Is it another AI stock? A rare chart pattern that wins every time? Not exactly.
I have been writing a book for about 3 years to help people trade. I originally started it for my kids so when that rare moment came when they were interested in what I have to say I could give it to them. There is a much easier way to learn how to trade better and today is a unique opportunity to make that happen.
Everybody wants to find more big wins, have that trade they just placed shoot up and pay out. And that is very possible. But the worst way for that to happen is to find a winning trade by accident. Or just get lucky. What you want is to be able to find winners again and again… and again. It is actually very realistic to learn to trade well faster and create a repeatable winning process.
Big Wins Come From Small Wins
The best way to learn anything is to not die. Many of us learn from experience and it isn’t as much fun if your lesson is catastrophic. Trading is no different. By using smaller positions to prove a strategy works you can live through the bad trades and tweak things until you get it dialed in. Save the big trades until you have multiple confirmations that your trade is set to win. Big traders use methods to quantify the risk and size the position accordingly.
Dive In To The Deep End
This doesn’t mean just throw caution to the wind, it means immerse yourself in trading. Find ways to make sure you are thinking about it as often as you can. Check out webinars, subscribe to newsletters, join a trading group, attend a trading event. Journeymen learn a trade because they work at it every single day. They are using the tools, they are on the job site, they are practicing using the techniques that allow them to be more efficient and more precise. Trading is the same way. Paper trading is a great way to learn through repetition. There are differences from actual trading but a lot can be gained from paper trading.
Accountability
Making sure you add some factor of accountability to your learning process. It is easy to ignore something when you aren’t holding yourself accountable. Writing out your top three goals, telling someone you trust what your goals are. Simple saying the goals out loud make a difference. And it can be as simple as “I want to place one paper trade each day,” or “I want to write down the closing price of this stock each day,” or anything simple. Learning with another person is a great way to hold yourself accountable. Just like having a gym buddy, or a trainer helps you get to the gym, having someone you have committed to as part of your learning process is key.
Don’t Reinvent the Wheel
People have been trading for centuries and have developed many different ways to make it work. It isn’t as much right or wrong when it comes to trading approaches as it is finding the one that works for you. Any opportunity you get to connect with a seasoned pro and get a glimpse into their process is a virtual goldmine. Even if you learn ways you absolutely don’t want to trade, it is worth it. More often, you will find some interesting way to make things easier and more effective.
As I said earlier, today is a very unique opportunity to accelerate your trading process and check off pretty much all of these boxes. Keith Harwood will be talking to traders this afternoon and showing how to be efficient, effective and create accountability. Be sure to sign up here and check it out.
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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