“What lies in our power to do, lies in our power not to do.” – Aristotle
Failure often results from the cumulative impact of small, neglected actions performed consistently over time, leading one beyond the point of return.
Success is crafted through consistent daily disciplines, each small action stacking up over time to yield achievements that surpass any initial expectations.
Planning and preparation is the key. Here are some things I have learned over the years that have helped me to become a successful trader.
Planning: Review charts and make my trading plans during the weekend when the market is closed. This practice helps you avoid emotional decision-making during trading hours when your cash is jumping around and causing you stress.
Position Sizing: Understand the volatility of each product you trade before entering positions. This knowledge allows you to appropriately size your positions, set stops, and maintain clarity.
Exit Strategy: Determine your exit points before entering trades. (Through backtesting, technically, fundamentally, positioning…) The common mistake that I see is reacting impulsively to news or price changes or whatever your mind makes up. Doing this will create a more consistent trading strategy.
The phase that I overuse is the truth “God could tell me that I am wrong on a trade and I would look at God and say that I don’t have a signal yet”
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