You must be thinking that you are the only one struggling with inconsistent success in Trading !
But there is a Good news that you are not alone in this. Not only some people but almost everyone who has just started his trading i.e the immediate beginners of trading suffers from the fear of inconsistency of his success in Trading.
And according to some statistics it’s been confirmed that more than 90% of immediate traders would give up before ever finding success in the market.
in-spite of those statistics, I think you are among those 10% who are making profits, you know why?
Because you are reading this article and putting efforts to know more about the success in Trading. A lot of traders are investing their lots of time in analysing the market, reading relevant books and articles and studying the courses so that their skills improve.
“Investing your time” is important when you are just a beginner, as there is a lot to learn. But investing your time or hours won’t always help to increase your profitability. You need to work smart and think differently to make better choices.
What is trading consistency?
From my personal experience I can tell you that once you start doing trading in a proper way and getting consistent results, you are going to be successful always and will gain profits . For the success you need to keep consistency which is one of the hardest aspects of trading. The beginners find trading challenging but with education and better experiences you can correct the missteps which are being taken due to lack of knowledge.
Being consistent means you have a high percentage of success, i.e when your win and lose is 1:1 ratio or your win is more than your losses.
So let me help you! Here are my 5 steps to help you for trading consistency:
- Skill-Assessment and Help: A real pro is someone who is prepared with a plan and takes profit from the rest of the crowd. So ask yourself, are you ready for trading? And do you have the confidence that your decision will help you in better trading? The market of Give and take is trading. So you need to self assess your skills so that you can trade better.Now, if you have skills but you can’t figure out things you can seek help by online or offline modes .Help can be taken from any resource even if you feel you are facing small issues you can seek out so that you don’t act emotionally rather logically! Discipline, practice and focus are keys that keep your trading smart and strategically always.
- Don’t take unnecessary opinions on trade : If you have any discussion about the strategies of trading with other traders or you discuss your performance of trading then its fine it is not a problem but never take anyone’s opinion on some specific trade. Your Trading plans should be traded in your way. You must have your own plan to follow so that you don’t have to deal with any stress, because continuously having different opinions from different people, news channels or websites, will always lead you to poor performance as it will increase your stress. You put all efforts in making strategies and plans so don’t let someone else’s words, to ruin your work or research.
- Regular practice : you might feel that a strategy is simple on the surface, but in real time it’s hard to implement live in market situations. Each day, every strategy and its trend is somehow different in a way or the other. The bookish knowledge is far different from the practical way of doing trading. So to get better profits and consistency one needs to practice it alot. Having a habit of practicing makes your memory better i.e. you will not have to think much in fast moving market situations. So you need to build a practicing skill for better profits.
- Mental Clarity : Each day before starting you need to spare a minute to calm yourself down and make yourself mentally prepared that you are here for trading not for checking social media accounts or some websites. Focus is really important because due to lack of focus you might do wrong analysis of trade and suffer losses. Mental presence plays a vital role in trading. When you trade,focus totally on trading. Concentration or attention on trading and making a strategy mentally that how are you going to do it, visualisation of this strategy should be done. One needs to keep in mind all the events which are going to shake or move the market so that you can plan it in a better way.
- Monitoring of Trade : You need to monitor as well as record every trade you are making. This should be done because the situation re-evolves or re-created in the market so you already Know what to do and what not to do from your past events or experiences. If you practice trade daily so prepare weekly and monthly records and if a long term trader then you need to make quarterly and half yearly reports from the entry till the exit. This will not only help you in re-occurrence of the situation but in knowing more about the mistakes that you have made in that trading.
So, all the above points are the basic as well as most important things to be kept in mind while trading. Profit is not earned just in a day rather it takes a lot to be consistent. You need to ask for help if you need it only from people who have lots of knowledge about trading but never take opinions unnecessary because everyone thinks differently in different situations. You need to practice a lot but keep your mind at peace so that you can think in a best way and last but not the least always make a habit of recording your trades for successful trading in future.
Founder & CEO| Fox Investor & A.V.A. Taxway Associates- Corporate & Tax Law Firm
Viibhor Agarwal is a Business & Brand Consultant as well as he is a Financial Expert his area of specialization is to guide Entrepreneur, Start-up’s and SME’s to build the brand value of business financially & legally. He has 8 year extensive experience in this sector