1. Focus On Taking The Best Trades
Have high standards for your trade selections.
A big warning sign in your trading is when you have multiple trading signals on your watchlist.
This is a sign you are not taking the highest quality setups and is an indication that you need a filtering process that will filter out only the best trades.
If I have 10 trades I have certain confluences and systems in place to filter my trades until I only have 1-2 left.
These signals will be A+ and have a higher probability of working.
2. Realistic Expectations
You need to go into trading with realistic expectations.
This a game of elites and the most disciplined minds out there.
You cannot simply stroll into this expecting to be able to beat those who have spent thousands of hours and years perfecting their craft just because you read a book on trading.
3. Know When To Rest
Burnout and loss of focus can be a huge detriment to your trading.
You spend numerous hours focusing, and staying disciplined and it can all lead to burnout so it's crucial you have short breaks to bigger more restful breaks.
You will be surprised by how much fresher and recharged you will be.
I know personally how important this is and how hard it is to remove yourself from the charts as it's my passion and why would you not want to stay doing what you love?
But the truth is it's essential if you want to perform at your best.
It's a mental game and you have to rest up!
Some tips:
- Vacation once a year
- Schedule intraday breaks
- Take the weekends off
Don't suffer from mental exhaustion and burnout.
4. Trading Routine
A trading routine is closely related but entirely different.
The routine is something that has to be categorized into 3 parts before, during, and after.
Before > You need ways to get in a calm, relaxed, and focused state before you trade.
If your going in full of adrenaline or stress this will have a negative impact on your trading as you will be more susceptible to emotional trading.
Also, a pre-prepared trading watchlist beforehand will increase your chances of performing better.
During > You need to have certain hours that you have planned out that you are going to trade.
This will avoid burnout, overtrading and losing focus.
Remember there is only so much focus and attention you can have.
After > Have ways to remove the stress hormones of the day.
Go for a walk, gym, or some form of exercise.
Then from there have a review session from journaling you have done throughout the trading day and set goals from said review.
Final Thoughts
So these are some important factors that I personally feel help excel your trading. I hope you have enjoyed today's newsletter.
Speak soon, my friend!
Alan
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