How To Improve At Trading In 60 Minutes

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Unsurprisingly, it takes years to become a professional trader; this blog post will give you the keys to doubling your success in just one hour.

Trading is a tough game. It requires patience, precision, and discipline — skills that have taken most traders years of practice and experience to master. Yet when we look at the faces of successful traders on TV or on the trading floor, we can’t help but be struck by their confidence – they seem to know exactly what they’re doing and always seem in control of every situation.

That’s because trading isn’t about luck – it’s about strategy for curious coin turtle.

1. Strategy, Strategy, Strategy.

Trading is often compared to gambling, but they’re really nothing alike. Trading is not trying to predict the future; it’s an analytical pursuit in which the goal is to exploit market opportunities by capitalizing on their mispricing* — and there are ways to do this without even relying on any kind of “gut instinct”.

Lesson 1: You will rise or fall based on your ability to systematically identify and capitalize on market inefficiencies.

The first thing you need to do if you want to be a professional trader is formulate a clear trading strategy that you can use no matter what the situation or circumstances may be. By the way, the key word here is “strategy”. You don’t just want to devise a bunch of rules and strategies to guide you during trading; you want to have a plan that is consistent with your personality and style so that you can stick with it long enough to become successful. Many traders are far too impulsive, emotional, or distracted to formulate a sound strategy and stick with it — but this will be your first and most important step on the path towards becoming a disciplined trader.

Lesson 2: Come up with your own trading strategy, then stick to it religiously.

It’s easy to see why this is the case.

For instance, some traders will go on trading binges that last several months at a time (or even years, in the case of famous day-trader Jesse Livermore), after which they abruptly stop trading for weeks or months at a time. While these traders may be able to show impressive returns over the long term and get away with it because they’re wealthy, we don’t recommend this approach.

Lesson 3: Trade steadily and consistently to become profitable and minimize losses — going on extended breaks can lead to your worst mistakes.

You’re more likely to get value out of your trading career if you go into it with a plan and stick with it, rather than just jumping in and going at whatever profit opportunities happen to come up.

Lesson 4: At the end of the day, the key to achieving success is consistency — don’t let opportunity lose track of discipline.

In order to consistently make money every month over the long term we have to have consistent success as traders. We can’t be on a roller coaster ride of highs and lows while chasing returns; we have to stick with what works so that we can achieve consistent profitability.

2. Know Yourself As A Trader

Lesson 5: Trading is not just about capitalizing on opportunities — it’s also about managing your emotions.

In order to succeed in any field, you must have a firm understanding of your strengths and weaknesses and the inherent risks involved in the endeavor before you even begin. The best way to do this is by having a clear picture of your personality type and whether it will mesh with trading or not.

Lesson 6: Is trading in your nature?

The most effective trading styles are based on your personality type, because the more you know about yourself, the better you’ll be able to structure a trading strategy that suits your skills and knowledge.

To find out where you fall on this spectrum, take this test , then determine if it’s a good fit for your personality traits.

Lesson 7: Your trading personality is…

This is also a good exercise to help you determine your entry and exit points in a trade, as well as how much of your capital you want to put at risk on any given trade.

Lesson 8: Know your strengths, weaknesses, and profit targets

Some traders tend to be more aggressive and seek to take large risks for significant gains. Others like taking smaller risks for smaller returns – it’s all about knowing what you’re comfortable with. Generally speaking, the higher the risk involved in a trade the larger the potential reward. You don’t want to take on too much risk for too much reward, or you’ll likely end up in a bad trade that didn’t pay off.

Lesson 9: Know your profit targets so you know when to take risks.

The best way to determine if a trade is worth taking is by the amount of profit you’re going to make and how long the trade will last before it expires (i.e., runs out of “time”). The more you research this, the better prepared you will be.

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