Hello all traders,
I explained the path to success in trading in
this link, which depends on two factors:
- Professional Trader’s Mindset/Attitude: The trader should understand the true nature of the trading business and be fully prepared to invest in developing a high level of competency to develop the skills required for success in trading
- Training System Based on the High-Performance Skill Development: The trader should find the right training/coaching system that is designed for High-Performance Skill development that could transform a novice trader into the professional level
I clarify these concepts step by step starting with the first condition that is related to the Trader’s Mindset/Attitude.
1- Trader’s Mindset/Attitude:
Many aspiring traders do not understand the true nature of trading and think it is similar to other academic disciplines that one can take a course or get a degree from a college and start a career with consistent income for many years. The fact is that trading is similar to the elite level High-Performance careers, so there are many common traits between top traders and professional athletes, musicians, artists, physicians, etc.
Studies by Dr. Bloom and other researchers on many elite performers who had won international competitions in various fields indicated that
there is no correlation between IQ and expert performance in these high-performance fields.
So what does correlate with success? Dr. Bloom’s work showed that all the superb performers had
practiced intensively, and quality of practice was a key factor in the level of expertise people achieved.
All rigorous research studies by more than 100 leading scientists who have studied top performance in a wide variety of domains are compiled in
The Cambridge Handbook of Expertise and Expert Performance, which showed that
Experts are always Made and not Born.
These studies indicated that it will take several years to achieve High-Performance Skills and there are no shortcuts. you will need to invest that time wisely by engaging in
“Deliberate Practice” — a practice that focuses on tasks beyond your current level of competence and comfort. You will need a well-informed coach not only to guide you through deliberate practice but also to help you learn how to coach yourself for sustained high performance in the face of ever-increasing pressure and rapid change.
The journey to truly superior performance is not for the fainthearted or the impatient person. The development of superior skills requires struggle, sacrifice, and honest painful self-assessment, so you need to become a coachable person and work hard with your coach to master complex high-performance skills.
2- Training System Based on the High-Performance Skill Development
Knowing that success in trading relies on “Mastering the Execution of a Profitable Trading System Fitting the Psychology of the Trader”, you have to find the right training/coaching system that is designed for High-Performance Skill development that could transform a novice trader into the professional level trader.
Unfortunately, many educational systems for traders are focused on delivering knowledge-based teaching materials, often full of conflicting theoretical concepts on some setups that may not have a winning edge in the current market.
This is like someone trying to become a pilot or a professional athlete but instead of focusing on skill development with a coach, starts reading books, watching videos, and participating in webinars. Even an authentic live trading room will not create necessary skills in you as someone else is making decisions and executing the trading system conditions. You will not develop high-performance skills in any field by understanding teaching materials or watching other people's performances.
To succeed in trading, you need a comprehensive supportive learning environment, which incorporates deliberate practice fundamentals with active Mentoring/Coaching/Monitoring to develop all essential trading skills on a profitable trading system that are fitted to your trading psychology.
I explained these concepts in more detail in
this link, so hopefully, this will be useful for you to plan to develop your career as a successful trader, and let me know if you have any questions.
Cheers and happy trading!
