If your goal is to become master of one Forex trading strategy you will need to have sharp focus and not change strategies every week like many amateur traders do. Jet Li is known as the best martial artist of all time, but he wasn’t born like one. He earned that title with dedication and focus. He learned to become a master of his craft and you need to do the same. If you want to be the best you need to adopt the Jet Li mentality.
If you want to be the best you first need to forget everything you learned so far about trading and start from the beginning. The main mistake traders make, is that when they try to adopt a new approach, they still use the old knowledge. If you really want to adopt a fresh new strategy, you need to forget all previous methods and by it prevent their influence on your current perspective on the market.
- TRAIN YOUR BRAIN
You need to learn to master one trading setup at a time. That will help you to train your brain to become more disciplined and objective, and that are characteristics you definitely need to excel at Forex trading. Your chances of making money will increase if you learn to master and to »own« one forex trading at a time, but the process to accomplish it can take you months, maybe even years. When you completely master one trading set up you get a better feeling for which trades to take and which ones to pass on. Many traders believe there is some »holy-grail« trading system, that would allow them to avoid having to develop their discretionary trading skills, but professional trading inherently involves a fine-tuned sense of being able to see the difference between A,B and C grade trade setup.
The discipline and objectivity that you will learn will extend to other areas of trading as well (managing your risk, how to remain calm and collected…). When your thoughts are scattered on multiple trading strategies and (or) you have little confidence , when you begin to doubt in the strategy that you are currently using, you won’t make very wise trading decisions. But when you learn to master and »own« one trading strategy at a time, both of these problems will solve themselves, because you will focus on one strategy at a time and you will automatically gain confidence in each setup as you master them one at a time. The reason most traders lose money is because they OVER-trade, OVER-leverage and analyze TOO MUCH data, but with mastering one setup at a time you will reduce variables in your trading.
- LEARN TO THINK LIKE YOUR MENTOR
Mentor or trading strategy are paramount to your success as a trader, and if you are looking for a new one, it’s obvious that what you were doing before was not working for you. You need to wash your mind of everything you learned so far and adopt the same trading philosophies that your new mentor or trading strategy teaches. I used the approach of mastering one price action setup at a time myself and it worked. When you master one price action setup you can move to another, until eventually your Forex trading arsenal is fully loaded.
- SPECIALIZATION IS THE KEY TO MAKING MONEY
the thing that all people that make a lot of money have in common is SPECIALIZATION.
They focus on one thing that they are passionate about, and do it over and over until they achieve the result they want. If we simplify it, you won’t make money at anything in life if you master nothing. All successful people mastered something in their life, sure they have ups and downs but they don’t let the downs to beat them. They take negative energy and they transform it into motivation and they keep on fighting because they believe in what they were doing. Had they got distracted and involved with other side-projects or interests they would never have achieved what they did. It’s the same with trading. You need to take one price action setup at a time and become a »specialist« in it. You need to become the person people look up to for advice on the setup that you »own«. So master first one setup and then move on to the next, because doing things half-ass will get you nowhere.
- HOW TO MASTER THE SETUP
Mastering one price action setup at a time means that when you are interacting with the market your setup is the only one you think about or look for. You drill your setup so long that you know every angle and condition it can or should be traded in. Keep track of your trades made with the same setup and then analyze it in which conditions it works best. Research your setup, find informations and use them to your benefit. When you think you learned everything about your setup try it on your demo account and if you are becoming consistently profitable then think about adding a new setup to your trading toolbox.
- ONE SETUP DOES NOT MEAN ONE VARIABLE
To master one setup means that you are able to use that setup in a particular market context. For example, you might learn to master the pin bar strategy in a trending market and only enter or exit at confluent levels within the trend, this is an example of how a “setup” can mean the actual price action setup itself and the market conditions that it is traded in. So, in order to fully master one price action setup you must learn to master this setup in one particular market condition, perhaps you want to master the fakey strategy in range-bound markets, or the inside bar in down- trending markets; the totality of the actual price pattern itself combined with the particular market condition you trade it in is what you must master in order to consider yourself a “master” of one Forex trading strategy. To learn more about mastering the ELITE STRATEGY which I teach, check out my price action trading course.
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