  • The markets are always throwing curveballs, so it’s important to be flexible and always have an open mind.

Keep it simple:

  • Clarify your ideas, simplify your trading screen, and keep your trading strategy as simple as possible.

Practice mindfulness:

  • Mastering your mind is the most important contributor to your overall success. Master your mind and you can master trading.
Get My Top 5 Trading Tools

Join over 10.000 visitors who are receiving a short weekly trading newsletter and learn how to trade for a living. Plus get my top 5 trading tools and 3 free chapters of my Trading Rules eBook.
We hate spam. Your email address will not be sold or shared with anyone.
Trading for Life
About Tim Racette
Tim is a trader in the futures and stock markets and founder of EminiMind.com. He is also a Chicago-land native, competitive mountain biker, adventurer, and ASU Sun Devil currently living in sunny Scottsdale, AZ.

Leave a Reply