- If you wish to become successful as a trader, you should not do something extraordinary to achieve trading success.
- But rather you will just have to master one trading strategy.
There are 2 things common among the best professional traders in the world and they are
- Constantly following the process that will bring them closer to their goal.
- Complete focus on mastering the one trading strategy at a time rather than changing the trading strategies constantly.
- The people who make the most money will have just one thing in common and that is they have achieved mastery in one particular field.
Why should you practice one trading strategy at a time?
- All the successful traders and even the institutional traders are nothing if they are not just focused or have not achieved mastery in one particular trading approach.
- The main reason behind this is that they all know that you cannot just make money in the market with the scattered trading approach which is also a confusing combination of all the different trading strategies.
- You will just need one or a small handful of simple technical analysis tools or the patterns to properly analyze and trade with the help of the chart patterns.
- All the successful traders in the world have practiced and applied one trading strategy 100 or 1000 times over their career.
- They will not 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 will take time.
- But much more time is required for the same strategy to be well played over a series of trades.
What does it take to master one trading strategy?
- There are some of the core qualities that you will need in order to start being more focused on just one trading strategy and eventually master the same.
- All you will need is focus and discipline.
- Focus and discipline are the most important and useful aspects required to succeed in all the areas of life.
- But its importance will increase largely when we will have to learn and master one trading strategy at a time.
- This becomes difficult to do so.
- You will definitely need focus and discipline to stay committed to one trading strategy.
- Focus and discipline will 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.
- Repeating any specific action will create a habit.
- Through reputation, the brain will form a more solidified pathways that will help us become better at the things, be it anything like playing an instrument or trading a particular strategy.
- Doing something, again and again, is the only way to get better at it.
- All the professional traders, successful businessmen, hedge fund managers, celebrities, etc. are focused on creating wealth by achieving mastery in one particular field.
- For this, you will also have to choose your field and in our case, it is trading.
- Most of the traders will not think about this and they are only confused and scattered because of all the confusing information available on the internet.
- Once you also decide to master any particular strategy or a chart pattern, you will have to learn everything about the same.
Also Read: Short-Straddle Options Trading Strategy
Master one trading strategy, only then you can master other
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Mastering one trading strategy at a time is the secret mantra to the trading success.
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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 will get confused.
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To overcome this problem, you will have to pre-decide your strategy and you will also have to execute it.
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If there is one thing that will always work for you in trading is that the slower you will take the things and the more focused you will become, the faster you will succeed in trading.
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The requirement for achieving mastery over anything is repeating the process over and again.
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People who are successful in their respective fields stick to just one thing that they are good at and will also keep practicing the same.
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The same will also apply to trading.
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Instead of trading in a random way, you will have to learn and master one trading strategy at a time and then keep on repeating the same.
Conclusion
If you wish to succeed in trading, you will have to practice one thing at a time until you will achieve excellence in it.
Frequently Asked Questions (FAQs):
Q1) Is there a 100% trading strategy?
A 100% trading strategy is an approach that will involve investing all of your capital into a single trade.
Q2) Who is the king of trading?
Rakesh Jhunjhunwala is the king of trading.
Q3) Who is the richest trader in India?
Radhakrishnan Damani is the richest trader in India.
Q4) Who is the father of trading?
Adam Smith is the father of trading.
Q5) Which trading is the most successful?
Day trading is the most successful.
About Us
Nifty Trading Academy is our academy where we teach you about the stock market as well as technical analysis. We also provide live trading sessions and upload blogs for the same.