When I first started this journey of trading momentum, I already knew it was going to be tough. What made me thinking that? I am not a fool and I already had a first experience trading this strategy. I was perfectly aware that mastering this one wasn’t going to be easy at all.
So, when I decided that I wanted to give it my best possible shot, I’ve built up a plan that would have given me a comfortable sensation of feasibility. That’s why I set up a time span of three months in order to turn consistently profitable. Right now, I am at the end of the first one which I am closing with a controlled loss.
Am I feeling good about it? Of course not! But since I built up that plan, I am willing to accept this struggle as being part of the deal and helping me not to be too hard on myself. My suggestion is: you should do the same too. If you’re a newbie trader, I’d suggest to give to yourself twice the amount of time that I’ve given to me in this challenge. So, a six months’ plan is a reasonable amount of time to expect for everything to line up and start working properly. Until then, don’t give up and keep on grinding!
Every Detail Matters For Becoming Successful
During this first month of trading momentum I’ve been continuously making adjustments to ensure better performance and the best possible environment to work with. I’m aware to be into this unavoidable part of this learning curve to put myself where I want to be. I respect that but, at the same time, I’m striving to get there as fast as possible. In the meanwhile, here is a list of those details that I’m making available to you that I really think will be helpful for active traders:
- Being part of a great community is the first important step for two main reasons. First, it is about surrounding yourself with a lot of other traders with a positive attitude of making money. Secondly, because sometimes is the community itself a great source for new trade ideas or for further improvements to the trading environment in general. I can’t think of a better place than Warrior Trading for addressing this point completely;
- Relying on yourself only when making decision for your trading. This is vital because mirroring another trader won’t be a profitable strategy in the long run. Trading it’s like fishing. Let the best fishermen teaching you how to fish, because just trying to mirror them won’t help you understanding the process behind what makes the fish baiting the hook and, ultimately, you will end up missing the best fishes. My practical suggestion here is to filter out everything that is influencing your trading decision. Ultimately, the goal is to let that off-voice coming from other traders be source of inspiration, not an obligation to rush into any trade. Cut them off until you’re strong enough to handle it the right way;
- Refining the tools at your disposal to enhance the performance to highest level. Especially if you’re trading momentum, hot keys are very important for a timely execution (watch the video on youtube for a way to improve them). Introduce external linking into your Trade Ideas to load a chart into eSignal just double clicking on a stock that is flashing on the scanner. Be self-sufficient on your trading station so that you can always look for new ways to improve it;
- Embracing the losses knowing that them will always be here as a part of your trading journey. Learn how to welcome them to become a part of your future success. Your next loss is going to be your best teacher. Keep them as small as possible using the break-out or bail-out mentality so that they won’t never knock you out of the game.
Just keep going in the right direction and have faith into the process of education. Sooner than you think, everything will connect and nothing will prevent you from getting to the top.
See you in chat-room!