Do you constantly start projects and not finish them? Do you struggle to implement permanent habits? In this blog, I will break down the exact habits you need to form to become a successful trader and how to customize these habits into your current lifestyle. These four habits will help you progress further in your trading by creating consistency and a plan of action.
Four new habits you can create in your life to become a more successful trader
- Study Time
Most traders typically learn a strategy on youtube and think they have the strategy mastered right away and can apply it to any asset in the charts and start making money, but that’s simply not the case. The key to successful trading is creating the first habit which is studying one strategy at a time to eventually master a complete trading system. Study time could consist of memorizing rules and guidelines of Elliott Wave, studying certain trading beliefs, or simply training your eye to identify wave patterns, etc.
The second habit to create is application, actually taking 30 minutes or an hour a day to apply what you’ve been learning in the charts. One of the best ways to speed up the learning process is to consistently use the replay button in TradingView. The replay button will provide you with instant feedback whereas real time price action won’t. Application is your bread and butter, in order to be successful in trading you have to constantly practice what you’ve learned and train your eye to identify wave patterns which will create a step by step process and consistency.
The third new habit is tracking your performance as you take trades, whether you are trading with real money or paper trading. Tracking your performance is super important to measure your progress and receive positive and negative feedback. How you react to the feedback is crucial when it comes to overcoming your struggles and course correcting your performance. Feedback can come from your own performance tracking or from your trading group and mentors which leads me to our last new habit to create which is engagement.
Engagement can be a struggle for most traders, as most traders are independent, but engaging in a trading group or engaging with a mentor can be super beneficial for beginners trying to learn or even for advanced traders keeping their skillset finely sharpened. Surrounding yourself with like minded individuals that have achieved or want to achieve the same goals as you is powerful and can lead anyone to success.
Knowing what habits you need to implement is great, but how do you actually implement them and get them to stick indefinitely? That brings us to our next article, Atomic Habits Pt. 2, which dives into “The Four Laws To Creating A New Habit”.
One of the first steps to being a successful trader is to measure your actions. This alone will make a drastic difference in your self-image, mindset and results. I've put hours of research and testing into finding the perfect trade journal and Tradersync is hands down the best option to track and level up your trading. If you aren't going to track what matters its not worth tracking at all, so I don't believe in free excel sheets being satisfactory for what you truly need to be analyzing. Sign up for Tradersync and start measuring the right actions by clicking HERE.
You can also learn how to use the software in my free tutorial video by clicking HERE.