If your goal is to become MASTER of your Forex trading strategy you will
need to have sharp focus and not change strategies every week
likevmany amateur traders do. Bruce Lee is known as the best
martialbartist 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 Bruce Lee mentality
If you want to be the best you first need to forget everything you learned
so far about trading and start from the beggining. 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 maater 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 deffinitely 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 proces to acomplish it
can tske 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 sistem, 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 expend 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 automaticaly 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 UNIVERSAL KEY TO MAKING MONEY
the thing that all people that make a lot of money have in common is
SPECIALIZATION.
They focus on one thong 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
trqdes 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 qbout 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 setip 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 fakeout
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 price
action setups that I teach, check out my price action trading course.
