One of the best pieces of advice I could give a new trader is this: do not waste your time looking for the Holy Grail trade because in trading, such a thing doesn’t exist. The same concept applies to the fact that there is no such thing as a perfect strategy that will fit everyone’s skill level and personality. The key point is discovering yourself as a trader.
Before we get too much further into this article, I want to remind you that day trading is risky. Most beginner day traders lose money, so you need to approach this with auction.
In fact, successful trading is the result of a personal journey and not the consequence of copying anybody else’s trading signals. That is why I often write about the importance of becoming self-sufficient as the most important milestone in a trader’s career. Joining a successful community such as Warrior Trading can give you an edge in finding more trade ideas because of the huge amount of shared knowledge to learn from, but you don’t want to just follow people into trades.
In the end, the only recipe for success is quite simple and it can be summarized in just two words: work hard. And what if you aren’t satisfied with the results? Here are other two words for you just in case. Work harder. But, of course, doing that in the smartest possible way is what will get you to the consistently profitability status faster.
Here Are Three Steps To Have The Best Results
In order to do it, here are three steps to follow. Please, take these seriously and you’ll see great results:
- Learning from the best traders and teachers is the first one. Here at Warrior Trading, I honestly believe you’d be in the best possible spot to get this done quickly and effectively. Of course, a deep commitment into learning is the unavoidable requirement for getting the main points clear and crisp. In this phase, it’s very important to evaluate multiple strategies that are already proven to be successful;
- Testing each strategy in terms of a trader’s capability to execute it with consistent success. My best recommendation about this point is to do it in a simulated environment and to try just one strategy at a time. The best evidence in order to feel which one is the best for you would be provided by the results themselves. I strongly suggest not to switch live until having at least a couple of consecutive green months respecting the rules of the best performing strategy among the ones tested out;
- Refining it over time to maximize gains. At this point, the trader already applies a strategy with success. Now, the focus would be on how to refine it in order to obtain the best results with the lowest amount of risk and readjusting it to the surrounding market conditions. Just keep going on this step to continuously improve performance overtime.
From this point on start fresh from step 1 above and work on building consistency. From there you can work on testing new strategies to add to your quiver which will add to your versatility as a trader.
“When things don’t happen right away, just remember it takes six months to build a Rolls-Royce and thirteen hours to build a Toyota.” – anonymous
See you in the chat room.
Trade safe,
Roberto Barbaro