Successful Trading Starts with Small Steps
A journey is defined as the act of traveling from one place to another. Think of your last travel experience.
When making travel arrangements we make sure to: research our destination, check for flight times and cost, arrange hotel accommodations, set up an event itinerary, pack our baggage, say goodbye to our friends and family, change our voicemail greetings, and finally set out to actually embark on our journey.
In trading, however, everyone is so excited about the actual destination that they set out for a trip too soon, unprepared and sadly never get to see the end as a result. Strategic preparation and planning will guide your trader development. Don’t focus on the destination, spend time preparing and planning instead!
Let’s face it, your $1,000 savings account won’t grow to $1,000,000 in one year, regardless of how amazing you think you are or actually become. However, your $1,000 can become $5,000 in one year, and this can in turn spark more preparation and planning and increase your personal savings. Now your $5,000 has the potential to become $15,000 in the next year, then $50,000, and eventually the journey will take you to $1,000,000 if you have the patience, desire, and work ethic.
However, in order to get to the destination, you must break down your journey into smaller tasks of actionable items.
Here is the TRADEPRO Journey in actionable steps:
- Education – read the most recommended authors and books, articles, journals, webinar lectures, and anything free you can get your hands on! Read, read, and read more. If you need a structured education curriculum to help you supercharge your learning, our TRADEPRO Foundations Course is designed just for YOU!
- Simulation – there comes a saturation point, where you have learned all the theory your brain can store, and it is now time to roll up your sleeves and start testing them through demo trading. Don’t skip this all-important step and jump to live capital or you will end up at #1 relatively quickly. The simulation will never make you $1, but it can save you thousands and stop you from suffering mental and emotional setbacks in your development.
- Investigation – this is one of the hardest aspects of your journey, as it involves self-reflection and analysis. In this critical phase, you will review all of your simulated trades and all the emotional journaling as well. What were your top three recurring behaviors that caused your most consistent winning trades, and the three behaviors that caused consistent losses? How can you condition yourself to spot them as they happen, and eventually eliminate them? This step is all about doing less of what isn’t working, and more of what is. It sounds simple in theory, but this step is where most journeys end! If you want guidance to avoid potentially devastating setbacks and frustrations, our TRADEPRO Mentorship Program is perfect for YOU!
- Application – this is the journey destination you thought you have headed to all along, but realize that a TRADEPRO’s journey is never complete. You may start trading profitably and consistently, but you will always be looking for new ways to improve your results and fine-tune your strategy and approach. By the time you hit this fourth step, you’ll realize this process is an infinite loop of these four simple steps. Never get too confident, too uncertain, too excited, too happy, too emotional. Remain calm, rational and always moving forward. Markets change, people change and so too will your journey destination and the planning necessary to reach it.
In the grand scheme of things, life and trading are identical. The finish line is not a place you ever want to reach, and the friendships, experiences and profits you earn along the way are much more important than the destination itself.
Don’t be scared, be prepared. If you plan your journey in actionable and measurable steps, chances are you will succeed. However, if you fail to plan then you plan to fail!
Happy trading journey to becoming a TRADEPRO!
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The information contained in this post is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.