This article is going to discuss how and why you should narrow your focus in trading, so that you are eliminating variables and truly perfecting your craft. The people who make the most money in this world all have one thing in common: they are VERY GOOD at a small amount of things or even just one thing. Ever heard the saying “Jack of all trades, master of none”？ Think about that for a minute because its true and especially so in trading. The consequences for not becoming a “master” of your trading strategy are severe, whereas in other professions that may not be so.To get more news about Trading Strategy Tips, you can visit wikifx.com official website.
You need to read this article, all of it, so that you truly learn why you need to practice one trading strategy “10,000” times and also, so that you learn how to do it. This lesson, if properly comprehended and implemented, has the power to transform your trading from losing or breaking even, to winning. The following Bruce Lee quote was the inspiration for todays lesson:
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick, 10,000 times.” – Bruce Lee
What Do The World‘s Greatest Traders All Have in Common？
I don’t care what you have heard or what you think, the best traders in the world and even hedge fund managers are nothing if not insanely focused and masterful in their trading approach.
The reason for this is that these traders know you simply cannot make money in the markets consistently if you have a “scattered” trading approach that is a messy combination of many different methods. What you need is one or a small handful of simple technical analysis tools or patterns to properly analyze and trade the charts.
The best traders have practiced and employed one core trading strategy hundreds or thousands of times over their career; they are not practicing and trying to utilize many different trading strategies nor are they jumping from one trading style to the next. It takes time for any trading strategy to be learned and mastered and then more time to see it played out over a series of trades.
Here are some of the core traits that you will need in order to start being more focused on one trading strategy and eventually becoming a master of it…
Total Focus and Discipline
Focus and discipline are paramount to any life endeavour, everyone agrees on that. However, when it comes to learning one trading strategy and mastering one strategy at a time, it becomes even more important (and perhaps difficult).
You will need focus and discipline to stay committed to one price action signal at a time, for example. So that means you are not jumping at every single candlestick pattern you see on the charts. Instead, you have pre-decided you will learn one at a time and MASTER it before moving on to the next. You will accomplish this simply by picking one and learning as much as possible about what it looks like and how its traded and then start looking for it on the charts.
For example, you might decide to master the pin bar trading strategy first. OK, so if that is what you decided, you will learn about all types of pin bars, how they are best traded, which chart time frames are the best to trade them on and more. Your mission is to become a “pin bar expert”, heres how you do that…
Become an Expert at Your Craft
As Bruce Lee said, he “fears not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick, 10,000 times.” Now, why would he say that？ Because practicing 10,000 kicks one time is essentially a gigantic waste of time that accomplishes nothing. The human brain needs repetition and habit to form more solidified neural pathways that make us become better at things, whether that is playing the piano or trading a specific strategy. The more you do something, the better your brain (and you) get at that thing.
Pro athletes, chess players, poker players, business people, hedge fund millionaires, actors, etc. they all know the secret to life and wealth; become an expert at your craft. Of course, first you must decide on your craft, which in trading means your trading strategy. Sadly, many traders never even get this far, they simply are too scattered and confused and possibly overwhelmed with all the conflicting information on the internet to actually decide on one particular strategy.
Now, since you are reading this and are probably interested in price action trading, we are still using the example of the pin bar signal as discussed in the previous section.
The way or the “how” to master one particular trade signal at a time lies simply in the focus and discipline we mentioned earlier. You can print out examples of the signal, study the signal from courses and mentors and look for it on the charts. You need to learn everything about it so that you reach the point of being able to open up your charts and instantly recognizing whether a quality pin bar signal (or the signal of your choosing) is present, or not.
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