Archives April 2022

successful trader

Trading Career: Hunt for Success

Career and Experience: what to know?

A successful trading career is an overall strategic plan including rules and strategies for working with financial markets with profitability for long term. As we know without traders, the world as we know it today wouldn’t exist. Trading career has been now put available to any part of the World. Thanks to the internet.

This is a job that consists to fight to be profitable. The fight is against persons or entities which are wealthier, intelligent, strategic even smarter than you. The fight may not only include skills and capital but the trader has to arm himself mentally and be ready to Success. The success will not be until it becomes consistent for a long-term period.

So a trader is there to be smarter and even smarter in his trading business running. Here you can find some skills a trader has to develop to be successful in his career.

Trading = Unstoppable learning process?

A good trader has to be a good learner every day to find true consistent trading success. The trading career requires as many skills, control, and focus every day or every time you approach your trading desk. The actions of a trader come from well-analyzed setups and schematics and also following confirmations for each trade to take.

Treating your trading career as a business is vital to get you doing great using your highly documented method and strategy to elevate every day to a higher level. Trading is a business that doesn’t forgive your feelings, so, a set of discipline rules has to be in place to assure longevity and consistency in the game.

Build a Trading Career

build a trading plan

Becoming a full-time successful trader and the profitable trader can be not easy. There is no school for that. It’s a strategic plan which comes from months of research into the market. The successful traders have refined strategies that suit their personalities and availabilities to the markets.

The trading career is a very serious business that needs a lot of focus every day. Your services and products are not the same with those in other businesses. The trading career operates in uncertainty. A trader needs a good preparation for the outcomes of his actions are.

To put all in action, a trader needs to have short-term and long-term targets. The management and strategy help you to achieve those goals. The guidelines have to be set also for the protection of the invested capital fully oriented to the increase…

Personally, I trade very similar specific scenarios and most of my trades look very similar. But also this comes from years of specializing in only those setup types. Hell yeah, it has not been easy, how many strategies I tried and learned and didn’t like? How many mistakes I did and got punished or not? Until I began to focalize to the one style which I mastered and built guidelines for it for not to deviate from.

To become a successful professional trader as we say needs some work on learning and research. I refer this page where some steps have been published on how to arrive to.

Trading Career Experience

It is the best advice to beginners or those who need to begin their trading career; to achieve in this business you will have to be an expert. There is no school for being an expert more than the markets themselves.

What I mean is that many things have to apply in perfection to be long-time profitable. The trader has to develop perfectly his edge which consists to know strategy, rules, guidelines, and plans to achieve your daily and overall goals. That by taking what markets give and not give always to it only.

Every detail in the trading routine needs to be perfectly understood and described to guide you for taking good decisions. A pro trader has skills in sessions, market liquidities, structures, stops, and targets in every situation of the market he is in.

Most traders lack consistency and are far from being experts because they always change their approach. That comes from watching other traders’ results. As the money is devil, in this trading career, they are so many risks and attractions. When u got taken in, can lead you to underestimate your progress and work. While at any business, above every genius person, there is another genius. And also not take into account that trading accounts are not the same nor the days are not the same at different strategies. You can find a strategy that performs a lot in such circumstances but not in another. Also, even a winning strategy needs many other aspects to be consistent and everyone has a special personality.

A business can not be profitable if they change its products and services every day. Note this. It is the same in trading career.

Building an edge that makes you a profitable and professional trader is a must process.

The good thing in trading career is that it can be much rewarding, we can confidently say that it is a skill set that will save your life anytime in any situation. When you learn it ,you can not unlearn. It is always yours and can not be taken away.

The financial markets present endless opportunities every single day for traders who have the right knowledge and a good approach. once you know what you are doing, everything keeps repeating, printing cash out of the markets.

Reality of Trading

And how does it differ from what most flex online? Let’s talk about it.

We’ve touched on this before if you’ve read any of our past content. Trading is nothing but a skill set.

The same as learning how to walk. Learning how to ride a bike. Learning how to tie your shoe.

But upon practice, you became familiar with. And eventually mastered.

Now of course the learning curve on developing a skill like Day Trading differs in length + complexity vs. riding a bike or tieing a shoe. The rewards/return on learning how to trade also HEAVILY outweighs the rewards/return earned from riding a bike or tieing a shoe.

The point being… the harder the challenge, the greater the reward. Mastering trading to the point it becomes unconsciously competent (automatic) takes time and persistence to develop.

But once your skillset is honed and you can consistently generate an ROI on the trading day, week, month…

You’re set.

You have a skill pocketed that can produce a consistent income stream for you month in month out, year in year out.

It can become your primary source of income that can support pretty well any lifestyle you choose to pursue.

The reality of developing this skill differs from how most online portray it.

It’s not fast. It’s not easy. It’s not effortless.

It’s hard. And it should be.

We won’t hide this fact from you.

Instead, we’d rather tell you how it is, and show you EXACTLY what you need to do to become one of the best.

Follow the roadmap and execute against it.

Others have done it before you, so why wouldn’t you be able to do the same?

To become great at Trading requires the discipline to shut yourself out from distraction.

Become laser focused on your one thing.

If it’s trading, giving this one path your sole attention UNTIL you hit your desired goal.

We believe now due to all the claims that it’s EASY to accomplish BIG things.

It’s not.

It requires abnormal levels of commitment and focus to achieve abnormal results.

What to do?

trading goal

Be an expert who has a winning mindset and edge. To win in this profession, you need to be smart and well-disciplined. Smart to adapt to any situation while profiting from any adaptation. I refer you to this post where some skills of a pro trader are enumerated.

So, You will have to develop a pro-mindset that helps to act as a professional of the markets with conscientiousness.

An expert knows that it won’t be easy and you won’t succeed all the time. But he/she has guidelines that makes him/her move his/her actions and decisions in a better decision.

Therefore, The pro traders know what their goals are, and what their objectives are. Well prepared, they analyze probabilities and accurate trading risks of everything that goes on.

A trader must have a plan before he starts his trading to avoid being just a gambler.

A businessman knows perfectly his products and services and a good professional trader knows perfectly his setups and strategies.

trade recaps

SETUPS, TRADES RECAP, TOOLS: What is its importance?

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We will brievely talk about setups, trades recap and tools used by traders. Now, all information are available on the web for things used for pro traders. Those 3 words are common for a trader. Firstly, a trader will need some tools and know how to use them for his/her profitability. Before we talk about trades recap or EOD (End Of Day), let’s talk about tools used by professional traders.

First of all, you will need a connected computer. Having a clear wide computer to see beautifully all the details you need is very important BEFORE you take any life decision.

Personally, I use this computer monitor which I suggest. It helps me a lot to see lower timeframes candles (5-30seconds chart) very nicely. That is one among my entry confirmations as well. You take a look at it by clicking here.

I also use a Wifi Range Extender Signal Booster in my house. This help me when I am in my trading hours to remain connected with no Internet issues. Every trader had almost experienced an issue of connection while willing to close or adapt his positions one day.

For professional traders, they know how important is to use a very clear and easy to follow Trading Notebook. I actually use Notion and a Trading notebook. This is a very sweet notebook where I log my trades and believe me , this has improved me a lot in my trading career.

Many pro traders manage different trading accounts. This may take another blog to talk about the use and importance of trading many accounts.

All in all, there is a big importance of setting rules and create a nice atmosphere for your day trading. That allow a trader to keep focussed 100% , avoid noises that can be disastrous in trading,etc.

Nowadays, we have been a very big competition of prop firms looking for talented traders. Many prop firms offer even a very cheap price of big trading accounts… This means, it is the skills of traders that they need to give you a bigger account. So then, you profit both of you.

  • Trade assistant is a tool I use to enter my orders in my MetaTrader 4. With my rules and daily plan set, this trade assistant helps me to gain time while trading. No need to calculate risk percentage and pips, risk rewards, etc because that can take valuable time for a trader and costs you not to enter in the markets in the time.
  • Trade recaps homework or EOD is about reviewing how the market reacted during the day and how you and your strategy reacted to them. My daily Trades recap has been my gamechanger in my career.

Trade Recaps are not those text notes for our technical analysis on trading charts. But trades recap is done for assessing and reviewing what happened in the session or trading day.

Trading is an unstoppable learning process. Doing everyday trades recaps helps to elevate the skills and make you see mistakes and things you did better for future progress. They make you be prepared for the next day or trades as well as build trust in the strategy with different scenarios.

Here will be posting some of the EOD(end of day) and trade setups taken, either Losses and Wins. Hope they help someone else for excelling and the learning process.

Within Trades Recap, you will find our trading concept and how we milk the market based on liquidities and market structure.

We have a clear way of understanding liquidities in the market and trading sessions to be able to take a position in the market we are trading.

Advanced Self Review

We usually do our ASR (Advanced Self Review) daily and weekly. This is a fundamental duty for a trader in his career.

Self-Assessment

Self Assessment

This consists to assess your trading psychology and results during the trading day. You evaluate your strengths and weakness. With it, you get to be confident about your strategy and plan. You enumerate the issues and problems and you find the solutions.

Your relation with the business plan

Having rules of entry, exit, and management of trades in place in your business, the trader reviews how the rules were followed and the impact of it on the results in your trading account.

The business plan has to be checked everyday and always adapt to the assets situations of the markets. Fundamental situations such as crises are some motivations to adapt it to the current situation.

We will share an example of ASR in future.

Doing an ASR helps a trader to see what happened and what is happening. Therefore, he becomes prepared to achieve his trading goals. Always rate yourself and set the bar always a little higher. We hustle for success, we sweat for success by doing all these tasks regularly.

Feel free to share your setups and question anything.

LET’S ELEVATE !

Happy Trading.

How to control your trading mindset?

It is said that we have more than

Your mind, more specifically, your thoughts, affects your perception and therefore, your interpretation of reality.

Maintaining the right mindset is very important for being a successful trader. The job of a trader is to face the current reality and use it for better outcomes in future. Therefore, the outcomes are uncertain in financial markets for a trader. This is why a trader has to set many parameters in order to achieve in his career especially for long term.

The professional trader has to have his mindset intact and stronger. He improves everyday his trading psychology to minimize the effect of emotions during his trading time.

Traders know why mindset occupy around 80% of trading routine to be successful.

Trading psychology refers to a trader’s mindset during his trading time. It can decide the extent to which a trader win in securing profits or it can be a result why a trader incurred heavy losses.

Innate human traits like biases and feelings play a pivotal aspect in decisions taking of buy or sell. The fundamental focal point of getting to know about buying and selling psychology is essential. To control the trading mindset, a trader has to be conscious and be able to control his actions and measure his decisions before. The pro trader when trading will usually act on bias or market conditions and not on emotion. They are business-oriented yielding profits while also managing perfectly their capital by minimizing their losses.

Managing the Emotions

Emotions are not your enemy. This is extremely important to understand. Ignoring them will not help you at all. If anything, they will simply make you more prone to bad trading decisions. What’s more critical is being the master of your emotions with the right mindset rather than the other way around.

One of the key things to creating profitable trading psychology is describing your trading emotions and figuring out early on how you react to the markets in some situations. Your Trading psychology has to be in a state where you take actions not influenced by emotions. You will want to be straightforward with yourself.

Managing emotions is vital to maintain the calm and remain on the plan following during trading. If not, they can lead you to make rash and ill-advised selections that have little analytical backing. However, it is additionally vital to play to your personal strengths. For instance, if you are naturally calm and calculated, you can take benefit of these personal qualities all through your time on the markets.

What are you fighting against as a trader?

The thing is…I can tell you what you’re fighting against.

Why? Because I’ve been there.

It’s not the common answer either…

Because most traders don’t actually know what they’re fighting against…

  • Most don’t succeed.
  • They get frustrated.
  • They burn out.
  • They give up.
  • The answer?

It’s impatience. It’s expectations. It’s worldview.

It’s your internal operating system that you’re fighting against.

Some thoughts and problems which affect your mindset in trading:

You aren’t progressing fast enough… and so you get frustrated.

You aren’t making money yet… and so you get frustrated.

You aren’t living the lifestyle you see on Instagram yet… and so you get frustrated.

You compare your current state to your desired state and you’re fighting reality.

Poor expectations about how the process REALLY goes is what’s hurting you.

You’re judging yourself on a daily basis – thinking you’re doing something wrong.

WHEN REALLY, if you’re showing up daily and learning, practicing, getting help and moving the needle on your growth 1% forward daily, you’re doing EXACTLY what’s required of success.

Key takeaway?

  • Reset your expectations. And do it correctly.
  • Think in years not days, weeks, or months.
  • Follow the roadmap. Please follow it!

If you feel stressed, tired, uncertain, lost, frustrated…These are signs that you’re fighting reality and expecting faster progression. Study content. Practice what you study. Get help when you have questions.

If you’re doing the above consistently long enough over time…You’ll become a consistent and successful trader.

Get your internal game working FOR you not against you.

Remove the unnecessary baggage that you’re carrying that is internal resistance.

Get back to just working the process, day in, day out.

Managing emotions during trading is a must and help to be consistent. The trader will need to reassess his psychology for trading every time.

Many choose to reassess and review trades and psychology between sessions. The trader has to be conscious of his personal feelings and emotions when describing and analyzing his biases.