So looking at those who earn their bread from trading, you decided to take the bumpy ride of trading in the financial market. And now you’re in, in the middle, and you realize it’s not as easy as it looked from outside. And you end up with a nerve wreck and decide to move on to a ‘sensible and stable JOB’ with a ‘decent’ salary.
And it’s a fact! Trading is not everyone’s cup of tea. Although there are no set parameters to ‘check’ whether you’re capable for this trading thing, yet one thing is kinda universal fact that it is not a game of sensitive and weak hearts! You’re still a learner-who is struggling for almost a year to be successful and you’re still reading this piece too, trust me your time and energy is not going to go waste!
Check out these Three ‘T’s of Trading – a MUST for you:
1. Think a bit and take a pause for a while
You have been juggling your mind and playing the number games since long. It’s been LONG!
Shake your head, take a pause and think for a while. Take a little time out of those graphs and ratios to break the monotony. This is going to kick the lethargy out of your brain and it can think effectively now!
Eyeing non-stop on the charts with a single focus of ‘profit’ somewhere shows you ‘determination’, but if you follow this pattern over a long period, you are likely to have been ‘mislead’ by your own brain! Yes! You read that right.
Continuous actions without any sensible thinking may have landed you on a stranded island with no route to profits!
Think it like this: if you are going on a path to reach a place, no matter how right the path was, but if your mind just gets lost in the middle of your journey….then what!? Obviously there are chances that you might fall in a pit that you could not see because of your absent mind or may be you end up getting lost because you just took a WRONG turn.
And now you have realized that you have lost, now what? Now take a deep breath, realize where you are, take your map out and just start following the path that will take you to your destination.
Simple as that!
Same is that case of your ‘trading journey’ also. If you feel you’re lost, and even if you aren’t feeling, just take a little pause and think if you are going right- to avoid any ‘pit fall’ that would force you to incur losses.
2. Techniques- the basics of trading
When traders step-in the trading market, or say, even when they decide to do such act, the very first thing they do with FULL zest and zeal is learning the techniques. These are the basics that introduce you to the market functioning and teaches you how to proceed. Right?
Now when the time passes and traders get comfortable in the market, in most cases, they tend to ‘forget’ and more suitable- ‘ignore’ these techniques which made their base to stand in the market.
Just understand this thing that the lessons you learnt from these techniques were not supposed to be the ‘first step’ of your ladder, rather, they’re the ‘guiding stars’ that help you navigate your path to reach your destination!
For instance, the very initial thing of ‘Price Cycle’ – when a new trader learns for his first price action, he tends to be aware of high prices and the chances of no trading set-up if he does not see ‘book price cycle’. This is of utter importance to him, but he, somehow fails to give that ‘importance’ to the lesson he learnt. Also, with time as his experience grows, he learns that strong momentum trades of much relevance to him or say, another lesson when he realizes that ROI much about the time spent in managing a trade than just ‘money’.
But the moment he goes back to his basics, he realizes that this information was already there in his subconscious mind which gets recalled that very moment. So don’t think that those lessons and learning of initial days were for initial days only. NO! You will see that these techniques are as important and ‘relevant’ as they were in your first month of trading.
3. TTM : Taking The Money
Let us not ignore this anymore! You are trading for a long time now and have learnt the trading techniques and systems as well but still not able to make good profit!
If you see this, then look the other side also- that these techniques and systems are of NO USE if you haven’t learnt when to take your money OUT of the market!
Continuous trading with less or no profits tends to make your mind to focus on ‘how to make more profit’ and distracts it from the way to take this money OUT from the market. You just ‘forget’ that this is also one of the method and technique to survive in this market!
So if you are also that ‘one’ who falls into this category, then this tip is going to be a great help to you. Rather, this is the most basic thing a newbie learns in his very initial lessons when even your mentor must be SHOUTING every now and then to explain and remind you of TTM. TTM… TTM!!
Although this is a sad aspect that its significance is often neglected. So now when you revise your lessons of trading, this is something you will find of utter importance and you’ll understand how important is it to have these lessons in your mind and at what place does this TTM fall in that ‘list of important points’.
Simple words of simple fact: TRADING is like a marathon run and not 100 meters hurdles race. Consistency and awareness is all you need to success. Follow these simple Three ‘T’s of Trading once in a month or two and see your routine going back on right track with full awareness and more confidence!
All the best!