Focus on Consistency

conformity in the application of something, typically that which is necessary for the sake of logic, accuracy, or fairness.

I can’t stress it enough. If you are going to be a successful trader long-term you need to focus more on being consistent with placing the right trades, as opposed to trying to focus on making money all the time.

Face it, you don’t need to make money for every single trade. Sure we all want to, but the reality is some trades will be losses. It should be obvious that in order to place consistently good trades over the long term, you have to maintain your capital in order to do so.

The main reason why you wouldn’t have capital is simple math. You took enough losses to reduce your account to zero. Notice I didn’t say you took more losing trades than winning trades. Why?

Because you can be profitable on 90% of your trades, but if you let the other 10% get out of control, they can easily wipe out your gains.

The issue? Lack of focus on being consistent. You have to be consistent in what stocks you trade, what strategies you employ in your trading businesses, and what risk you take on every trade. You have to bail on losers quickly so you can live to trade another day. Even if it could’ve been your 25th green day in a row, who cares.

Stop focusing on finishing everyday green. Stop focusing on your P/L. Stop focusing on what everyone else is making.

Start focusing on your process and how you scan and determine which stocks you are interested in watching/trading. Start focusing on your sizing, your entries, scaling in/out, taking profits, cutting losses fast, and keeping them small. Start focusing on the long-term growth of your account.

Consistency is just as much a state of mind and attitude as it is the actions that you take daily to be a successful trader. Yes, success includes being profitable. But don’t start with profits in mind or what the earning potential is.

Start with how you can place a single trade well according to all the things I said early that you should be focusing on.

If you do that you will adopt a mindset of consistency. You will adopt a focus on the process and not on the results.

Just like the definition states, you need to conform to the application of something, that something is your trading plan. That means you need to follow your plan and your rules. No questions asked.

Do that and you will be a consistently profitable trader throughout your trading career.

Did you know?

We make courses that can help you learn how to trade and develop trading skills whether you are just starting out as a beginner or have been trading a long time.

Check out our Course Academy to see how you can learn how to develop into the trader you’ve always wanted to be.

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