Focusing on skills to be a profitable trader is imperative for anyone who wants to be a successful trader long-term. In coaching successful traders for over 15 years, I frequently suggest that they refocus to the trading skills that really matter.
Click here or in the video below to find out what trading skills to focus on!
Important Trading Skills To Focus On
Sticking With A Trading Strategy
When a trader has a proven, profitable trading strategy and it goes through a losing period, which ALL trading strategies will, they want to stick with it instead of looking for the next best trade.
Following The Proven Trade Guidelines
Some non-subjective traders, when they see a market situation brewing that may negatively affect their trade, they panic. They start scrambling and will do anything to try to save the trade including not following the trade’s proven guidelines. It usually will lead to a much worse situation than if they had just followed the guidelines.
Pushing Through Trade Losses
EVERY TRADE IS GOING TO LOSE! We all want to find that holy grail trade and just keep putting it on knowing that it going to pay out every time. It just doesn’t exist. Take the loss, stick with the proven, profitable trading strategy. Over time, it will provide you a good return.
Avoid Over Analyzing The Market
We all do this. It is human nature. However, after the initial moment of concern for your trade, go back to your established trading plan and follow it. That plan was carefully crafted in advance (hopefully) to guide you through a stressful market. Keep focused!
Maintaining Appropriate Capital Allocation
If you change the recipe, the end result will not be what you wanted when you started. With a proven, profitable trade, if you start to cut back your capital, it will not provide the expected results. This leads to frustration and could ultimately lead to an end of a trading career.
Watch this episode today and start focusing on the skills needed to be a profitable trader and then continue to improve your trading mind by watching all of our future and past Trading Performance Podcast episodes!