Today I want to give you a strategy to be self-motivated to develop your new trading skills.
We will discuss keys to develop any new skill and then you will learn how to apply these keys to your trading.
What are the 3 keys to develop a new skill?
Key 1: Why is the skill important to you?
Key 2: What is required from me to develop this new skill?
Key 3: How to do it?
You need to establish a clear need to acquire this skill. If it is because you want to just make some extra cash this need is not strong enough compared to having a burning desire to become competent in your new skill. To learn the skill of trading (yes it is a skill and a brilliantly profitable tool that you can use anywhere anytime to create money from thin air!) you must first clearly define why this skill is important to you?
I did a brief survey with my students in my recent courses, and I got a varied response, this will give you some ideas to define your WHY!
- To fire my boss and be my own boss
- To not have to work ever again
- To travel the world
- To manage our own family money
- To pay off my home
- To be financially free
- To do whatever I want, whenever I want and with whomever I want!!! (Well there are some other naughty comments too but we won’t go there! Cheeky traders!)
I suggest you write out a list of things you want for yourself that you cannot yet give yourself. Also please make sure you also write out a list of feelings you want to feel on a daily basis but instead feel something else (like over worked, too busy, tired, paying the bills etc, frustrated and downright shocked when end of the month approach!!!) Whatever your WHY is it is your why, your reason for wanting to in fact needing to learn a new skill. The stronger the why the stronger your commitment will be to practice on a daily basis and understand your basics of the new skill. Here we are specifically interested in trading. Ask yourself ‘how would it feel like if I was able to write out a cheque for anything I desired, what if I could support my family even more and more importantly had more time for them in the future to enjoy together.
This will make it worth your while to take extra time and focus on the market. The beginning is always hard but more importantly it is also fun too. Therefore, this is the time you need to strengthen your resolve to stick to the process and keep going forward. This is an important time therefore you need a strong why to keep you at it.
What is required from me to develop this new skill?
There are 4 easy steps for you to use to make a move towards competency. The best way is to ROOT (your Mnemonic R O O T)
R – Repeat
O – Optimistic Coaching
O- Optimal Trade Log
T – Trade
- Repeat: Revise your Strategies and all the material including the manual at least 3 times.
- Optimistic Coaching: See your coach every week (or at least twice a month). Why have I called it Optimistic? It is because your coaches will keep you optimistic so you stay motivated to learn the skill. Let us face it you will not learn to trade in just a few hours! It is a skill and you need to work at it to develop it. All successful professionals have a mentor and they measure their progress to improve themselves to be the best. You need to do this too and before you know it you will be on your way to building a new skill as a Trader.
- Optimal Log: keep a Trade log and ask yourself questions about each trade. Why did I take this trade? What was happening in the market? Did I check if any high impact news was out?
- Trade: Place live Trades and give it a go. Face your fear head on! You will not develop any skills if you only sit back and read about the market and wait forever.
How to do it?
The best way I can suggest how to develop this new skill is by following a simple process you are taught by us in your course.
- Have a Trading plan and follow your step by step trading plan
- Do your best to trade the same time every day so you create a routine. Research have found that the traders who trade the same time everyday tend to secure better results for themselves by familiarizing themselves to the specific market and also by sticking to a set routine.
- Follow your strategies as is and don’t be creative (use your creativity in different areas of your life like cooking, poetry, paining etc, please leave trading to the boring old strategies!)
- RISK- MANAGE each trade. One of the worst things I see traders do that as they become a little successful they quickly start to double triple and sometime 10 times up their risk. This sees their account in negative quickly and they suffer lack of confidence. This is not a good place to be especially in the beginning because success is important to carry on.
- If in doubt book a coaching session and ask for help from your coach
- Allow yourself to make mistakes and go easy on yourself
- Enjoy the process
I know I may have made it sound too simplistic and I have done it on purpose for the beginners. As our new graduates put themselves under too much pressure and stress out. There is no need for this because if you follow logical steps you will see that Trading like any other skill will have to take time and if you just do the tasks assigned daily you will see progress. Each step in the right direction will take you closer to your ultimate goal. This is your time Traders. The market is there for you to enjoy and make money if you can manage your risk and do some serious work in the beginning.
I wish you a prosperous month ahead. Hear from you all soon please drop me a line.
To your Prosperity