Besides a little bit of luck, both mentally and physically, the best professional athletes, businessmen and traders have two things in common that have contributed the most to their success.
Two of them are:
- Habitual practice of processes and/or concepts that bring us closer to the end goal/success.
- Perfect your discipline and focus on the task at hand until you are fully mastered. Then they keep it and work on adding more “weapons” to their arsenal.
This article will explain how and why you need to sharpen your focus in trading to eliminate variables and truly perfect your craft. The richest people in the world have one thing in common. It’s about being very good at a little bit, or even just one thing. Have you ever heard the saying, “I’m a jack of all trades, but I’m good at nothing”? It’s true, especially when it comes to trading, so give it some thought. The consequences of not becoming a “master” of trading strategies are severe, but may not be the case in other professions.
To truly learn why you should practice one trading strategy 10,000 times and how to do it, you should read this article in its entirety. In this lesson, If When properly understood and executed, it has the power to turn your trades from a loss or even breakeven to a win. The following Bruce Lee quote inspired today’s lesson.
“I fear not the man who has practiced 10,000 kicks at once, but the man who has practiced one kick 10,000 times.” – Bruce Lee
What do all the world’s greatest traders have in common?
I don’t care what you heard or what you thought. Even the world’s best traders and even hedge fund managers are highly focused and skilled in their trading approach.
The reason is that these traders know that a “distributed” trading approach, which is a jumbled mix of different techniques, cannot consistently profit in the market. All you need is one or a few simple technical analysis tools or patterns to properly analyze and trade your charts.
The best traders have practiced and adopted one core trading strategy hundreds or thousands of times throughout their careers. They do not practice or attempt to utilize many different trading strategies, or jump from one trading style to the next. It takes time to learn and master any trading strategy, and then even more time to see it execute in a series of trades.
Here are some of the core traits you need to start focusing more on one trading strategy and eventually master it.
Thorough concentration and discipline
Focus and discipline are paramount to any endeavor in life, and we all agree on that. However, it becomes even more important (and possibly difficult) when it comes to learning one trading strategy and he mastering one strategy at a time.
For example, staying committed to one price action signal at a time requires focus and discipline. In other words, don’t jump on every candlestick pattern you see on your chart. Instead, decide in advance to learn one thing at a time and master it before moving on to the next step. This can be achieved simply by choosing one, learning as much as possible about what it is and how it trades, and then starting to look for it on the charts.
For example, you may decide to master the pinbar trading strategy first. OK, if you decide to do so, you will learn about all kinds of pinbars, how best to trade them, what chart timeframes are best to trade on, and so on. Your mission is to become a “pinbar expert”. Here’s how…
Become an expert in your technology
As Bruce Lee said, he said, “I’m not afraid of a man who has practiced ten thousand kicks at once, but I fear a man who has practiced one kick ten thousand times.” do you say that? Because practicing 10,000 kicks at once is a huge waste of time that essentially accomplishes nothing. The human brain needs repetition and habit to form stronger neural pathways that make it better at things, whether it’s playing the piano or trading a particular strategy. The more you do something, the better your brain (and you) get at it.
Professional athletes, chess players, poker players, businessmen, hedge fund millionaires, actors, they all know the secrets of life and wealth. Become an expert in your technology. Of course, first you need to determine your technique, that is, your trading strategy in trading. Sadly, many traders don’t even get this far. Simply scattered and confused, overwhelmed by all the contradictory information on the internet, he really can’t decide on one particular strategy.
Now, if you’re reading this, you’re probably interested in price action trading., We continue with the pin bar signal example from the previous section.
The method or “how” to master one specific trading signal at a time is simply the focus and discipline mentioned above. You can print examples of signals, look up signals from courses and mentors, or look for signals on charts. To be able to open a chart and instantly recognize if a high quality pinbar signal (or signal of your choice) is present, you need to learn all about it.
Master One Trade setup.Only then can you add another
For those of you who have been reading my lessons long enough, mastering one setup at a time is my favorite “credential” for trading and what a trader should do, especially in the early stages. You probably know that it is a core belief that during their career.
The main reason you should dedicate yourself to mastering one setting before adding another is that it gives you something specific to do and keeps you accountable. Most traders have problems with discipline and concentration, often because they are simply overwhelmed with all the information on the internet and are unable to make decisions. Once you make a decision and commit to doing it, you will begin to see the results of that decision over time. If there’s one thing I can promise you when it comes to trading, it’s that the slower you take things and the more focused you are, the faster you can trade successfully.
In my recent article on mastering one thing for trading success, I described a book I recently read that fits the theme of “The One Thing” (you should read it). The bottom line is that great people and companies that are very successful always tend to be masters of one core process or thing. They perfect it and keep repeating the process. They simply stick to what they are good at and scale up from there. Sound familiar? Because if so, that’s what I’m telling you about trading. Master one setup, one strategy at a time, and build on that. Do not trade in random and unsuccessful ways.
An example is shown below.
First, master the “pin bar signal”. One of the pinbar variations is trading the pinbar after a pullback within the trend. Trading pinbars on pullbacks means waiting for price to return to horizontal levels such as support/resistance, moving averages, 50% retracements, or previous event areas when you determine that a strong trend is underway. means to form a pinbar. in the direction of the underlying trend.
You are trying to enter in 50% area of the pinbar. In other words, wait for the price to retrace halfway through the bar before entering near that point.
As you can see, this is very specific and goes far beyond just “trading pinbars”. There are many variations to each of the core patterns I teach, which I’ll cover in more detail in my trading courses, but for now, take a look at this particular pin bar example.
In the first chart below, I’ve zoomed out a bit so that you can see the trend on the daily chart and the multiple pinbars that formed after a bounce within that trend. This is the setup you are looking for and want to master.
The following chart is a magnified version of the chart shown above, showing how a 50% fine-tuned entry can easily yield the “maximum” 6R+ profit on a low-risk, high-reward trade. We recommend that you first print out the settings you want to master and tape them to the wall to engrave them in your memory.
Conclusion
Whether you’re training to become a martial arts master like Bruce Lee or becoming a successful trader, there’s something every successful person has to do. The most important thing, in my opinion, and the subject of today’s lesson, is to practice one thing at a time, over and over until you master it.
This article has explained the “why” and the “how”. All you have to do is follow it. Choose a setup you like, learn how to trade it from the inside out, and literally see it in your dreams. Doing this makes everything else much easier. You’ll know almost instantly, so you don’t have to think twice about whether a trade is “existing” on the chart. Mastering a trading strategy such as one I teach in my professional price action trading courses allows you to spend extra time focusing on trading psychology and money management, which are perhaps the more difficult ones to master. But again, applying the same principles that we discussed today to these topics will yield the same results. Mastery.
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