We here at BabyPips.com have all the time stressed the importance of deliberate practice to assist improve your foreign currency trading skills.
Deliberate practice refers back to the mindful strategy 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.
You may as well be cutesy and demure about it, but that’s optional.
Deliberate practice may be broken up into three 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 into your next actions.
Read more about deliberate practice in 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 provide help to discover your weaknesses and open doors to other techniques which may be just right for you.
Practicing deliberate practice is not any walk within the park, nonetheless.
Listed here are aspects that might diminish, if not defeat the aim of using deliberate practice to enhance your trading skills:
1. Mindlessness
Keep in mind 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 each time you perform your tasks.
2. Inconsistency
In the beginning of your process, consistency is needed to discover areas that need improvement.
Then, as you proceed, consistency is required to be certain you don’t fall back in your old habits. In any case, what’s the usage of tracking errors if the identical ones keep popping up every now and then, right?
3. Not tracking your progress
Similar to athletes track their stats and chefs have their recipe books, it’s also essential to religiously track your progress. How else can you realize how far you have got improved and what processes need more attention?
It might sound boring and tedious at times, but ultimately, it’s the numbers that gives you deal with your deliberate practice.
In case 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 fundamental purpose of using deliberate practice is to tweak your existing processes to enhance your trading game.
But if you happen to are inclined 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 shall 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 in your trading personality.
At the tip of the day, you’re the just one who can set the pace of your trading progress.
Deliberate practice is unquestionably among the best ways to hurry it up, however it requires discipline, dedication, and consistency if you need to reap the total advantages of the method.