Why Good Trading Habits Matter More Than Finding Good Setups

Some of the common mistakes of newbie traders is focusing an excessive amount of on finding the subsequent winning trades as an alternative of becoming good traders.

It’s common to see newbies who spend most of their time doing fundamental or technical evaluation to seek out a profitable trade setup.

Some even straight up copy other traders’ ideas and systems without learning much concerning the rationale behind them.

They’re so afraid of missing a very good opportunity that they’d fairly devote their trading time to taking trades fairly than identifying their strengths and weaknesses and dealing on their skills.

What they fail to know is that good trading habits win trades more often than good setups do.

I’m not saying that searching for and even copying trades aren’t helpful.

I’m saying that self-improvement activities like trade journaling or deliberate practice would make you a consistently profitable trader faster than simply trying to find good trade setups.

A successful boxer didn’t start his profession by entering as many competitions as he can within the hopes that have would make him a greater athlete.

He would first spend hours and hours within the gym conditioning his body, memorizing different combos, and correcting his weaknesses before he officially enters the ring.

Then, armed with the fundamentals and the habit of learning from his fights, he would make appropriate adjustments until he becomes unbeatable in his weight division.

Now, imagine if the boxer was more concerned about winning fights than being a very good athlete. He would challenge as many opponents as he can without much thought to his training.

His conditioning will likely disintegrate within the ring and he’ll find yourself losing battles. Mockingly, his must win has weighed on his ability to win.

Forex traders face the identical scenario on daily basis. Just without the facial bruises. Possibly.

Point is, many are so focused on their balances, on “scoring” good trades that they neglect their conditioning.

They don’t exert much effort into improving their skill set and over time their trading skills shall be limited to the form of setups that they typically take.

Specializing in the method as an alternative of profits makes you more equipped to handle any trading scenario that comes your way.

It may also lessen trading anxiety since you could have more control over your current problems than future profits or losses.

In the long run you could have to do not forget that winning is just not about having the perfect cards, but the way you play those that you simply’re dealt.

Deal with becoming a very good trader and good trades will follow.

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