Deliberate practice refers back to the mindful means of repeating tasks to enhance your skills.
Take note that the keyword here is mindful. That’s, unlike regular repetition, deliberate practice requires focused attention and is designed around specific goals.
Deliberate practice might be broken up into three primary stages: motion, feedback, and incorporation.
The motion – whether it was successful or not – gets broken down into parts and is analyzed within the feedback part.
Then, after identifying your mistakes and exploring avenues for improvement, you incorporate your learning in your next actions.
Read more about deliberate practice on my previous updates:
Deliberate Practice in Forex Trading Part I
Deliberate Practice in Forex Trading Part II
If done appropriately, deliberate practice can’t only help speed up your learning process but in addition allow you to discover your weaknesses and open doors to other techniques that may give you the results you want.
Observing deliberate practice is not any walk within the park, nevertheless. Listed below are aspects that would diminish, if not defeat, the aim of using deliberate practice to enhance your trading skills:
1. Mindlessness
Do not forget that deliberate practice is built around mindfully repeating small tasks to look for tactics to enhance.
Unfortunately, it’s all too easy to assume that you just’re making progress simply because you’ve done something a bajillion times before.
Repetition and experience don’t necessarily mean progress. Concentrate on correcting errors and finding opportunities for improvement every time you perform your tasks.
2. Inconsistency
Firstly of your process, consistency is essential to discover areas that need improvement.
Then, as you proceed, consistency is required to be sure you don’t fall back to your old habits. In spite of everything, what’s the usage of tracking errors if the identical ones keep popping up at times, right?
3. Not tracking your progress
Identical to athletes track their stats and chefs have their recipe books, it’s also essential to religiously track your progress.
How else can you understand how far you’ve improved and what processes need more attention?
It may appear boring and tedious at times, but ultimately, it’s the numbers that provides you with focus in your deliberate practice.
Should you haven’t done it yet, go grab a trading journal and begin tracking your trading stats. Trust me, you’ll be a greater trader for it.
4. Pride
The predominant purpose of using deliberate practice is to tweak your existing processes to enhance your trading game.
But for those who are likely to shrug off feedback in favor of adopting an “if it ain’t broke, don’t fix it” mentality, then the advantages of deliberate practice might be lost on you.
Take care not to carry on too tightly to what works. As an alternative, open your mind to possible opportunities for improvement and see in the event that they work higher to your trading personality.
At the top of the day, you’re the just one who can set the pace of your trading progress.
Deliberate practice is unquestionably among the finest ways to hurry it up, but it surely requires discipline, dedication, and consistency if you wish to reap the complete advantages of the method.
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