Become A Better Trader

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Become A Better Trader

From cwayinvestment's Youtube channel.

This video, Elder Ek came to share a set of basic ideas that are true, which traders should understand very well before going to build on other things to prevent us from believing all the guru's theories or hearsay.

The core of Better Trader is to distinguish and divide the things related to trading into two main groups:

1. What we can control is what we can manage, plan and compute in numbers. We should focus our time and concentration on improving these things to the best possible.

- Trading time: We can choose a trade period that suits ourselves, such as whether to trade only in the morning or only in the evening.

- Frequency or Number of Times: Assigning a limit in a trade to prevent excessive mistakes, such as setting a rule on whether to trade only 10 times a day or if three consecutive trades will stop trading immediately.

- Capital and Risk Management: Determining the size of money in each trade, which is something we can customize and will help us control risk as well as impact if a crash occurs.

- Strategy and Tools: Choosing a trading style to suit yourself and market conditions, such as Scalping Short Trading, Trend Trading or Breakout, as well as choosing Indicators and technical signals.

2. What we can't control (Uncontrollable) is other people's mechanically driven external factors. If we try to predict or stick, it will make mistakes easily because there are too complex variables to control.

- Market Direction: The market is controlled and driven by a large number of players with huge sums of money. That small traders go to predict or predict whether the market will rise or fall is therefore beyond the ability of ordinary humans.

- Economic news and figures: such as announcing economic figures, lowering interest rates, devaluing the currency, or even trying to guess when foreign investors will buy or sell.

- Trade Results: We cannot force the trade to be correct every time. Because the trade is based on probability, the trader must be prepared to deal with both profits and losses.

Successful professional traders will focus on building their own trading system by implementing what we can control, systematize, plan and manage together effectively and know "let go" of the uncontrollable.

So the way to develop yourself into a better trader is to stop wasting time guessing uncontrollable things and turn to planning, controlling risks and developing a trading system out of our own hands.

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