Methods to help becoming a consistently profitable trader
Being a consistently profitable trader is against human nature my thoughts on how to combat this Below are the methods I have used and helped me progress as a trader:
Treat this like a business/work don’t be undisciplined with your trading, get too relaxed have a routine pre-market open, and don’t become complacent.
Stick to your rules and don’t trade with real money until you learn what systems suit your personality best, such as breakouts or dip-buying.
Have a good understanding of risk management and be strict do not risk too much.
If you are not in a good place mentally such as work stress, family or relationships don’t trade you must be able to have a focused mind when trading to pick up on the patterns you have been studying.
If you have a loss walk away and personally I don’t trade anymore that day. If have three losing trades in a row I stop for the week and recalibrate.
It is human nature that being a consistently profitable trader is very difficult, losing is always going to happen how you react to this is what separates the good traders from the 90% of retail traders who continually throw money away by not LEARNING from their mistakes.
Learning how to trade takes time it’s like being a pilot they ain’t going to let you captain a 747 straight away.
I know Tim says this a lot but study the past these patterns come up time and time again.
Learn to read price action, just watch the markets live and see how price interacts with support/resistance zones. If you have no idea what I’m talking about here please research this and don’t trade with real money until you understand the basics.
Don’t have any expectations of the markets owing you money and if you trade your plan and you still lose suck it up and move on.
DON’T revenge trade this will only result in you exasperating the issue and make recovering the account extremely difficult.
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