4 things to do today to become a better trader.


 

As traders, we can get overwhelmed easily. Technicals vs fundamentals, quants, seasonality, volume profile and anchored VWAP. Dollar cost averaging, scaling out, hitting the bid and lifting the offer. Event driven or systematic?

All you need to focus on is your next trade. Make one great trade and then focus on your next great trade. Take it one trade at a time and you'll get better and better.

Here are four things you can do now to get better at trading.

1. Be Intentional

Successful people direct their attention better. They focus on the things that matter the most right now. Distractions are all around us. Getting more intentional about the important stuff will lead to success. For example, Michael Phelps credits his ability to concentrate and block out distractions as a key factor that helped him break world records.

Spend more time working on your trading. Review all your trades after the close. Learn from your mistakes and your successes. Focus more when you are trading, don't get distracted by the news or your phone. Stick to the plan and keep focused.

2. Choose to be positive

Direct your thoughts towards your wins. Remember the positive things that happened yesterday; don’t dwell on what you didn’t do so well. Review all your trades, but spend time on the positive ones. Having a positive outlook is a decisive factor in determining our success. I recently listened to an extremely successful, retired businesswoman respond to a question about what she would change in her career if she could. She said she would hire only happy people! Legendary coach Pete Carroll, famous for his positive coaching philosophy, stated that positive reinforcement and focusing on strengths were instrumental in developing a winning team. Stop beating yourself up for your losses, or for not sticking to your plan. Learn, move on.

3. Be courageous

Life rewards courage, not intelligence. This is why high intelligence does not necessarily predict success. It takes courage to start, face your fears, take action, and embrace change. These are the qualities that life rewards. Have the courage to put the trade on when your system provides an entry signal, but have the intelligence to mange your risk properly. If your stop gets hit, its OK. Review and move on.

“You will never do anything in this world without courage.” Aristotle

4. Raise your standards

Most of the time, it’s okay to be just good enough. However, when it comes to your trading goals, you need to be the best. When you find something you truly want to succeed in, aim to be the best there ever was. Aim to be the greatest trader that you can be. Don’t settle.

Trade Well,

Justin


P.S. One great trade, then another great trade, and another. Take it one trade at a time and you'll get better and better.


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