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Want to become a consistently profitable trader?
Read this:
Read this:
Before I start with the steps, trading is just like any other side hustle or business.
It takes hard work, dedication, and a desire to want to do it.
But most importantly you need to BELIEVE that you CAN do it.
It takes hard work, dedication, and a desire to want to do it.
But most importantly you need to BELIEVE that you CAN do it.
Without belief or optimism, there is ZERO point in you trying.
You have already failed if you don’t have the right mindset.
You have already failed if you don’t have the right mindset.
So be irrationally optimistic that you can do it and you will make money from trading forex, stocks, crypto, commodities, or bonds (yes people trade bonds) it doesn’t matter what asset class you want to trade.
1. Keep a study journal
Personally, I have an entire year worth of price action logged in a study journal from which I can draw upon it.
It has helped me tremendously in analyzing prices because I’ve seen the same thing happen over and over again.
Personally, I have an entire year worth of price action logged in a study journal from which I can draw upon it.
It has helped me tremendously in analyzing prices because I’ve seen the same thing happen over and over again.
Do you think having that kind of experience logged is helpful?
You bet.
So choose the asset that you want to trade and log each day's worth of price action, noting where the price reacts, and why it reacted there.
You bet.
So choose the asset that you want to trade and log each day's worth of price action, noting where the price reacts, and why it reacted there.
What do you see in the price?
Also at the end of each week make a log of the higher time frame chart and see how the price is moving from that perspective, this is your weekly review.
Also at the end of each week make a log of the higher time frame chart and see how the price is moving from that perspective, this is your weekly review.
2. Focus on one asset class
Do not be that guy watching 50 different markets at the same time and trying to trade all of them at once, it just doesn’t work.
Focus on the one asset class you like.
Do not be that guy watching 50 different markets at the same time and trying to trade all of them at once, it just doesn’t work.
Focus on the one asset class you like.
Are you a crypto guy?
Focus on Bitcoin.
Do you like forex?
Focus on one currency pair (mine is EURUSD).
Focus on one asset class.
Soon you will come to understand that asset's unique quirks and the reoccurring patterns it produces.
Focus on Bitcoin.
Do you like forex?
Focus on one currency pair (mine is EURUSD).
Focus on one asset class.
Soon you will come to understand that asset's unique quirks and the reoccurring patterns it produces.
3. Find a mentor
This is a must.
You need to find a mentor and do everything that they say.
It is arrogant to think otherwise.
They are where you want to be and they can give you the tools to achieve that same thing if you submit to their authority.
This is a must.
You need to find a mentor and do everything that they say.
It is arrogant to think otherwise.
They are where you want to be and they can give you the tools to achieve that same thing if you submit to their authority.
It’s the same with every industry, any business, and any side hustle.
There are people that know what you want to know and can tell you how to get to where you want to get to.
Many people do mentorship programs and others do private coaching.
There are people that know what you want to know and can tell you how to get to where you want to get to.
Many people do mentorship programs and others do private coaching.
Find a mentor you like and follow them, ask them questions, or pay them to coach and mentor you on your journey.
This will save massive amounts of time and remove pitfalls and traps from your journey.
This will save massive amounts of time and remove pitfalls and traps from your journey.
4. Be patient
All amazing things take time and it all depends on your dedication.
When I started dropshipping in 2017 it took me 5 months of hard work and dedication to reach my first $1k day in sales.
It took me 4 years of being in crypto to make any significant income.
All amazing things take time and it all depends on your dedication.
When I started dropshipping in 2017 it took me 5 months of hard work and dedication to reach my first $1k day in sales.
It took me 4 years of being in crypto to make any significant income.
Will you eventually reach your goal if you decide to never quit?
100%.
If you CHOOSE to never give up in your pursuit of becoming a consistently profitable trader you CAN NOT fail.
Chip away at your goal every day, work towards it and you will achieve it.
100%.
If you CHOOSE to never give up in your pursuit of becoming a consistently profitable trader you CAN NOT fail.
Chip away at your goal every day, work towards it and you will achieve it.
5. Demo trade for 3 months profitably before live funds
Most people don’t want to hear this.
But the psychological pain of losing money in a trading account will stunt your growth massively.
Most people don’t want to hear this.
But the psychological pain of losing money in a trading account will stunt your growth massively.
You need to ensure that you know what you are doing first before ever attempting trading with live funds.
Losing money in a live account is very painful for a new trader.
Only YOU will know when you are ready for live funds.
Losing money in a live account is very painful for a new trader.
Only YOU will know when you are ready for live funds.
Do not neglect the last rule because 90% of traders lose 90% of their funds within the first 90 days of opening an account.
Now to recap:
1. Keep a study journal
2. Focus on one asset class
3. Find a mentor
4. Be patient
5. Demo trade for 3 months profitably before live funds
1. Keep a study journal
2. Focus on one asset class
3. Find a mentor
4. Be patient
5. Demo trade for 3 months profitably before live funds
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