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Develop a Good Trading Foundation - Be a "Digger"

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  • Develop a Good Trading Foundation - Be a "Digger"

    Many trader's that end up calling for coaching say; they invested their money to learn a strategy that is "THE" one to make money but can't seem to get it to work. They jump around and buy more systems, signup for trading rooms and go down the road of frustration like a snowball rolling downhill. They join the frustration and fear club ALL traders join at some point in their trading.

    SO how do you refine and build a strong trading foundation? Start by examining and learn from previous winners and more importantly the losers. But let’s talk about the odds first. There is NO strategy out there that works 100% of the time, and if anyone tells you that I have a bridge I can sell you. A good strategy should work 80% - 85% of the time. And it's important to be able to know if a trade doesn't work because it's executed incorrectly or it's in the 15%- 20% zone. When I ask that question, most don’t know the answer. I can tell they are not taking the time to track their trades or not correctly and don't have a foundation.

    Solution: Become an Expert “Digger”
    1) Define the list of criteria you need to enter a trade. Prioritize the list. Some of the list MUST be present and some other items are nice to have but may not need to be there all the time to produce a good trade and are added to create additional “certainty”. Create the list from past trades looking at the winners isolating the criteria they had in common (to repeat what worked) and look at all losing trades detailing “must never” do that again. (to avoid repeating the same bad mistakes). Adjust, adjust, adjust.

    2) When your analysis is done don’t trade but “watch” the markets, and see how it works.
    Note: When you try to trade and change criteria at the same time you will be reading the screens through an emotional filter that will consume your focus on the money verses learning what works or doesn’t. Take emotions out. Be a smart digger!

    Note: Learning is slower if filtered through emotions.

    Example: One of the best days I had in my trading learning curve was when I watched screens for 30 days and didn’t place any live trades. I had no choice but to watch what was going on. When I did go live everything changed for the better. I noticed trivial things that were always there but I just didn’t see them, and they were important.
    By defining your criteria creates a foundation to trade from. Take the time to do this it will pay off in the end. Keep refining as you go take days off now and then to just watch and learn.
    And as always ask for help if you need it. I always offer a free call to those who want guidance on their biggest challenges. After 25 years of coaching traders to greater success, I’ve learned many tactics to attack and refine any foundation.

    Till next time, Great Trading! - Robin Dayne - Peak Performance Trading Coach

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