Are you trading full time? If not, is it your goal too? For those of you who are full time traders don’t forget to take a moment to celebrate and enjoy the work you have put in to gain your independence!
That’s essentially what it is. You don’t have to go to some crappy job and report to some manager who dictates your day. There is something to be said for that. That freedom is what motivated me early in my trading career and was my WHY for doing it.
As I’ve mentioned in past posts. The WHY is the foundation to your trading and your trading success. WHY can be different for all of us, but it’s what keeps us motivated to grow as a trader, especially during the rough patches. There will be rough patches!
If you are just starting out and aspire to have that freedom then my advice is to prepare yourself for success, set yourself up for success and then follow through with it!
Preparing for Success
You do this by acquiring the knowledge needed to trade profitably. Learning high probability chart patters, recognizing support and resistance levels, understanding the level 2 quote box, times and sales and what the different order types do.
Setting Yourself Up for Success
Once you have learned charting patterns and how to read level 2 quotes, etc. Then you can create your trading plan. It is VITAL you have a trading plan. I do not know may profitable traders that do not.
This encompasses items such as defining the strategy you will trade, the rules you will enter and exit trades upon, the stock candidates you will look at and so on.
In the end anyone who puts in the work and takes a couple trading courses can learn how to trade and build a trading plan. However, the real key after that point is EXECUTION!
You must be willing to take the trades that fit your trading rules and criteria and enter and exit them based on those rules and criteria. This sounds simple, but many traders struggle with it.
For those who still need to learn the facets of trading and build out a profitable trading then plan take part in the Active Trading Blueprint.
Remember, “Victory Loves Preparation.”