If you want to be a successful trader, you don’t have to do anything extraordinary to achieve trading success, you just have to master one trading strategy. It sounds odd but if you observe carefully, besides a little bit of luck both mentally and physically, the best professional traders in this world have two things common among themselves that have made the biggest contribution to their success.
Those 2 things are-
In this article, I am going to explain to you why and how you should master one trading strategy. So that you can eliminate variables and truly make your craft perfect. The people who make the most money in this world all have one thing in common: They all have achieved MASTERY in one particular field.
Today’s trading lesson, if you read carefully, can transform your trading from losing or break even to winning.
All the successful traders and even institutional traders are nothing if they are not focused or have not achieved mastery in one particular trading approach.
The main reason behind this is they all know that you cannot make money in the market with the scattered trading approach which is a confusing combination of all the different trading strategies. You just need one or a small handful of simple technical analysis tools or patterns to properly analyze and trade with the help of chart patterns.
All the successful traders in this world have practiced and applied one trading strategy 100 or 1000 times over their career; they are not trying to use a whole bunch of new strategies and also they are not switching from one strategy to another. Learning and mastering a new trading strategy takes time. But much more time is required for the same strategy to be played out over a series of trades.
Here are some of the core qualities that you will need in order to start being more focused on one trading strategy and eventually becoming a master of it.
You will need focus and discipline to stay committed to one trading strategy. Focus and discipline ensure that you are learning only about a particular chart pattern at a time and not jumping at every single candlestick pattern you see on the charts.
For example, you might decide to master the head and shoulder pattern first. So, if that is what you have decided, now you have to learn about all types of head and shoulder patterns such as standard head and shoulder patterns, inverted head and shoulder patterns, etc.
Also, you have to analyze how this pattern can be traded with low risk and high reward, which time frames are suitable to trade this pattern. Now your mission is to become a ‘Head and Shoulder expert’ and I will explain to you how you can do it.
Repeating any specific action creates a habit. Through repetition, the brain forms more solidified pathways that help us become better at things, be it playing an instrument or trading a particular strategy. Doing something, again and again, is the only way you and your brain can get better at it.
Professional athletes, successful businessmen, hedge fund managers, celebrities,etc. They all know the secret of creating wealth; achieve the MASTERY in one particular field. Of course, for this, first, you have to choose your field and in our case it’s trading.
Unfortunately, many traders never think about this, they are only confused and scattered because of all the confusing information available on the internet.
Now, since you are reading this and are probably interested in price action trading, we are still using the example of the head and shoulder pattern as discussed in the above section.
As we discussed earlier, you need a focus and discipline to master one trading strategy or chart pattern. For mastering head and shoulder patterns, you can print out examples of that pattern or you can learn about this pattern from different courses or mentors.
Once you decide to master any particular trading strategy or chart pattern, you have to learn everything about it. By doing this you will be able to identify that chart pattern and trade it with a good risk-to-reward ratio.
Mastering one trading set-up at a time is the secret ‘mantra’ to trading success and I believe that every trader should strive to gain mastery in one particular trading set-up especially at the beginning of his/her career.
Most of the traders are unable to maintain discipline and focus because they get distracted and flooded with the opinions and information which is available on the internet and because of this they get confused.
To overcome this problem you have to pre-decide your strategy and you have to execute it. If there is one thing that will always work for you in trading is that the slower you take things and the more focused you become, the faster you will succeed in trading.
The requirement for achieving mastery over anything is repeating the process over and over again. People who are successful in their respective fields stick to one thing that they are good at and keep practicing it. The same applies to trading. Instead of trading in a random way, you have to learn and master one trading strategy at a time and keep on repeating it.
If you want to succeed in trading or any other profession, you have to practice one thing at a time until you achieve excellence in it.
I hope that in today’s article I was able to explain to you the “whys” and the “hows” of practicing one trading strategy at a time. Now, you have to choose one setup which you are going to master. Try to learn everything about that set up so that whenever you trade with that setup, you will trade with confidence.
Upon mastering a trading strategy like one of the strategies that I teach in my Elite Traders Mentorship Program, you can put your extra time into focusing on trading psychology and money management(also covered in my program), which are arguably more difficult to master. Yet, again, if you implement the principles which we discussed today, you will definitely see the enhancement in your trading performance.
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