Focus, the single most important day trading skill!
In todays weekly post we will be speaking about the single most important day trading mental skill, which in my book is called focus! This is simply because, when you have focus you have discipline and patience, which every single trader wishes he would have, yet with focus... he's got them both and so much more!
Focus is an essential key to trading successfully, I believe our opening statement made that pretty clear, but just so you understand... if you cannot sit down and be focused for a limited period of time daily, you shouldn't really be expectant of success, it is a high probability that if you trade without complete focus that you will go broke sooner or later.
The mistake that most traders do is they gather a lot of information, I use to be that trader... my day was a mess, I thought I had to gather so much intelligence to be successful yet all I had to do was create a complete system, learn price action and know my key levels... then the basic point is to add complete focus for a specific period time a day to my trading and.... poof! Like a magic genie you now have not 3 but an unlimited amount of wishes at your disposal.
You don't need information, you need education, a complete trading system, knowledge of price action + key levels and you need experience, but what traders tend to do that might be a mistake is they tend to think if they’re not consistent in their trading, they need more information... so they go out and gather more and more and more and more information, but information is only good to analysts (people that don't trade) and other people who sell content. What every single trader needs is focus and LOTS OF IT!
Lets break down what it is that we focus the most in our "Day Trading Predator" course
When it comes to successful trading, at least to me, it comes down to 3 basic points, and they are:
Indicators
Price action
Key levels
All you, the trader, need to do is add focus to these 3 points, not for forever, but for a limited period of time a day and you shall find the success you see. By adding focus you will improve your knowledge of the indicators and how you should use them, you will understand price action much better and develop the intuition to have that magical "gut" feel of what the markets are saying, after all price action skills and knowledge will be your most powerful asset. While key levels are pretty similar to price action, with focused time added on them you will only become better!
Here's a pro tip for you to take action on right now:
Write down the magic words: Add focus to your indicators, price action and key levels and you'll become a mater of the day trading game!
Now regarding the other magic word, consistency, remember that consistency isn't something you will ever get, it is something you do every single day, so starting today start adding focus to your trading, focus on your trading for a specific amount of time, as much as you can per day but don't over do it, over trading is a horrible disease!
Tomorrow we will be hosting a webinar on how you can apply everything we are sharing here and much more! If you ever wanted to learn from real and full time day traders all you need to do is scroll up to the top of this page and drop in your email address and we will send you an invite to tomorrows webinar, yet if you cannot make it... we'll make sure you get the recording of the session sent your way just make sure you drop in your email!
Anyway that's it for todays post, hopefully we explained just how important focus in trading is, but if we didn't then make sure to attend the webinar and you'll be blown away by what Denis, our lead trader, has to share! See you tomorrow! Sending you love and positive vibes for success and happiness!