Discover how the 5ers can assist you in becoming a profitable trader by developing an effective trading plan. Follow this captivating blog post outline to unlock profitability in your trading journey.
By The ESTP Trader
Do you lack experience, a clear trading strategy or just basic emotional control? Are you making data informed statistically advantageous decisions or are you gambling on impulse waiting for the next win fearful of the next loss?
This may sound horrible and you may think I'm a tough cookie when it comes to coaching, but; you are only as good as your capacity to fulfill your needs and cope with and grow from your weaknesses.
Some people think they are invulnerable, they are simply in denial.
To become a profitable trader is rare, if over 90% of retail traders lose money in the median to long-term, to be successful you must first identify your weaknesses and needs. This involves introspection and understanding where you may be lacking in knowledge or skills. It could be a lack of experience, not having a clear trading strategy, or struggling with emotional control. By recognizing these areas of weakness, you can take the necessary steps to address them and improve your trading abilities.
Performance Coaching is about allowing a professional to make assessments that will help you tap into your desire to achieve success. Desire is literally the fuel that drives action from the top, (neurotransmitters in the brain), to the bottom, conscious awareness and voluntary choice. Individual desire is unique to every person, desire are not all created equal neither in terms of priority or emotional intensity. In between desire and action there is space for motivation that is where coaching gets to work.
Performance coaching is an amazing resource because good coaches serve as the catalyst for inspiring change and often times this leads to strong emotions and empowering uses of desire. To overcome the herd mentality to achieve success, will require having a vision and using desire effectively to navigate through situations and challenging emotions.
Coaching can be a safe space where participants can explore the implications of their burning desire for improvement and change. By teaching you effective well researched strategies and giving you a skill set of tactics you can apply in the real world, performance coaching may be the fuel you need to reignite your passion for trading.
The market can be a formidable opponent on its own even for the most experienced traders. While the market is at best unpredictable and at worst not designed to benefit retail traders, your biggest enemy is always going to be the enemy within.
Markets are obviously a huge source of stress. With a wide variety of products and asset classes, there is substantial counter-party risk, volatility, and unpredictability.
On top of that we place emotional pressure on ourselves to enter and exit trades, to make accurate predictions and in short to do profitable business as a trader.
Confronting these challenges head-on is crucial to becoming both profitable and consistent in the long run. Its important to realize that while it is true losses are a part of the journey and you must learn from them, it not necessary to make losing a statistically significant part of ones trading experience. Some people will say sure that sounds good but in the real world, like I said earlier traders are losing all the time.
Numbers don't lie and I can prove that its completely possible to execute in the market consistently on a masterful level. I built my own trading system and it has been over 90% successful day in and day out for the last five years. I trade the market actively so I don't sell trader education or investment advice, maybe once I get my Series 3. For now I coach traders and business owners and anyone who needs help. I work 80 hrs a week and can only dedicate this time to help others because I have an iron clad trade plan in place ready to go to market.
To get to the next level you will need to develop your own strategies for not only trade executive but also loss mitigation and risk management. After the market fluctuates, you can't retroactively manage risk, you only have three options: win, break even or take losses. By acknowledging and preparing for the opponent, you can navigate the market more effectively.
Crafting a solid trading plan is the foundation for success in the market. A trading plan outlines your goals, risk tolerance, trading strategies, and rules for entering and exiting trades. It provides a clear framework to guide your trading decisions and helps you stay disciplined. Consider factors such as time frame preferences, choice indicators, and risk management techniques when creating your plan. Regularly review and update your trading plan as needed to adapt to changing market conditions.
Implementing your trading plan is where the real battle begins. It requires discipline, patience, and the ability to stick to your predefined rules. Stay focused on your plan and avoid impulsive decisions based on emotions or market noise. Monitor your trades, make adjustments as necessary, and manage your risk effectively. Remember that consistency and adherence to your plan are key to long-term profitability.
Trading is a constant learning process, and mistakes are inevitable so make as few as possible and learn as much as you can from others. Every week or so I will share some specifically troubling horror stories. Embrace the mistakes of others so that you can reap success for yourself. By studying the bad decisions of others there may be opportunities there is potential room for self-revelation and growth. Analyze your trades, identify what went wrong, and learn from your mistakes. Adjust your trading plan and strategies accordingly, improving your decision-making skills and minimizing the likelihood of repeating past errors. Self-reflection and continuous learning are essential for becoming a profitable trader.
By following the steps above and developing a solid trading plan with the guidance of the 5ers, you can achieve a new equilibrium and become a profitable trader. Through self-awareness, determination, and continuous improvement, you can overcome your weaknesses, navigate market challenges, and implement a successful trading plan. Stay committed to your goals, be patient, and trust in your abilities. With perseverance and the support of the 5ers, you can unlock profitability in your trading journey.
Now that I have taken the time to share some value with you I'm going to share even more. If you are ready to begin your healing journey the first step is Performance Coaching 101.
If you read this article and are interested in trying a coaching session but you still are not ready to commit. Try our Lunch with a Fiduciary program. Lunch with a Fiduciary gives you one on one access to a professional coach. Ask any questions, design your own custom coaching program (a $250 value) all for the cost of buying lunch for two people. Are you ready to buy lunch for The ESTP Trader?
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Nothing in this aforementioned article is intended to be construed as giving any form of advice. Financial markets include substantial risk including the possibility of losing all of your risk capital. Please use personal discretion and only use financial products that are suitable for your risk appetite as an investor.