Inside Trade | Maintaining Consistency and Improving Trading Results

The four most dangerous words in investing are “This time it's different”. - John Templeton

Often than not, we get excited when we stumble upon an article about a new system or charting techniques and ignore those articles directing to self-improvement. We perceived those articles with contents rewritten, recycled all over again and blended with some additional elements just to look brand new. But if we introspect a bit further down to its purpose ,then we would realize its true message. The success lies within the capacity of the trader and not the tools on his/her whim.

In reality, you really needed to analyze the market with tools such as indicators and charts but unless your strategy is already on its peak, an automated one, it still depends on the capacity of the trader.
Thus we should give more importance in improving ourselves before relying on those tools because no matter how good those charts maybe, it would just be wasted in an untrained hand.

Here are some aspects that you should watch out for:

Motivation

Keep yourself motivated, maybe a goal that you really wanted to achieve will suffice. Trading is not a walk in the park wherein everything would be served on a silver platter. It wouldn't bear a fruit unless you matched it with hard work, perseverance, and critical thinking. You need a whole bunch of motivation to consistently provide these attributes.

Balance

Balancing your emotions in trading allows you to focus more and choose the best course of action.
Trading while emotionally unstable will be like walking in an obvious trap without a back up plan to save you. Regular exercise not only keeps you physically fit but also helps in releasing the unwanted stress.

Preparedness

“ A wise man  in times of peace prepares for war”. Being prepared in all aspect, both physically and mentally,  greatly heighten your chances to profit. Devising a strategy ahead of time is a critical aspect in a successful trade.

Doing your homework is also a part of being prepared. Pointing out the mistakes of the previous trades and supplying necessary precautions and solutions would put the icing on the cake.

Focus and Attention

The ability to properly execute your strategy and reacting to the demands of the situation maybe only achieved with a high level of focus and attention. In forex, it only take a single second for a trader to loose their grip on the situation. Failing to analyze the market properly and thoroughly is an impending disaster awaiting to happen.