Great post with lots of value, especially for “grinders” like me.
What do I mean by consistency?Being a consistent trader means that you can take profits from the market over and over again. You come to the market each day and know that you are walking away with a paycheck. You’ll have your losing days as well, but overall you have developed a skill that allows you to consistently make money. Dollar profits are nice, but they should not be your main focus. You should be focused on trading consistently in order to validate your trading abilities. Consistently making $200/day is more impressive than making $10,000 on one trade. This idea may seem crazy to some. Why would you want to make $10,000 over 50 days instead of taking it all in one shot? The answer is simple: one method is more sustainable in the long run. Think about it this way. Who do you think would be a better trader overall? The guy who had 50 $200 profit days to make $10,000 or the guy who made $10,000 in one trade? The guy who had 50 $200 profit days has proven himself over and over again, whereas the trader who made $10,000 in one shot has not.
Source: Consistency vs. Dollar Profits
Below is by FAR one of my biggest issues. I can nail a trade with a solid plan, but it’s NEVER good enough. I kind of knew this already, but thanks to Nate for helping me discover it more clearly.
3. Appreciate Your Progress
Trading is great because it’s a constant challenge; you can always do better. That being said, this makes it so some traders are never happy because they always want more. Learn to appreciate your progress. If you are consistently profitable, you are doing better than 90% of traders and you need to recognize that. Try to understand the necessity of each step in the process of becoming a successful day trader. Even if you only make $50/day from trading, you are on the right path, as long as you remain consistent. Higher profits will come as you keep working at it.