Hi everyone! Thought of sharing some personal mindset-related gains for the span of 2020 since today's the first day of 2021, hopefully it'll be the best year to all of my follower, and to anyone who's spending their time reading this.
Why is it so important to journal down all of your trades, and really dig into reviewing them on a daily basis? I've received dms' asking me about how to really improve their trading result as most of the people struggle to get to the consistently profitable phase of trading. A short intro, I am a relatively young 22 years-old proprietary trader which i am extremely grateful for that. If you are still searching for the holy grail that leads to profitability or trading success, it's time to stop doing that, take a step back and truly understand that trading is all about filtering out what suits you the most, and craft them into your own unique strategies/ setups that have a positive expectancy, that's it. These are the four key benefits that you'' gain overtime through proper journaling and self-review.
1. Identifying personal strengths & weaknesses - Throughout my trading career, knowing what you're good at and avoid doing what you're bad at are really the simplest way to explain consistency. If you are an aggressive trader like myself, what should you do when you've got three losing streaks? You are very likely to have the fourth impulsive trade which does not comply to your trading plan. If you are a conservative trader, you're more likely struggle to pull a trigger, you always need multiple confluences that satisfy your long "checklist", but by the time everything ticks the market has went way off your entry, and you'd avoid taking that position just because the SL has gone too wide, you'll begin comforting yourself that "at least my analysis is correct". From today onwards, start writing down your strength and weakness, truly study them and find a market condition that suits you the most, and avoid bad trading habits. If you are aggressive, make sure you're only capitalizing on momentum ignition setup in a strong trending environment, and avoid forcing the market when it's quite or during a range bound condition. If you are conservative, it's time to reduce down your checklist and believe more in your intuition. If a setup has ticked 3 out of your 5 checklist, it is already a B+ to A grade setup, if you're still doubting the trade, maybe just dial down your position size and be confident in your setup.
2. Mindset development - By truly understand your strength and weakness, you're essentially sharpening your mindset by trading on a daily basis. Even the most profitable traders are still learning everyday, why can't you spend a little bit more time on self-learning and be patient? Believe that the fruits would someday come if you're constantly fertilizing the plant. The same goes to trading, after a certain period of proper journaling, you will realize that there are certain patterns in your trading emotion and behavior. Eg. Your strike rate during the Asia session is only 20%, what should you do then? Simply avoid trading the Asia session due to the low volatility and start putting more focus on London & NY sessions. If you are likely to lose the third trade if you've two losing streaks, simply stop yourself from impulsive trading after two consecutive losses. Simplify everything, filter them, and avoid distraction. Trading also improve your mental health and toughness as you're constantly being put into uncertainty that would easily sucks you into the emotional vortex. Do not blame yourself after a loss (emotional detachment), maybe it's simply the market condition doesn't suit you. Avoid the sense of urgency to notice a steep growth in your equity curve and start doing what you're supposed to be doing everyday.
3. Fast-track your trading journey & consistency - Consistent result comes from consistent action, and believe me these comes from high level of confidence. Confident in your trading setup, confident in your long-term profitability and performance. Have a set routines and motivation that put you into work, grinding hard every single day. Set up daily objectives, remain neutral bias, and simply learn from the market everyday. Someday consistency will find you without you knowing, knowledge is key. "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge" - Paul Tudor Jones.
I hope these sharing helps you, and thank you for spending your time reading this, have a great year ahead, and let's smash 2021 with a lot of passion!
Do follow my profile for daily fx forecast.
Why is it so important to journal down all of your trades, and really dig into reviewing them on a daily basis? I've received dms' asking me about how to really improve their trading result as most of the people struggle to get to the consistently profitable phase of trading. A short intro, I am a relatively young 22 years-old proprietary trader which i am extremely grateful for that. If you are still searching for the holy grail that leads to profitability or trading success, it's time to stop doing that, take a step back and truly understand that trading is all about filtering out what suits you the most, and craft them into your own unique strategies/ setups that have a positive expectancy, that's it. These are the four key benefits that you'' gain overtime through proper journaling and self-review.
1. Identifying personal strengths & weaknesses - Throughout my trading career, knowing what you're good at and avoid doing what you're bad at are really the simplest way to explain consistency. If you are an aggressive trader like myself, what should you do when you've got three losing streaks? You are very likely to have the fourth impulsive trade which does not comply to your trading plan. If you are a conservative trader, you're more likely struggle to pull a trigger, you always need multiple confluences that satisfy your long "checklist", but by the time everything ticks the market has went way off your entry, and you'd avoid taking that position just because the SL has gone too wide, you'll begin comforting yourself that "at least my analysis is correct". From today onwards, start writing down your strength and weakness, truly study them and find a market condition that suits you the most, and avoid bad trading habits. If you are aggressive, make sure you're only capitalizing on momentum ignition setup in a strong trending environment, and avoid forcing the market when it's quite or during a range bound condition. If you are conservative, it's time to reduce down your checklist and believe more in your intuition. If a setup has ticked 3 out of your 5 checklist, it is already a B+ to A grade setup, if you're still doubting the trade, maybe just dial down your position size and be confident in your setup.
2. Mindset development - By truly understand your strength and weakness, you're essentially sharpening your mindset by trading on a daily basis. Even the most profitable traders are still learning everyday, why can't you spend a little bit more time on self-learning and be patient? Believe that the fruits would someday come if you're constantly fertilizing the plant. The same goes to trading, after a certain period of proper journaling, you will realize that there are certain patterns in your trading emotion and behavior. Eg. Your strike rate during the Asia session is only 20%, what should you do then? Simply avoid trading the Asia session due to the low volatility and start putting more focus on London & NY sessions. If you are likely to lose the third trade if you've two losing streaks, simply stop yourself from impulsive trading after two consecutive losses. Simplify everything, filter them, and avoid distraction. Trading also improve your mental health and toughness as you're constantly being put into uncertainty that would easily sucks you into the emotional vortex. Do not blame yourself after a loss (emotional detachment), maybe it's simply the market condition doesn't suit you. Avoid the sense of urgency to notice a steep growth in your equity curve and start doing what you're supposed to be doing everyday.
3. Fast-track your trading journey & consistency - Consistent result comes from consistent action, and believe me these comes from high level of confidence. Confident in your trading setup, confident in your long-term profitability and performance. Have a set routines and motivation that put you into work, grinding hard every single day. Set up daily objectives, remain neutral bias, and simply learn from the market everyday. Someday consistency will find you without you knowing, knowledge is key. "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge" - Paul Tudor Jones.
I hope these sharing helps you, and thank you for spending your time reading this, have a great year ahead, and let's smash 2021 with a lot of passion!
Do follow my profile for daily fx forecast.