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How to Break Through in Trading

  #13 (permalink)

North Carolina
Trading Experience: Beginner
Platform: NinjaTrader, Tradestation
Favorite Futures: es
Posts: 644 since Nov 2011

Right, you may well could have been a better trader when you started. Do you know why though? Because, you were most likely keying in on "real factors" that drive real traders. Most new traders key in on value. They want to buy when the market is falling. That works sometimes, of course.

It sounds like you honestly need to take a much more involved approach before considering a mentor. The answer to your question:

1. Do an assessment of what worked for you when you first started. Losing is often encountered when traders move from swing to day time frames or from lower to higher leveraged trading but don't make the required adjustments.
2. Stop referring to your track record or past like it means anything at all. Right now, negative psychology is likely to hamper you, as you see yourself as a losing trader. No one can say whether tomorrow you will be winning or losing.
3. Back to identifying your strengths. It might be that you're not optimizing that with your method and/or you're trading is too restrictive. I do not like "quasi-mechanical" methods. I mean by this where you take trades like "rote" based on untested signal. If you're adding value then try to focus in on where you should be adding the value.
4. Take screenshots of your trades when you enter them, during trade, and after the exit. Something I always like to do is watch the trade after I exit. Was my exit good or bad? This is not possible to discover if you just leave after a losing trade.
5. It is often possible to find success in markets when you approach them slightly different then the herd. For example, you day trade like a serious day trader but you only look for trades that might setup for several days. You tape read the markets, tick by tick, but you look for big trades to setup.
6. Break even trading is not necessarily bad trading. It depends on the why and whether or not you are developing. Trading is difficult and uncertain.

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