There are only a few things as professional traders we have certain control over and one happens to be a critical element in the quest for consistency and success: preparation.
As an athlete my entire life and now someone who is obsessed with becoming a scratch golfer, I have experienced a direct correlation between preparation and success. In my opinion, it is the easiest way to give yourself an edge everyday. How can you prepare yourself for the battlefield of trading? First, on a macro level, I would take the advice that was giving to me on the golf course ten years ago: become a student of the game. Learn as much as you can about trading and the markets. Read a book on the history of the markets. Take a class on technical analysis. Go to a seminar. Read different blogs. Learn about different markets and how they affect each other. Talk with as many successful traders as possible, heck, talk with unsuccessful traders and find out what is the difference. Learn about the psychology of trading. Go see a sports psychologist or now there are psychologists that deal directly with traders. Immerse yourself in the world of trading. On a micro level, you need to do your homework everyday. You need to know what sectors are in play, and what stocks within those sectors are strong or weak. You need to rip through charts. Look at different time frames, 1min, 5min, 15min, 30min, daily, monthly and yearly. Try and find the set ups that fall within your system everyday and throughout the day. Put alerts in everyday and throughout the day. This is simple and can easily make you money. You need to review video everyday. Try to get a successful trader to critique some of your trades, this will help tremendously. You need to do your visualization techniques. Set your goals everyday, week, and month. Keep a journal of your progress. Review your month (read Bella’s Blog). In this day, there are so many tools out there that can make preparing a very easy and efficient process and one that will pay huge dividends. If you are a professional trader there are no excuses for not being prepared.
I will leave you with this quote: “Top Achievers consistently do what the other 97% are unable or unwilling to do.” (unknown)
Jtoma
2 Comments on “How to Get an Edge in the Market Everyday!”
Great thoughts today on preparation and doing all the things to learn more about the markets.
Here is another great quote related to the one you posted:
“TALENT IS OFTEN PERSEVERANCE IN DISGUISE”
or:
“Permanence, perseverance and persistence in spite of all obstacles, discouragements, and impossibilities: It is this, that in all things distinguishes the strong soul from the weak.”
In my opinion, simply stated, the more hard work and time you put into trading or sports for instance, the better you will look and more talent you will have.
Great thoughts today on preparation and doing all the things to learn more about the markets.
Here is another great quote related to the one you posted:
“TALENT IS OFTEN PERSEVERANCE IN DISGUISE”
or:
“Permanence, perseverance and persistence in spite of all obstacles, discouragements, and impossibilities: It is this, that in all things distinguishes the strong soul from the weak.”
In my opinion, simply stated, the more hard work and time you put into trading or sports for instance, the better you will look and more talent you will have.