A trader told me that he has been in the market for several years now, but he had to revise his expectations. He is frustrated that he can't earn more and his dreams for which he started trading won't come true. He earns well, but not enough to live the lifestyle he would like. He thought about buying himself an expensive yacht, it was his goal, a status symbol and a new lifestyle, but his level of profit wouldn't allow that for at least a few more years. He asked if I had any ideas on how to deal with the glass ceiling in trading. He knows that I know a lot of traders who make great money, and he hoped that I could give him a hint. Indeed, I was able to...
How to become a profitable trader: a trader development plan
In the big picture, what works is a growth program. This is the kind of thing the best traders do when they want to become even better.
- They identify their trading advantages and try to strengthen them.
As an aside - most traders have no idea at all what their advantage is. I give some tips on how to find it below.
- They learn new tools and brand new systems to expand their "toolbox". I will describe examples of such trading tools below.
- They identify their technical and psychological weaknesses, and work with them. Some notes below.
- They study other successful traders. This is a super solution, in addition, it allows to spend time enjoyably.
- They look for trader-mentors who have walked this path before them and succeeded.
- They analyze their weak points, the ones that brought them the biggest losses.
- They analyze their best trades to find what they have in common and duplicate them
Distinguishing characteristics of profitable (professional) traders
Most traders have no idea at all what their advantage is. This is a good place to begin. Start by asking yourself:
- What do I do differently, better than others.
- What am I able to use better
- What information do I have access to before others
- What is my valuable uniqueness as a trader based on?
And work on it.
Example of trading tools to become a more profitable trader
If a trader specializes in a certain type of trading, e.g. a triangle breakout with good fundamental data of the company, then one might be interested in some scanner that will simplify the analysis.
1. a scanner that will select companies with "good fundamentals" from which the trader will choose the best technical situation.
2. a scanner of "triangles" which will select the best technical situations, the best "triangles" from where again the trader can choose something.
3. a combination of scanner 1 and 2.
4. the same as in example 3 plus the strong momentum that has emerged in the market.
The key will be to limit yourself to dealing only with the best market situations of the best possible ones. Professional traders do not trade "on everything that falls", but only on the best situations.
"There will always be another bus".
Give it a boost 🚀 and drop a comment so we know to publish more for you. Cheers!
Follow: www.tradingview.com/u/drSwierk/
How to become a profitable trader: a trader development plan
In the big picture, what works is a growth program. This is the kind of thing the best traders do when they want to become even better.
- They identify their trading advantages and try to strengthen them.
As an aside - most traders have no idea at all what their advantage is. I give some tips on how to find it below.
- They learn new tools and brand new systems to expand their "toolbox". I will describe examples of such trading tools below.
- They identify their technical and psychological weaknesses, and work with them. Some notes below.
- They study other successful traders. This is a super solution, in addition, it allows to spend time enjoyably.
- They look for trader-mentors who have walked this path before them and succeeded.
- They analyze their weak points, the ones that brought them the biggest losses.
- They analyze their best trades to find what they have in common and duplicate them
Distinguishing characteristics of profitable (professional) traders
Most traders have no idea at all what their advantage is. This is a good place to begin. Start by asking yourself:
- What do I do differently, better than others.
- What am I able to use better
- What information do I have access to before others
- What is my valuable uniqueness as a trader based on?
And work on it.
Example of trading tools to become a more profitable trader
If a trader specializes in a certain type of trading, e.g. a triangle breakout with good fundamental data of the company, then one might be interested in some scanner that will simplify the analysis.
1. a scanner that will select companies with "good fundamentals" from which the trader will choose the best technical situation.
2. a scanner of "triangles" which will select the best technical situations, the best "triangles" from where again the trader can choose something.
3. a combination of scanner 1 and 2.
4. the same as in example 3 plus the strong momentum that has emerged in the market.
The key will be to limit yourself to dealing only with the best market situations of the best possible ones. Professional traders do not trade "on everything that falls", but only on the best situations.
"There will always be another bus".
Give it a boost 🚀 and drop a comment so we know to publish more for you. Cheers!
Follow: www.tradingview.com/u/drSwierk/