So how do you give yourself an edge in the big bad world of the stock market? Is this even possible, isn’t it just luck or “gambling”? Well, not only is it possible, it’s also responsible, and it’s the only way to regularly take profits from the market. When you trade the plan you’re immediately giving yourself an advantage over other traders!
I’m the type of trader who’s looking for all the reasons to not trade, therefore if after all of my due diligence / selection process is complete and I’m left with a stock that is bereft of no’s… then that’s the one to trade… but only if it sets up properly!
My stock picking process effectively disregards all of the trades that are likely to not work, and leaves me with only the plays that are actually more likely to work. If back testing your strategy proves that 70-80% of your trades utilising this method result in a green trade, and you couple that with the discipline required to only use this method, then you’re basically only taking trades that are statistically likely to result in a win. This is your EDGE!
How confident would you be if you sat at the blackjack table whilst all the cards were being dealt, and you could decide on whether or not you played your hand… after you’d received your cards? In other words, you’re ready to play, but only actually do so whenever you’ve been dealt an 18/19/20? You’re not guaranteed a winning hand but you’re much more likely to get a decent result.
All too often people get seduced by the big attention grabbing post that other traders are making, and fail to remember the basics required to achieve consistency. I bang on about this so much because it’s possibly the most difficult thing for new or inconsistent traders to grasp. Turn off the noise, don’t worry about what other traders are doing. Stick to the plan, master the skill and the money will come. Your edge can also be the fact that you are able to tune out everything else, drop your ego off at the door and ensure nothing influences your trading decisions other than the plan!
I can’t stress enough that trading success comes from your ability to stick to the plan. It’s no good whatsoever to go all in on a play and get lucky, make a tonne of cash and then give it all back and then some because the rest of the week results in failure after failure. Luck has no place in day trading! Seriously. Trading is a skill that needs to be mastered, respected and repeated daily…
I’m working hard on putting my course together, I really want it to be the foundation of knowledge that I wish I’d had when I was ploughing my way through all the failures. This is going to be an amazing new opportunity for anyone who wants to build a life that is more life than work. A life that has less reliance on other people… it’s your life so take control of it 👊✌️👍.
Thanks for reading, and if you have any questions please send them over.