As some of you may know, I started trading full-time over a year ago. And only about 6 months ago (starting June 2019) that I can confidently say to have achieved consistent profitability. So these are the things that has greatly helped me achieve consistency and profitability:
1.) Be original
Trading is unique to every single one of us. What will be your breakthrough, is going to be your OWN creation. It may be a set of rules that is unique to you. Or a completely different interpretation compared to the conventional way of trading. So ALWAYS try to be CREATIVE!
2.) Never blindly follow another trader
Once upon a time, there was a very outspoken trader who repeatedly "preached" in the chatroom that ETFs don't have an "edge" and that indicators are a "scam." Several months later, I have developed consistently profitable systems based on indicators to trade ETFs. So my point is, through out your career, you will meet many "know-it-all" individuals who will tell you how to do things and will discourage you to trade otherwise. Be very careful of listening to these people and ALWAYS be skeptical. Most of the time, traders delude themselves to have achieved a certain level of success, when in reality they have NOT. So many traders I have encountered try the "fake it 'til you make it" approach, acting all successful and profitable, only to simply disappear and never be heard from again in the next few months.
3.) Hold yourself accountable
In order to motivate yourself and make sure you give full effort, make yourself vulnerable to criticism. Some people keep a trading journal. Some people actively call out their trades. I personally like to write and compile a very detailed, step-by-step explanation of my trading system in word document and hand it out in public. Also, this website is an equivalent of a journal for me, like a progress report in my trading journey. I plan to add more content and improve the trading systems I have published for many years to come as I build a longer track record of profitability.
4.) Backtest your strategies
This is probably the most important point in this list. One of the many qualities that differentiate a TRUE trader from a gambler is that traders use backtested methods, while gamblers are simply hoping that the trade goes their way. So keep in mind that "traders" who trade based on "strategies" that CANNOT actually be backtested are nothing but gamblers, no matter how confident they may sound. Backtesting also relieves A LOT of the stress of trading, as you gain confidence that in the long run your trading will net a profit. Backtesting takes a very long time and can be very tedious most of the time. However, this is a crucial step in the process of becoming consistently profitable.
5.) Don't judge your trading by your own performance
Your performance as a trader is not a direct reflection of your trading. What I mean by this is that the effectiveness of your trading system is very often not represented properly by our own performance as a trader. We traders are human beings subject to our emotions and way too frequently break the rules of our trading system. Many people take profits or cut losses earlier than planned because of fear. Likewise, many people do not take profit or remove their stop losses because of greed. There will always be errors in the way we trade that deviate from our original plan. So don't jump to conclusions that something does not work, when the results you're getting could be due to human error.
6.) Find ways to self-motivate
Trading is an extremely difficult challenge so it is very important to find a higher purpose and meaning to this venture. Personally, this is the hardest thing I have ever done in my life. In this journey, you will face COUNTLESS temporary defeats over and over again. From friends and family members being not supportive and discouraging, to months-long losing streaks draining your account that would make it seem like absolutely NOTHING works, the challenges just keep on coming and would only seem to get worse over time.
So you must always find a way to constantly uplift yourself and move forward. As Napoleon Hill said, "every adversity, every failure, every heartache carries with it the seed of an equal advantage." So look for that advantage! Self-reflect, grow, and further develop yourself. Every single one of these challenges can only make you better if you learn from them. Personally, I was right on the brink of giving up when I REALIZED that one or two things I have been doing were consistently working. So I simply further developed what has been working and stuck with it. But if I gave up and lost hope, I NEVER would have figured something out. Surround yourself with supportive people who can motivate you. Watch and listen to motivational tapes every morning. My own favorite motivational speaker is Les Brown, and I am extremely grateful for having encountered his work. Remember WHY you started trading in the first place, and hopefully that is more than enough reason for you to keep moving forward.
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