Two Trading “Best Practices” You Can NOT Afford To Neglect
Brian here with 2 extremely critical “Best Practices” for traders that you really
must not neglect, or your trading will suffer.
In my Quality Engineering days, we always sought to establish Best Practices wherever possible because it had a measurable effect on the bottom line, plus numerous other aspects of the business.
Now in trading there are Best Practices which will definitely benefit you and if you neglect them, your performance and your results are almost certain to suffer.
The First Best Practice
Highly successful businesses don’t just ‘happen’ by accident or by themselves.
…and you do want a highly successful trading business, right?
I mean you’re not in this for mediocrity or just something to do, are you?
No, you want a trading business that is consistent and most of all RELIABLE.
You want the security of knowing that your trading business can be counted on to provide both right now and for the future.
Again, reliable businesses don’t just happen, but the reason the so many traders never get anywhere, let alone taking it to that level where it IS reliable is this:
- they make the mistake of thinking that if they can just get making some money, then somehow everything will fall into place.
Where things go wrong
So many traders wind up too busy doing the thing of the business to ever take it to that next level, and just stay in kind of that ’scrambling to make money this month’ mode.
This is how businesses that ‘just survive’ get built and the owners usually do NOT enjoy the lifestyle that they want.
They are not making nearly as much money as they’d like, and
They do NOT have the security in their business that they want.
The other (and more common) result is that the business struggles and dies, usually in a matter of months, simply because of the resources that get wasted instead of contributing to the bottom line.
So the solution is to implement the first Best Practice: taking time to work “on the business”, not just “in it”.
This is most crucial AT THE VERY BEGINNING of the venture with the most important business asset - your Business Plan.
Once that is in place, then taking time periodically to again work “on the business” and not just in it, is so vital to making it what you really want.
The Second Best Practice
Because you are the decision-maker and center of your trading business, how well you perform has a direct impact on how good your results are, so…
You need to live by the second Best Practice: making the time to take care of yourself - this means several things.
1. Take the time to exercise. Taking a walk or jogging or anything that gets you away from ‘work’ and does your body good will also benefit you in your trading.
2. Take time to detach and get some R & R. It is vital to efficient and effective trading for you to take time completely away from trading. A full 24-hour break, meaning completely stepping away from it, will do you worlds of good.
3. Get enough sleep - how can you expect to trade at your best if you are shorting yourself necessary sleep? You can’t, so make sure you get enough to feel rested.
4. Mind what you eat. Certain foods will agree with you and others might taste good, but don’t serve you well. On trading days, eat what helps you feel good and sharp.
Summing it up - and more…
Your trading is your business and it directly depends on you the trader.
Put these Best Practices into place and make them practices.
Remember to work “on your business”, take care of yourself, and make sure that you have a Business Plan.
For more on Treating Your Trading As a Business,
Click here to watch the video, “Trading As Your Business”
Click here to take the “Trading As Your Business” Quiz and see how you’re doing
Enjoy!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Neglecting these Best Practices causes many traders to suffer un-necessarily.
Don’t let it happen to you! Watch the video and / or take the quiz and make your trading business the RELIABLE one you want it to be!
Free Trader Training Video - It’s Not What You Think
I’ve got a worthwhile video for you to watch from a good friend and colleague of mine.
Here’s his message before you watch it,
When dealing with literally thousands of clients over the past 15 years, I’ve noticed this is one common theme that they all have had to learn to accept and overcome.
This even applies to folks who’ve been trading for several years.
To hopefully save you some time on this vital topic, I decided to create a 9 minute video for you explaining one thing that will have you trading better than you have had in years.
I have personally coached thousands of clients in over 200 countries and in this video I am going to shatter a common misconception that separates the “real traders” from those that continue to struggle despite all efforts to the contrary.
“From a Ditch to a Mansion Thanks to Trading”
This is not your run-of-the-mill “dry” boring video. And it’s not a sales video. It’s pure content that will give you some insight that you can use right away and share with you some of my own mistakes and history as well.
If you’re not getting the results you’d like to experience in trading, you’ll likely discover why by watching this video could help turn it around ASAP and could shave years off how long it will take you to finally be successful like no other.
Limit Your Emotions and Follow Your Plan,
Todd Brown
Head Trader
“Empowering traders worldwide for over a decade and a half”
Have a great weekend!
Cheers
Brian
“The Trading Turnaround Coach”
Forex Trading Psychology Article - Do You Have The Winning Mindset?
When it comes to trading Forex, your mindset is the most critical aspect on which to focus, but what specifically does that mean, and how do you go about it?
Most traders I work with have that question initially, and it is very worthwhile to pursue because EVERYTHING depends on your state of mind when you are trading.
Okay, so what does ‘mindset’ mean in practical terms?
Your mindset is the set of expectations, beliefs, attitudes, doubts and desires that you bring to trading. Yes, this sounds like a pretty broad list, and it is - your mind is not a simple place. It is quite complex.
Yet at the same time, getting your mindset right for good trading does NOT have to be an overwhelming task.
First thing to understand that much of your mindset is determined by a handful of perceptions. These perceptions include what trading is all about, your relationship with money, and your self-image.
The reason that so many very intelligent and otherwise successful people struggle when it comes to trading is because they underestimate what trading is, what all is involved in successful trading, and what it takes personally to make it as a self-directed independent trader.
They struggle NOT because it is such a complex or inherently difficult occupation. They struggle because they fail to take the simple steps to make it a successful pursuit.
Why do they fail to do this?
Primarily lack of guidance. Trading is perceived as such a simple endeavor that many think that they can just go it alone, getting their education on forums and in articles. While these can be helpful, this is one of the most difficult ways to learn a profession, which trading is.
Those that at least partially recognize that trading truly IS a business, albeit one with low barriers to entry, give themselves a HUGE advantage.
How is that?
Because the simple act of recognizing the nature of the activity brings with it a host of perspectives, attitudes and expectations that put you in a very advantageous mindset - the right mindset to win.
This is why the trading wisdom, “Treat your trading as a business” is SO crucial and more important than most realize.
When you treat your trading as a business, you inherently shift the odds of making it away from failure and towards success. The business-like approach and mindset bring a calculated approach to your trading.
To see how well you are treating your trading as a business, there is a FREE quiz you can take.
Often times it is in knowing the right questions to ask…
Cheers
Brian
“The Trading Turnaround Coach”
P.S. There is no cost or signup required to take the quiz. Take a few minutes right now and answer a few questions. Oh yeah, I almost forgot, it’s anonymous, too, so you don’t need to worry about anyone knowing your business. 
Trading As A Business - Tangible and Measurable Results
Filed under: trader training, trading as a business, trading psychology
It’s unanimous!
100% of the answers that have come in agree:
EVERYONE believes that the wisdom “Treat Your Trading As A Business” has tangible and measureable benefits.
And of course, it only makes sense because it means much more than just being serious about making a profit. It is about taking a calculated and knowing approach to the whole endeavor.
It’s about doing those things that MAKE IT a real business, and more importantly a measureably consistent and reliable business.
But how well are YOU doing when it comes to treating YOUR trading as a business?
Are you doing the things that you should be doing, or are you missing some of the specific matters that mean the difference between continued disappointment and success?
Find out right now!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The quiz is anonymous and there’s no sign up or cost. If you DON’T take it, then you may be missing out on those 1 or 2 items that could make that difference that you’ve been looking for.
Free Trader Training - “Independence Through Trading” Quiz
This weekend the United States celebrates over 200 years of Independence which is pretty cool.
As a matter of fact the #1 reason that people choose to trade in the first place is for Independence, the personal and financial freedom to live life on your own terms.
To help you determine how you’re coming along,
Click here to take the Trading Independence Quiz
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The quiz is anonymous and there’s no sign up or cost. If you DON’T take it, then you may miss out on something that would make your life easier right now.
P.P.S. Make sure that you’re giving your best effort and doing it as right as you possibly can.
Click here to take the Trading Independence Quiz
-
Archives
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
-
Links
Links
Archives
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007