Consistency does not mean settling into a comfortable rut; it means knowing how and when to adjust. It means knowing how and when to make changes when the market throws a curveball at you. Or as stated in one of the blog posts below, “The key to being consistent in any market is to allow yourself to accept that to a certain point we have no idea where this market is going. Allow yourself to trade freely and be as flexible as possible.” Which is to say you need to adjust to market conditions, your trading style, and your bias, and the only way to do all of this is to develop your trading skills.
Ask yourself questions everyday, particularly if you detect inconsistency in your work: Are you trading the same sector every day? Are you trading based on size or based on risk? How is your risk management system? Does it allow you to adjust without being uncomfortable? Also, you need to make sure you’re prepared properly for the trading day. You won’t develop the necessary trading skills if you’re not aware of what you should be looking at and if you don’t have a clear picture of what is going on in the market. Be mindful! Be attentive! Be nimble! Learn to dance with the market, and if the time comes where you need a new dancing partner—a new stock, a new sector, a new method—you will only know how to make the switch as long as you have been consistent and attentive with your work.
Here are some posts that will give you some insight on how to become a more consistent trader:
If you feel you lack the trading skills to become consistent or if you want to shorten your learning curve, let us know. You can always contact us for training.
Mike Bellafiore
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