Jack of all Trades, Master of One Strategy
Interacting with other traders is the part I enjoy the most ever since I began serving as Junior Moderator several months ago. There are absolutely no doubts about that. Because for the most part, it keeps reminding me where I was when I first started with all the struggles that each successful trader had to go through before finding any consistency. This aspect is very important to me since I believe knowing where we want to get in the future is as much valuable as remembering where we came from.
One of the most common question that I get comes with no surprise. It’s about the strategy that I use to take profit from the market. Of course, that’s what every trader is looking for. When answering to this one inquiry, I’m also a little hesitant. I could answer VWAP trades is my go-to strategy and just stop explaining further. But the problem is, that would be just a short answer and just an easy out about what’s working for me.
Look, as I personally started my journey as a trader from the WarriorPro course, I took advantage of the precious material that I was fortunate enough to study on and smart enough to invest some resource and time into. From that point on, an incredible journey has started in order to implement the concepts and theories that I’ve been focusing on for months.
Explore Every Strategy Until You Feel it’s Your Own
So, here is my greatest piece of advice when it comes to this one article. Don’t try to find answers into somebody else because they only reside within yourself. What I mean by that is that others can be used as source of inspiration, not a model to become carbon copies of. That’s why practices like mirror trading are so dangerous and will never bring anybody to the ultimate goal, which is the freedom of self-sufficiency.
The actual best practice is to explore every strategy until you feel it’s your own. Exploring a strategy does not mean just studying and understanding it completely. It means executing on it live, whether is real money or paper trading (about this topic, you can read my articles on breaking out of the comfort zone part one and part two where I personally decided to switch trading strategy).
Once you’ve gotten the macro-strategy that better matches your style and personality, whether is momentum, reversals, penny stocks, mid or large caps VWAP trades, it doesn’t really change the fact that a step further is required. I call this step “customization”. That’s when the trader adapts the strategy to perfectly fit oneself.
That’s why as of today I have my own tool setup that includes my own scanners that I’ve developed on my own with the invaluable Mike’s support (he is a trading mentor at Warrior Trading), because they fit my style and what I’d be more inclined to trade. It took months to build them up but I can assure you that nothing can be as valuable as something you’ve designed and refined for yourself.
So, relying on somebody else calls for our own trading decision is not just a wrong and not sustainable habit, it’s also not a profitable one. Taking the community and its mentors as a guidance is actually a very smart move but the highest effort would have to be on education rather than just blindly following anybody else. With this approach, soon enough you’ll be able to give it back to others like I am now doing. And there is no better feeling than being told “thank you”
“Well, I think that part of being young is not exactly knowing why you do some of the things that you do. And it’s by exploring your life or experimenting or making mistakes and learning from them hopefully that you start to forge an identity.” – Stephen Chbosky
See you in chat-room.