Besides a little bit of luck both mentally and physically, the best professional athletes, business people and traders all have two things in common that have made the biggest contribution to their success…
Those 2 things are:
- Habitual practice of the processes and (or) concepts that will bring them closer to their end-goal / success.
- Complete discipline and focus on the task at hand until TOTAL mastery is reached. Then, they work to maintain it and add more ‘weapons’ to their arsenal.
This article is going to discuss how and why you should narrow your focus in trading, so that you are eliminating variables and truly perfecting your craft. The people who make the most money in this world all have one thing in common: they are VERY GOOD at a small amount of things or even just one thing. Ever heard the saying “Jack of all trades, master of none”? Think about that for a minute because it’s true and especially so in trading. The consequences for not becoming a “master” of your trading strategy are severe, whereas in other professions that may not be so.
You need to read this article, all of it, so that you truly learn why you need to practice one trading strategy “10,000” times and also, so that you learn how to do it. This lesson, if properly comprehended and implemented, has the power to transform your trading from losing or breaking even, to winning. The following Bruce Lee quote was the inspiration for today’s lesson:
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick, 10,000 times.” – Bruce Lee
What Do The World’s Greatest Traders All Have in Common?
I don’t care what you have heard or what you think, the best traders in the world and even hedge fund managers are nothing if not insanely focused and masterful in their trading approach.
The reason for this is that these traders know you simply cannot make money in the markets consistently if you have a “scattered” trading approach that is a messy combination of many different methods. What you need is one or a small handful of simple technical analysis tools or patterns to properly analyze and trade the charts.
The best traders have practiced and employed one core trading strategy hundreds or thousands of times over their career; they are not practicing and trying to utilize many different trading strategies nor are they jumping from one trading style to the next. It takes time for any trading strategy to be learned and mastered and then more time to see it played out over a series of trades.
Here are some of the core traits that you will need in order to start being more focused on one trading strategy and eventually becoming a master of it…
Total Focus and Discipline
Focus and discipline are paramount to any life endeavour, everyone agrees on that. However, when it comes to learning one trading strategy and mastering one strategy at a time, it becomes even more important (and perhaps difficult).
You will need focus and discipline to stay committed to one price action signal at a time, for example. So that means you are not jumping at every single candlestick pattern you see on the charts. Instead, you have pre-decided you will learn one at a time and MASTER it before moving on to the next. You will accomplish this simply by picking one and learning as much as possible about what it looks like and how it’s traded and then start looking for it on the charts.
For example, you might decide to master the pin bar trading strategy first. OK, so if that is what you decided, you will learn about all types of pin bars, how they are best traded, which chart time frames are the best to trade them on and more. Your mission is to become a “pin bar expert”, here’s how you do that…