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5 Proven Steps To Doing Really Well In Trading

hello Have you ever wondered what it takes to be really good at trading or what steps you need to take? I continue to get these questions quite often. So let me give you my five proven steps. I have done very well with them in my own trading, so I believe they can help you too.

Step #1: Questions

You may like it or not, but successful trading is the ability to come up with new, fresh ideas. Fortunately, it’s not as difficult as it seems. All you have to do is keep asking this question, “What will happen if…?” What happens if I buy when the RSI indicator is overbought and not oversold? What happens if I start moving my stop loss in line with my moving average? Asking “What happens if…?” by constantly asking yourself, you start moving forward very quickly, and I can guarantee that some of your ideas will really win sooner or later.

Step 2: Durability check

Most strategies are crap. This is a fact. But how do you know which ones aren’t? You can always find out with extensive strength testing. What does that mean? In my case, this basically means three things: A) A good strategy can easily adapt to changing market conditions. Extensive testing is required at this stage. B) A good strategy works reasonably well in other markets. C) A good strategy has been developed for only a portion of all your historical data and works well for the rest. To be honest, about 95% of all my strategies never pass my strength testing criteria, but when they do, it’s time to move on to the next step.

Step #3: Portfolio

One strategy will help you learn, but a portfolio of strategies will help you grow. You don’t need to have a large portfolio to start with, but even three strategies are much better than just one. Remember, if you want to get stable capital and stable trading income as quickly as possible, diversification and portfolio is the only way. Very few people know about it and even fewer spend a lot of time modeling different portfolios. Personally, I spend a lot of time trying to find the best way to combine my strategies to make a really good portfolio.

Step #4: Determine position size

Let me ask you a question: do you want to make it big or do you want to stay small? Because if you want to make it really big, you need to think seriously about position size. This topic can be quite complicated, but it can also be very rewarding. So where do you start? I highly recommend reading Van Tharp’s book The Definitive Guide to Position Sizing. You will learn a lot of new things. It has personally taken my trading to a whole new level.

Step #5: Persistence

Listen, it can be done. It doesn’t matter what education you have, how old you are, or even how confident you feel right now. I have seen many people succeed. I’ve seen traders go from zero to a pretty good living, and that’s why I believe you can do it too. Yes, it will take some time, effort, and learning, but when you’re finally there, it’s all worth it. So stay persistent and most of all never give up and that’s really all there is to it.

Happy trading!

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