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Dan Passarelli from Market Taker Mentoring wrote this post. I thought you'd enjoy it...
Being great is not something that "just happens." It's planned. But the formula for success isn't impossible. In fact, it's actually pretty simple. There are just 3 components that anyone who's ever accomplished anything great used to get there.
The first thing is simple: mindset. People who are great chose to be so. They made up their minds and set off down the path to success.
Then come the two real skills needed to make it happen: consistency and the ability to seize opportunity. These both can be easily seen in what any great athlete or trader does.
Consistency
Winners keep on winning. Though we all like a little luck when we can get it, what we really need is a repeatable process that produces winning results over and over again. This is called consistency and it's the foundation for proven results.
A boxer doesn't just step into the ring and hope he's feeling good enough that day to beat the other guy. He trains on his core moves over and over again until he can reproduce them with ease and knows exactly what results he'll get. It's the same with a trader. There are some fundamental "moves" or techniques any great trader has in his repertoire that he's run the numbers on, created a system for, and can execute over and over again to grind out profits with great consistency.
But there's one more element that enables the best of the best to beat their most formidable rivals...
Seizing Opportunities
In any great success story, there is always an event, or a handful of events, in which the hero made huge progress in a short period of time that led him to unequivocal greatness.
Think of your journey like that of a stock chart. Though some stocks grind higher (and it's great when they do), there are usually some key advances that amplify the otherwise consistent gains. For example, a big Earnings jump can add months-worth of small daily gains overnight. The market gives us plenty of such opportunities.
So when opportunity arises, we need to be ready for it. This is called "gaining the advantage" or "the upper hand" in many circles of competition.
Like the great Muhammad Ali said, "He who is not courageous enough to take risks will accomplish nothing in life."
As traders, we take risks all the time. They are calculated risks backed up by tested, data driven strategies, but risks nonetheless. We have to be there when the opportunities present themselves.
When a boxer identifies a weakness in his opponent, he automatically exploits it without thought. An example is knowing how his opponent typically reacts to a certain punch or combination, so he can then set up a re-attack with the strategy of a chess player. Or possibly spotting a "tell" of an injury that can be exploited. For example, halfway through the fight, the opponent's left arm is lowered to protect an injured rib, opening up the face more.
The boxer doesn't stop using the fundamentals that he knows will work, but he uses these intermittent opportunities to get the upper hand.
Traders do this exact same thing when the market or an individual stock changes its pattern, particularly when a big unexpected move happens. These are the scenarios where great traders thrive.
We've seen plenty of setups like this over the past month or so, of course. This does not preclude a trader from following his or her consistency plan. But it's another trade layered on top of the bread-and-butter ones that can reap big returns over and above those regularly grinded out.
Here's More
I've been doing some extensive market research lately and identified the strategies (both Consistency and Opportunity Seizing strategies) that are working now and can continue to work over the next few weeks. I'm covering these in this upcoming webinar, "Three Ways to Make January and February Your Most Profitable Months of 2019," which is part of our new "No B.S., Just Trader Success" Webinar Series.
Webinar Details
Topic: "3 Ways to Make January & February Your Most Profitable Months of 2019"
Date and Time: Wednesday, January 23, at 3:30 pm Central (4:30 Eastern)
Presenter: Me, Dan Passarelli, President & Founder of Market Taker Mentoring
Register Here: REGISTRATION PAGE
Of the 3 techniques I'm discussing on the webinar, my favorite is the third one. I'm super excited to share them all with you.
See you then!
I hope you enjoyed Dan's post! |
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