Deliberate Practice: Part 2

Deliberate practice becomes much easier when you, as a trader, expand your knowledge of trading. The world of trading is so big and dynamic that there is always something new to learn almost every day or every week. So, to learn how to trade–or any other professional activity–you have to learn the basics and don’t stop there! The more you learn, the more tools you can add to your trading tool box. And the more knowledge and tools you have, not only does deliberate practice and trading become easier, but the less risker your trading decisions can become.

It starts with accepting defeat. Once you accept that losing is part of trading then you can truly move on to deliberate practice and hard work so you can learn from these losses. Combining this with the thirst for knowledge and good discipline will set up your foundation for success.

It’s also important to keep asking questions. There’s nothing wrong with asking questions. It opens to the door way to more opportunities, new discoveries and more knowledge. An old and wise Chinese trader once said, “One who asks a question is a fool for five minutes; one who does not ask a question remains a fool forever.”

Asking questions from those who are more experienced might give that one bit of insight that could push you in the right direction or to the next level of your trading skills. You never know. It never hurts to ask. So, unless you want to remain a fool…ask questions!

Lastly, like any good student, you should always track your progress. You do this by keeping a detailed trading journal of the market’s behavior and your performance. Keeping a detailed journal helps you see your strengths and weaknesses. It helps you determine what you are doing right or wrong. Most importantly, keeping a journal keeps you honest. Most of us do not have the luxury of a trading mentor or coach to keep us straight, so in the end, it is only you who stands to gain or lose.

All it takes is initiative to keep learning and improving, and the discipline to stay on course towards your goals even when the going gets tough.

Your success depends on YOU and YOU alone.

The best thing about all these tools is that they are all readily available and FREE!

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  • harachel

    Doc,,I wrote my detailed trading journal, follow my trading plan and being disciplined no matter how tempting the market…and for the last few weeks were only lost trades but I felt comfortable with my lost. Am I already in process of deliberate practice that you said above?

  • harachel

    Doc,,I wrote my detailed trading journal, follow my trading plan and being disciplined no matter how tempting the market…and for the last few weeks were only lost trades but I felt comfortable with my lost. Am I already in process of deliberate practice that you said above?

  • drpipslow

    Harachel,

    It sounds like you have begun, but the whole process includes reviewing your journal, analyzing your performance, and making concientious adjustments to your actions to improve performance and avoid mistakes.

    This is a long process as it takes years to become truly competent in any endeavor–especially navigating the ever changing market environment. So, if you stay disciplined, work hard, and never lose that hunger to constantly improve, I think you’ll have more profitable days than unprofitable days down the road.

    I hope this helps and good luck!

  • drpipslow

    Harachel,

    It sounds like you have begun, but the whole process includes reviewing your journal, analyzing your performance, and making concientious adjustments to your actions to improve performance and avoid mistakes.

    This is a long process as it takes years to become truly competent in any endeavor–especially navigating the ever changing market environment. So, if you stay disciplined, work hard, and never lose that hunger to constantly improve, I think you’ll have more profitable days than unprofitable days down the road.

    I hope this helps and good luck!

  • mirrowsea

    The market seems to be hunting my progress, each time I place a sell order,the price rallies .I’ve paper traded for three months and I make good money, but on live account,it’s a different game,always losses.My strategy seems to be good in demo,break out.azPlease when will this stop?
    After one year? or two years? Will I ever gain much experience to handle this ever dynamic market.

    I need your advise pls

  • mirrowsea

    The market seems to be hunting my progress, each time I place a sell order,the price rallies .I’ve paper traded for three months and I make good money, but on live account,it’s a different game,always losses.My strategy seems to be good in demo,break out.azPlease when will this stop?
    After one year? or two years? Will I ever gain much experience to handle this ever dynamic market.

    I need your advise pls

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