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hello traders and welcome back to
another in-depth with chris episode in
today's discussion we're going to be
diving into how you can pick and
practice a trading strategy there are
multiple ways to do things so let me
preface our discussion with that there's
no right or wrong way to do things
however
there are certain degrees of success
that are more attributed to doing things
in a certain way there's a lot of ways
that you can go about venturing into the
trading world you can do things
completely on your own or perhaps you
might do something like go down the
trader career path and look to trade
with money that's not your own to help
mitigate your risk we'll discuss all of
this and more as we dive on into things
so let's get going
the first step in how to practice a
trading strategy is beginning with
researching the markets that you're
interested in trading it sounds kind of
simple but a lot of traders just don't
do this they go willy-nilly into the
markets with some type of predetermined
strategy that they want to use without
first checking out the landscape of
their surroundings before using it and
we could equate this to going into
battle with the bazooka and then
realizing you may be in close quarters
combat this is something that is
absolutely important to research the
markets you should always become
familiar with the way your market that
you're interested in trading operates
it's good to get an idea of the times
that it has the highest volume as well
as the lowest volume get an idea of what
types of strategies seem to respond best
to this particular type of market that
you're investigating you might find that
the market that you're looking at
doesn't respond so well to scalping
style strategies and that may be what
you're after as a trader you may
be idealizing becoming a trader that's
just a scalper and if you haven't
researched the market in advance and you
automatically go into a market that is
not ideal for scalping and you begin
scalping you may be hurting your equity
without even realizing it and another
benefit of researching the markets is
you might find that you like something
more than what you originally thought
you liked in the first place so
researching the markets is an extremely
important and crucial step to beginning
how to practice this trading strategy in
my opinion
the next thing that we have is the
psychology and this is my personal
favorite the psychology and the mindset
of individual investors may suit
specific markets but it may not suit
others there are markets that are more
volatile than others and just on that
one inherent property it is completely
plausible that perhaps if you have a
lower risk tolerance that you possibly
may perform worse in a market that is
more volatile you may be better suited
to a market that's less volatile perhaps
you may be more suited these are all
things that fall under the psychology of
trading and they're very important to
understand and to come to terms with
it's important to dive into your own
head and say what type of traitor am i
what are my tendencies what are my weak
points what are the things that allow me
to succeed it's important to analyze
yourself and it sounds crazy at first
but i promise if you do all of these
things you'll thank me in the long run
it can save yourself a very large
portion of the learning tax if you start
to
identify problems and avoid them before
they happen and a lot of these problems
stem from psychology many traders will
tell you
that trading is largely psychological
and less strategy based and this is true
because a lot of monetary decisions stem
from the psychology or the emotions
we're feeling and not so much the plan
that we thought we already had in place
so becoming very in tune with your
psychology is a very important part of
becoming a successful trader the next
thing that we want to do is identify a
trading strategy now here these are not
all of the trading strategies that exist
however they are going to relatively
encompass the vast majority of trading
strategies that traders are using with
any degree of profitability we have
pullback trading we have trading the
range we have breakout trading
fundamental trading buy and sell
interest and trend following as well as
counter trend trading
now if i were to go into every single
type of trading strategy subcategory if
we call it we would be talking about
this for entirely too long but what i
would like you to do or what i challenge
you to do is if any of these particular
categories seem interesting to you then
go down the rabbit hole a little bit
further let me spur off your interest or
begin your your trading knowledge race
by
putting these words just in front of
your eyes and allowing them to kind of
resonate with your brain and see how you
feel about them ultimately the general
concept with trading is if we're going
in the direction of the trend
usually this is going to be better for
us in a very very simplistic sense this
does not mean that you can only be
profitable if you're going in direction
the trend and it also does not mean that
you can't be profitable if you're going
against the trend which is why we see
counter trend trading down here on the
right hand side but ultimately the old
adage the trend is your friend
is a very important one to adhere to at
least in my opinion in the beginning of
our trading careers and once again all
of the theory that we're discussing is
theory it's going to be applicable to
some and it may not be applicable to
others and we always strongly encourage
practicing any trading strategy first on
a demo account before we ever get
involved with any real live money
trading
the next thing that we want to talk
about is discipline practice and the tcp
discipline is just
undeniably absolutely crucial to
becoming a successful trader discipline
is the ability and the all-encompassing
aspect of
following our plan adhering to our
psychology and doing the things that we
know we must not doing the things that
we feel the urges that we want to do
discipline is something that we all are
going to practice throughout our
training careers and it is a
never-ending journey there is no
end goal with discipline it's always to
improve upon how we were yesterday today
it's always to get better with following
our pre-thought out trading plan and
make sure that we're responding in ways
that are advantageous for our overall
equity growth as a trader in both a
monetary sense and just a knowledge
basis sense it's important to understand
that discipline has a lot of different
ways that we can go about improving it
and along with the psychological aspect
like we talked about previously
it's important to see
what things you specifically need to
work on and start with those things and
as we improve with our discipline we
will ultimately see and improve with our
trading accuracy or trading results all
of those things are absolutely
correlated and if at first we don't feel
like we're seeing any type of increase
then perhaps we're not actually making
the progress that we feel we're making
or perhaps we haven't taken a large
enough sample size all we have to do is
stand on the shoulders of giants and
listen to what they have to say we don't
need to reinvent the wheel but instead
listen to those that have actually made
it and your journey will be a lot less
taxing on you both in your wallet and
mentally and then finally we have the
tcp the tcp stands for the trader career
path at earn to trade this is a very
awesome opportunity for those that
desire to learn and become a
professionally funded trader that means
that they're trading with money that
isn't their own it sounds too good to be
true but it's really not it's a very
simple relationship where you will reap
the rewards of trading with money that's
not your own at the only expense being
the 20
that you're earning is going to be going
to the house to incentivize maintaining
that relationship so to speak that's a
very simplistic way for me to discuss it
but in short if you prove that you are
good enough if you prove you have the
skills which mostly are going to revolve
around adhering to trading plans and
mastering a lot of the things that we
already discussed in this video
then
most certainly you will end with a
successful result on your trader career
path and the beautiful thing about the
trader career path is yes while you're
trading with money that's not your own
that money continues to grow as you
continue to prove and withdraw from the
accounts and the monetary amounts that
are provided to you so the very cool
thing about this is that because the
money's not your own if you do have a
particularly bad day you're not going to
lose the house proverbially speaking
because once again it's not your money
it can provide a much easier path into
becoming a professional trader that's
pulling income in from trading as a
source of income without having to deal
with all of the stresses and all of the
excess psychological burden that comes
with wondering if you lose this next
trade will you be able to pay the
mortgage payment next month so the
trader career path is an awesome
opportunity and it's really a win-win
for all parties involved because if you
are good enough to pass the test then
hey of course we're gonna want to
be involved with your journey beyond
that point or any funding firm would but
regardless
discipline practice and the traitor
career path go a long way in any walk of
life the key to someone becoming great
at something almost certainly has always
been practice even people that start off
good at something generally don't get
any better without practice practice is
an integral portion of becoming a good
trader it's something that if we can do
in a cost effective way and reduce our
risk and reduce our learning tax by
taking advantage of programs like the
trader career path then we have a much
higher chance of getting to our end goal
of being a long-term sustainable
profitable trader good luck out there
happy trading i'll see you all very soon
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you