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.
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 toolbox. And the more knowledge and tools you have, not only do deliberate practice and trading become easier, but the less risker your trading decisions can become.
ICYMI, I’ve listed three stages of applying deliberate practice in trading.
Once you’ve completed these stages, here are three steps you should regularly take to make deliberate practice more effective:
1. Learn to accept losing
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.
2. Keep asking questions
There’s nothing wrong with asking more and more questions because this opens the doorway 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!
3. Track your progress
Lastly, like any good student, you should always track your progress.
In trading, you can do this by keeping a detailed journal of the market’s behavior and your performance. This helps you see your strengths and weaknesses and determine what you are doing right or wrong.
More 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.