HOW TO BECOME A MASTER OF YOUR TRADING STRATEGY

HOW TO BECOME A MASTER OF YOUR TRADING STRATEGY  

Any trader that wants to be successful should have a good trading strategy. I know this may sound obvious but becoming a master of your trading strategy is one the most important skills you have to learn. Mastering your strategy will enable you to distinguish yourself, not only by your track records in the market, but also for your discipline, your risk and money management skills. Master traders use basic understanding of their human nature to follow their plan ,they know how to focus on the essence of opportunity that presents itself according to their trading strategy. 

Traders that have mastered there strategy learn how to stay focus on one trading method long enough to really learn how to trade it effectively. Master traders overstand by having a strategy in place helps to create focus and clarity in a traders mind by removing clutter and minimizing decisions. one of the worst bad habits a trader can have is to take impulsive trades even with their strategy in front of them. they may exit winning trades prematurely or let losing trades go longer than their strategy states they should. This sort of action usually creates a bad trend for a trader, especially if the trader has a few winning impulsive trades. The trader develops a bad habit of planning trades for days sometimes even weeks, only not to stick to their strategy when it comes to taking the trade. This sort of trading will eventually lead to a trader losing all their capital. 

My years of experience as a trader and dealing with other traders has lead me to identify some common causes to this problem of traders not able to stick to their trading strategy. one of the them is lack of discipline.

DISCIPLINE:

The first thing you as a trader need to realise if you want to be successful  at trading you will not succeed if you do not have any discipline. The best traders in the world have the best discipline it's as simple as that. Please overstand what I am trying to relay to you here. Leaning this skill is not only key to your success as a trader but it is key to anything you want to achieve in your life. Most people have dreams and goals they have the right idea, they are enthusiastic, have drive and are able to start there project. One of the main reason why people fail to cross the finish line is because of their lack of discipline. Merriam Webster definition of discipline is as follows 4. : training that corrects, molds, or perfects the mental faculties or moral character 5: a : control gained by enforcing obedience or order b : orderly or prescribed conduct or pattern of behaviour c : self control 

6: :  a rule or system of rules governing conduct or activity. By this definition we can safely say for a trader to have discipline a trader  must have gone though mental training to build character, the trader must be  obedient to the rules or system of rules governing there trading strategy and a trader must have self control to handle their impulsive tendencies. Once a trader has mastered the art of applying discipline to their trading style mastering  there strategy  will become less of a challenge.

BELIEF 

The second problem I have found traders have with mastering there trading strategy is belief. With all the different trading systems and strategies out there, how can you really know if what you’re doing is “right” or if it will work, if you don't have belief  in your strategy ? Well, the answer to that question is that you can’t You can’t know that your strategy will work if you don't believe in it. the only way a trader can gain belief in their strategy is to practice it  and the key is  you have to try it over a large enough series of trades to see it play out. All traders need to ask themselves these two questions: Do I know my trading strategy inside and out? Am I at the point where I can flick through the charts in 5 or 10 minutes and instantly know if there’s a set up worth trading or not? If you can’t answer an honest “yes” to both of these questions then you aren't  ready to trade live and you have not mastered your trading strategy yet. A master trader needs to have completed at least three months of practising there strategy over and over again in different market conditions. knowing when to deploy there strategy and when not to. Once a trader has complete belief in their strategy they will have the confidence to wait for their perfect set up and mastering there strategy will become as easy as riding a bike.

In conclusion discipline and belief are two main skills any trader must have to master their strategy and become successful. With these two attributes a trader will have the ability to withstand any market noise, any impulsive, trades gain full belief in their strategy and stick to their trading plan.

Article: by Chuck.