As a trader you must develop an edge that fits around your personality.
This development could take some time as you find the trading style that fits you like a glove. Everyone comes to trading with the same purpose to make money. However, not everyone understands it is a process and a journey. That process and journey ends up taking its toll on a high percentage of traders who do not end up making it.
TRADING IS A JOURNEY
Why don’t they make it? Because they never thought it would take so long to finally discovery their edge. Once you discovery your personal edge, do not let it go. Hold it dear to your heart.
MY EDGE
One element of my edge is about trading less and making more.
I am finished with the days of taking ten to twenty trades only to end the day breakeven or slightly positive. When I wake up in the morning each trading day I tell myself that if I do not see the right setup, I will be perfectly okay not taking a trade.
IT’S A MINDSET
That mindset alone takes all the pressure off me and gives me a clear mind to find my setups. I am amazed that each day, with that mindset, I am able to find that right setup. I also am perfectly fine making a single hit to first base and calling it a day because I have learned that tomorrow I may get the homerun or the grand slam.
AVOID OVERTRADING
My experience in running a trading room has shown me that rookie traders want to trade everything under the sun and typically do not last a few months until they are back to their day job. If you are overtrading, remember you are only making your broker wealthy and wearing yourself out.
PATIENCE IS A VIRTUE
I love the analogy of a hunter waiting in the woods to kill the perfect deer. He will not shoot at the jack rabbit or Bambi, but rather he waits patiently and saves his bullets until he sees his target, a perfect large deer. Learn to develop patience and quietness in your trading–this learned edge will help you trade less and make more.
