One in every of the more vital themes we’ve got discussed before is the need for traders (especially the newbies) to think about the strategy reasonably than the profits.

The concept is that , disciplined trader could in any respect times turn the odds in his favor if he has honed his skills enough to deal with whatever scenario is thrown his way.

But becoming a greater trader is not going to be as easy as reading the School of Pipsology after which taking as many trades as it’s possible you’ll with the hope which have will teach you the approach to profitability.

In actual fact, many traders can’t even move on from one or two issues that they’d prefer to handle let alone improve their skill sets.

If you find yourself having to work on the equivalent set of trading issues or problems month after month or yr after yr, you then definitely is maybe guilty of one among the scenarios below:

1. You don’t have concrete plans to handle them.

Take note that a goal with no plan is simply a wish. Solutions to your trading problems shouldn’t be like your Latest Yr’s resolutions that you just simply ignore almost as soon as you write them in your journal.

Whether it’s something as simple as not placing stops or jumping on a trend too early or something more complicated as cutting winners and letting losers run, you’ve gotten to have concrete plans for those who should successfully battle your trading issues.

Set trading goals that work. List down concrete steps it’s possible you’ll take and set a schedule to make sure that you follow them through. Set metrics to enable you gauge your success if that helps.

2. You’re not actively fascinated about it.

You probably can have probably probably the most detailed game plan but still fail to meet your trading goals for those who occur to don’t consciously work on them with every trade.

Let’s say you’ve decided to base your position sizes in your account balance as a substitute of using fixed units. Your plan is to compute for each position before entering a trade. You give yourself a pat on the back because you manage to do it for each week.

But suddenly, an intraday trade opportunity popped up and in addition you’ve chosen to fall back into the habit of setting fixed position sizes reasonably than miss the move.

You almost certainly thought “Eh, I’ll just return to working on my goal in my next trades.” And, because you won your trade, you’ll think “no harm done” and certain do it again in the long term.

These little cheats and breaks that you just simply give yourself won’t affect you inside the short term, but they’ll eventually add as much as interrupt your momentum. The following thing , you’ll be listing “use dynamic position sizes” in your goals again next yr.

3. You’re not tracking your progress.

Perhaps probably probably the most common reason it’s possible you’ll’t address your trading issues or meet your goals is that you just simply’re not tracking them.

Just like chefs list down the adjustments that they make of their recipes, it’s best to also track and evaluate your progress.

What have you ever ever done thus far? Are you closer to your goal today than you were a number of weeks ago? Which features help and which ones must you watch out for? How are you going to enhance faster? A trading journal is good for this purpose.

Recurrently revisiting your progress not only gives you a “cheat sheet” in case you slip and fall back into old habits, nevertheless it also helps put your trading goals in your thought process whilst you trade.

Take note that trading is a marathon and never a sprint.

In case you should trade for an extra day until you modify into consistently profitable, you’ll need to learn recommendations on the best way to successfully address your trading issues and get into the habit of working on (and meeting) your trading goals.