4 Ways to Learn from Every Trade You Take!
There is no one right way to become a great and consistent trader, there are so many good and consistently successful traders out there and each of them is doing his/her thing.
Our goal with these type of articles is for us to become the guiding light for traders out there such as yourself, but to also showcase that we know what we are talking about and more importantly doing... since people pay us to teach them to trader.
In this and the other articles we will be going over the best ways WE know, things we apply to the markets, approaches that are effective to US and have already worked for us!
In todays article we will go over 4 ways you too can learn and improve from every single trade that you take, but before we jump into this... I want to remind you of the most important, vital in fact, factor... and that is focus. If you just sit down to trade the markets for he money you can earn... I promise it wont end well, but if you bring COMPLETE FOCUS to the table, not for forever, but for a limited period of time per day, your chances of success become very big! Anyway, lets get to the post!
1 - CREATE A CRITERIA LIST
Focus on quality wouldn't that just make it all easier? Sure would... but to find the quality trades you seek you first need to trade and trade, then you need to find the best types of trades by reviewing all of the trades you've taken so far and create a basic criteria list of what they look like... then like I said above, add some focus and look for them!
Again, in order to find quality you first must review all of your trades and find the best ones, then build up a criteria of those trades so you know what you must look for. Then when you know what to look for just sit there and wait for it to pop up.
Make your trading as simple and easy as possible... and this is one way to do it!
2 - REVIEW YESTERDAY
Sometimes the easiest way to determine what could happen today is to check what happened yesterday, what I look for in yesterday is not only what happened with the markets but how did I actually trade and what was my PnL... all these little things when reviewed well can have a BIG IMPACT on my trading today! That's how habits are formed anyway.
You must know the saying "Your only competition is who you were yesterday", well this practice has actually come from that saying... and believe me when I say it, it's 100% worth it!
Don't drift further, review yesterday in every way, from the markets to yourself and you'll find motivation and guidance to be a better trader today!
3 - WRITE A SHORT SUMMARY OF EVERY TRADE TAKEN
You've probably heard about this before, its a basic journal. Within our discord community we have something similar where we release trades that we've taken yet on our quest to constant and never-ending improvement we are going to be making a big update soon to the way we review trades and how much + what information our traders release.
Here's what we recommend you do, every trade you take write up a basic reason of why you are actually taking this trade doing this will actually help you with point #1 because you will very quickly find your best types of trades, and that is RAW progress!
4 - REVIEW YOUR BIGGEST WINS & LOSSES TWICE
Now this one is the golden one and if you just do this and forget about all the rest you'll still see massive improvement! But it is also very important to note that you should expect improvement to kick in after a day of this or any of the other points. It will take time to form the right habits as number 1 and for you to actually see improvement it will take weeks if not months, but that time most importantly will pass regardless and if you do this you will significantly speed up your learning curve.
When it comes to point number 4 all you need to do is open up your history tab and sort out your wins/losses by largest sum, then simply focus on your biggest losers and winners, there you will find your biggest mistakes and also the best things you did too, unless your just oversizing trades and were lucky to win!
Want to talk to me more about this? Send me an email on Denis@primedtraders.com and I'd be happy, very happy to help!
YOUR NEXT STEP
Knowledge compounds over time but within that "over time" you need to add repetition, you need to be improving and learning and we've got you covered on that! You can either join our community or grab our momentum day trading course.
While if you're not ready to commit financially to us, then you've actually learnt pretty important things which a real and full-time trader does, which now you too can do so you can take your trading skills to the next level!
Before you go, make sure you subscribe to our mailing list as next Tuesday we will release yet another post and each time we release a post we will strive to make them better and better! Thanks for being here, have a wonder day/night wherever you may be!