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Market Updates Coach's Playbook Trading Education

What It Takes To Be A Good Trader - The Coach’s Playbook

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You don’t just wake up one morning to the realization that you’ve got the markets figured out. It doesn’t work like that. Sure, it feels great when you have a nice win streak going, but this exhilaration should not be misconstrued as some kind of “metaphysical connection to the S&P 500.” Adaptability leads to sustainability in this business.

 

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Consistency Is Key

We’ve said it before, and we’ll say it again, consistent profitability is what really separates the good traders from the bad traders. Getting to this level takes more than just a good strategy, it also requires a great deal of discipline and self-awareness. Take the time to seriously evaluate your strengths and weaknesses, then you can start to build a trading plan that really suits your personality. 

No two traders are exactly alike. Just because Trader A is having success with a particular strategy, does not guarantee that Trader B will realize the same success with that strategy. That’s why it’s so important to be honest with yourself when doing a self-evaluation; knowing your character traits and seeking improvement is a healthy path to success.

Learn From Your Mistakes

In a recent Funded Trader interview with Aaron P from Philadelphia, Topstep Performance Coach Dan Hodgman asked what advice he would give to traders currently being evaluated in the Trading Combine? His response was a home run; he said “I failed my way to success. If you use every failure as an opportunity to learn, then in 5 or 10 years you will know 1,000 ways to avoid failure.” If you think you can say it better than that, then please leave your thoughts in the comments section below.

The truth is, there isn’t a trader alive who has never put on a losing position. A good trader knows how to take a loss, learn from it, then move on. Admitting when you’re wrong is one of the harshest realities some traders will face. If you’re interested in learning more about improving your trading psychology, Dr. Andrew Menacker has some tips for you in this podcast.

If futures trading was easy, everyone would be doing it. In the end, you get out what you put into it. 

Trade Well!

 

Posted by TopstepTrader on June 17, 2020
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