Trader Training – 2 Key Trading “Best Practices”
Brian here with 2 extremely critical “Best Practices” for traders that you really
must not neglect, or your trading will suffer.
In my Quality Engineering days, we always sought to establish Best Practices wherever possible because it had a measurable effect on the bottom line, plus numerous other aspects of the business.
Now in trading there are Best Practices which will definitely benefit you and if you neglect them, your performance and your results are almost certain to suffer.
The First Best Practice
Highly successful businesses don’t just ‘happen’ by accident or by themselves.
…and you do want a highly successful trading business, right?
I mean you’re not in this for mediocrity or just something to do, are you?
No, you want a trading business that is consistent and most of all RELIABLE.
You want the security of knowing that your trading business can be counted on to provide both right now and for the future.
Again, reliable businesses don’t just happen, but the reason the so many traders never get anywhere, let alone taking it to that level where it IS reliable is this:
- they make the mistake of thinking that if they can just get making some money, then somehow everything will fall into place.
Where things go wrong
So many traders wind up too busy doing the thing of the business to ever take it to that next level, and just stay in kind of that ’scrambling to make money this month’ mode.
This is how businesses that ‘just survive’ get built and the owners usually do NOT enjoy the lifestyle that they want.
They are not making nearly as much money as they’d like, and
They do NOT have the security in their business that they want.
The other (and more common) result is that the business struggles and dies, usually in a matter of months, simply because of the resources that get wasted instead of contributing to the bottom line.
So the solution is to implement the first Best Practice: taking time to work “on the business”, not just “in it”.
This is most crucial AT THE VERY BEGINNING of the venture with the most important business asset – your Business Plan.
Once that is in place, then taking time periodically to again work “on the business” and not just in it, is so vital to making it what you really want.
The Second Best Practice
Because you are the decision-maker and center of your trading business, how well you perform has a direct impact on how good your results are, so…
You need to live by the second Best Practice: making the time to take care of yourself – this means several things.
1. Take the time to exercise. Taking a walk or jogging or anything that gets you away from ‘work’ and does your body good will also benefit you in your trading.
2. Take time to detach and get some R & R. It is vital to efficient and effective trading for you to take time completely away from trading. A full 24-hour break, meaning completely stepping away from it, will do you worlds of good.
3. Get enough sleep – how can you expect to trade at your best if you are shorting yourself necessary sleep? You can’t, so make sure you get enough to feel rested.
4. Mind what you eat. Certain foods will agree with you and others might taste good, but don’t serve you well. On trading days, eat what helps you feel good and sharp.
Summing it up – and more…
Your trading is your business and it directly depends on you the trader.
Put these Best Practices into place and make them practices.
Remember to work “on your business”, take care of yourself, and make sure that you have a Business Plan.
For more on Treating Your Trading As a Business,
Click here to watch the video, “Trading As Your Business”
Click here to take the “Trading As Your Business” Quiz and see how you’re doing
Enjoy!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Neglecting these Best Practices causes many traders to suffer un-necessarily.
Don’t let it happen to you! Watch the video and / or take the quiz and make your trading business the RELIABLE one you want it to be!
Forex Trading Psychology Video – What Really Motivates Traders
Brian here with a YouTube video sent to me by a client.
I really enjoyed this because it sheds light on what really drives traders plus why traders often do the very opposite of what they know they should do.
Enjoy!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. After watching this video, you’ll see why the P.I.T. Club Training Program is structured the way it is. The right start is critical.
Take a look here AFTER you watch the YouTube video.
Trading Psychology – Manage Your Beliefs and Control Your Trading
I’ve got another excellent video for you today from Head Trader Todd Brown of TripleThreatFX.
In today’s video, Todd gives you insights on how to:
“Manage your belief systems and control your trading”
Here’s his message before you watch it,
What are your belief systems behind your trading? Do you
believe you can truly be successful? Because what you feel
about your trading plan has a direct influence on your results.
Your future in trading depends on your belief in the power
of the model and the strategy. I put together this video “SysTrain
Session from Dynamic Structure Training Series” to explain
this to you in great detail.
http://www.triplethreatfx.com/blog/
In this next video you will learn the 5 following points:
1. Developing a strong belief in your trading system.
2. What your brain sees when looking for the optimal
conditions when entering a trade.
3. How the “IF” in the conditional process is essential.
4. Applying the “WHEN” factor.
5. Combining both the “IF” with the “WHEN” together.
A sound trading strategy requires walking through the entries,
stops and targets. In order to see if it is a good strategy, there
will be a string of winners, losers and sideways equity.
You will learn to familiarize and accept the above three conditions
and how they are the components of absolute truth behind any
trading system you will ever see.
Simply click on the link below to be taken to the video blog
where you can watch the video and I welcome your comments
and questions as well.
http://www.triplethreatfx.com/blog/
Remember to Limit Your Emotions and Follow your Plan,
Todd Brown
Head Trader
TTFX
Have a great weekend!
Cheers
Brian
“The Trading Turnaround Coach”
Trading Psychology Video From A Trading Veteran w Over 15 Years In
I’ve got a worthwhile video for you to watch from a good friend and colleague of mine.
Here’s his message before you watch it,
When dealing with literally thousands of clients over the past 15 years, I’ve noticed this is one common theme that they all have had to learn to accept and overcome.
This even applies to folks who’ve been trading for several years.
To hopefully save you some time on this vital topic, I decided to create a 9 minute video for you explaining one thing that will have you trading better than you have had in years.
I have personally coached thousands of clients in over 200 countries and in this video I am going to shatter a common misconception that separates the “real traders” from those that continue to struggle despite all efforts to the contrary.
“From a Ditch to a Mansion Thanks to Trading”
This is not your run-of-the-mill “dry” boring video. And it’s not a sales video. It’s pure content that will give you some insight that you can use right away and share with you some of my own mistakes and history as well.
If you’re not getting the results you’d like to experience in trading, you’ll likely discover why by watching this video could help turn it around ASAP and could shave years off how long it will take you to finally be successful like no other.
Limit Your Emotions and Follow Your Plan,
Todd Brown
Head Trader
“Empowering traders worldwide for over a decade and a half”
Have a great weekend!
Cheers
Brian
“The Trading Turnaround Coach”
Trading Psychology – A Very Good Book On How Your Mind Works
Now I do NOT speed read, but this book was so engaging that I literally read all 228 pages in less than a 24-hour period.
Trading is all about decision-making right?
Well then, I’m sure you’ll like this book too because that is what it is all about.
What’s the book?
It’s called “Blink: The Power of Thinking Without Thinking” by Malcolm Gladwell.
Cool insights into your mind and how your decision-making process works (or doesn’t!).
You can find it at your local bookstore or online at sites like Amazon or Borders.
This will definitely make for a good read over the weekend!
Cheers
Brian
Trading Psychology Coach – When You Do It, 5 Things Happen Right Away
What happens when you do it?
There are 5 things in particular, but there are more to be sure.
Here are the Big 5:
Well when you treat your trading as the business that it is,
2. You sleep better knowing that your not ’subject to’ the whims of the market – because you’ve taken control of your trading
3. Your free time becomes more relaxing and you find that you have more of it, because you are more structured, organized and efficient during your trading hours
4. During your trading, you find it so much easier to stick to your system, because you’ve properly analyzed it and know what to realistically expect from it
5. You feel good about the future because you know that you’re taking a calculated and business-like approach to your trading
There are many more benefits to treating your trading as a business.
So how well are you doing in treating your trading as a business?
Find out right now!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The quiz is anonymous and there’s no sign up or cost.
If you DON’T take it, then you may be missing out on those 1 or 2 items that could make that difference that you’ve been looking for.
Psychology of Trading – Complimentary Belief-Elimination Method
Brian here and I recently found a very cool and effective method for eliminating negative beliefs.
While this guy isn’t a trader, the beliefs he addresses have direct impact on your ability to trade well.
There’s no cost and you can check it out here
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Beliefs CAN changed in a matter of minutes. I was pleasantly surprised at how quickly this method works. Check it out – doesn’t cost you anything. 