Recently in our day trading class, we have decided to start a game that only FOCUS ON TREND TRADING.
There are only few simple rules to follow, and fellow traders are supposed to follow the limited set of rules to trade.
Third week into the game, what is the outcome?
Tuesday team are so far the best performers so far.
TOP 3 ... with 3 traders for the third place.
What am I trying to show the new & old traders in our trading community with this game?
Best traders have practiced and employed one core trading strategy hundreds or thousands of times over their career; they are not practicing and trying to utilize many different trading strategies nor are they jumping from one trading style to the next. It takes time for any trading strategy to be learned and mastered and then more time to see it played out over a series of trades.
The reason for this game is to let these traders start thinking, you simply cannot make money in the markets consistently if you have a “scattered” trading approach that is a messy combination of many different methods.
My new female sniper recently has also decided to zoom in on just one particular strategy called SLBW 【just like our 神龙教主】! Of course, not all traders will be able to trade with this same strategy, and therefore, I have a few more other strategies out there for traders to match with their own temperament. By practicing the strategy over a period of time, deploying the right Money Management strategy, you will then see your account grow in a healthy manner.
But for those traders who insists on doing more than one strategy, knowing that their account is not growing because of their DECISION, I can only quote Ed Seykota:
Master One Trade Setup. Only Then Can You Add Another