Many traders spend hours thinking about spending enough time surrounding the markets, analyzing the charts, reading the books, and understanding the courses to improve their skills. Spending so much time won't necessarily increase your profit potential. If you do the same thing and keep repeating mistakes, investing hours will only ingrain those habits.
To enhance, make repeated and deliberated choices. Here are five things to begin for enhancement of the performance.
Having someone in your life who is responsible for all your trading is a blessing. Call them trading referee. All the lapses in discipline can occur with anyone, so having someone like this will make minimum lapses and will cost you less for your mistakes.
This person might be your mentor, guide, friend, or family member who has guided you through the plan and kept you updated on the performance.
Another option is a chat room, forum, or meeting surrounding the people you trust the most. You can share the issues, struggles, and successes. You can ask for review and feedback. Most importantly, choosing the right person is essential because it can harm you as much as choosing the right one will benefit.
Avoid Other's Opinions on Trades
Follow your way of trading. Discussing performance or strategies is not a bad thing, but avoiding judgment of others when it comes to a particular trade. It doesn't matter if a trader you follow has an opinion to buy when your plan says to sell. It would help if you went with your plan. That is the only way to see what works for you—and keep your stress levels to a bare minimum.
Constant changes in the mind based on what the rest of the market thinks will lead to stress and poor performance. Even the most significant traders have lost trades, so follow your plan. Stop discussions at the time of trading to avoid second-guessing and quitting your methods. Don't let someone else ruin all that effort you put into researching and creating a strategy.
A strategy may seem easy on the surface, but even a basic strategy is complex to implement in live market conditions. Every day, every trend is somewhat different. Nothing ever looks the same as it did in the textbook. To become an expert at implementing a method, practice and again practice, a lot. Trade it in a demo account until you constantly profit from the trades.
Mental Clarity, Everyday
When you trade, focus on trading. Close your eyes, focus your attention on your trading plan, and visualize following the plan. Each day, have one minute before you have your trade to make sure you feel logical, focused, and present. Also, take a couple of seconds to affirmative that you're present to trade, avoid checking your social media accounts, email, or watching online videos. Check the economic calendar to pay attention to events that may move the market, so you don't get surprised during the day.
These small steps can have your thousands of dollars saved over a year. If you're angry, upset, or unfocused, avoid trading. It only takes one day, or just one trade, to lose an entire account when not in the right frame of mind. If you can't establish focus, don't trade that day.
Record Every Trade You Make
Observe and review every trade you make. Some steps involve taking screenshots of your trades with entries, stop loss levels, targets, and your technical and fundamental notes so that you can quickly review your trades some other time. A screenshot is worth 1,000 words in a trading journal as it reflects exactly what you did in those accurate market conditions.
Being a profitable trader takes consistent work. Profitable trading is not a place; it's only a state made possible by calculated and practiced actions and choices. As soon as a trader stops following those calculated and practiced actions, they will lose their profitable state. Finally, record everything you do, taking screenshots and keeping notes. This will give you definitive feedback you can use to continually and deliberately improve your trading methods.
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