Hey all! So, after 5 months of struggling, I think I’m finally breaking a plateau! My question is: what are some tips to
a) get the most out of my breakthrough, I realize this is a time when I can learn and remember a lot, and I want to optimize this opportunity to retain as much as I can before I hit the next plateau
b) how can I speed up the process, and see my work pay off sooner (this is the epitome of impatience, I know )
I just want to have a strong, powerful breakthrough, with as much learning and progress as possible within these next few weeks
The most important thing is setting your goals. It would be perfrect if you could plan your way through the trading development with the main milestones. It should be something like roadmap where you can specify your main metrics and time.
To get somewhere you need to know where you want to get, so planning is the first thing you need to do.
There is a good article on goals in trading here:Forex Trading goals: how to reduce the cost of searching for a million
First of all, you should focus on progress, not on profits. The will appear later.
The next important thing is your time. Try to spend it carefully, optimize all your routine tasks as much as possible to be able to have enough time for learning and practice.
Yepper I like that, maintain your trading journal, diary what you want to call it with stats so you know in what area to focus on improvement and of course grade the adjustment and then need to readjust.
What is your goal, a million as fast as you can? you might have better luck with the lottery.
Your goal should be to obtain consistent profitability, day in and day out then let compound interest work for you day in and day out!
Market structure should be at the top of your to-do list. Get super solid on trendlines, support and resistance and chart patterns. You should be able to look at any chart and see it all pop out at you as if you’ve already marked up your chart.
Understand candlesticks. Knowing the patterns is one thing, but if you understand why that candle is moving the way it is, you can let all that info on volume and volatility sit and stew in the back of your brain until it becomes intuitive.
Learn what kind of trader you are! I should’ve put this at the top of the page now that I think on it. It took me years of struggle and failures before I learned that piece of the puzzle. If you are the type who can forget about your trade for an hour or two, then trade the higher timeframes. If you’re like me though, that’s just pure torture so I scalp…and I’ve never been more profitable.
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