Assessing your Trading Journey!! Are you moving forward?

SELF-DEVELOPMENT/METHODOLOGY/PSYCHOLOGY

Assess your Trading Journey!!

Whether you are new to trading, or you are a veteran everyone needs to constantly improve and developing themselves and their trading. Would you expect to become a brain surgeon after attending a weekend seminar and reading a few books? So why do so many people expect to become market experts within a short period of time?

Trading is a journey. We must have steps in place( Trading Plan) in order to achieve trading success.How long does it take to become a competent trader? This will all be determined by the individual. Below is a quick guide line:

Years (0-1)

• Spend the time and effort in creating a Trading strategy that suits your personality and lifestyle
  Educate yourself on basic trading books, podcasts, you tube videos and seminars.
  What asset class will i be trading?
  Determine whether you will use Fundamental or Technical analysis?
  Will i be a discretionary or use a mechanical trading system?
  Open a demo account and learn to use the software and execute orders.
  Start using a trading journal.
  Buy self help books and listen to motivational you tube videos
  Towards the end of the year you will know whether trading is for you or not.
  

Year 2

Fund your trading account with a small amount of cash.
Continue learning by reading trading books, attending seminars, Podcasts, forums, watching you tube videos and listening to motivation videos
Start to understand the importance of psychology in trading
Back test your strategy and gain more confidence in your strategy
Develop a trading plan

Year 3

By this time you should have created a strategy that fits your personality and life-style.
You will be starting to make small gains
Improving your trading psychology
Improving your trading plan

Years 4............

At this stage you should be taking a regular profits from the markets
Continue learning through books and listening to motivational videos
Always looking at ways to improve your trading strategy and yourself

The above is just an example. There are many more steps that you can take in your trading journey and this will be determine by the individual trader :)

Follow your Trading plan, remained disciplined and keep learning !!

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This information is not a recommendation to buy or sell. It is to be used for educational purposes only!