Day Trading Forex Currency – The Number 1 Question To Ask

What is the #1 question you should be asking yourself, right now?

If you are serious about actually realizing the rewards of becoming a consistently profitable trader, then there is one question you should be asking every day…

…and NO it isn’t “how can I make a lot of money?”

That one is probably one that has run through your head plenty of times, but is it serving you well?  Is it getting you there?  Probably not because it is too vague.

The one question that you SHOULD be asking is,

“Where am I truly at right now and what is the ONE thing I need to focus on to have the BIGGEST impact on my trading, right now?

To put it bluntly, most traders don’t focus.

They don’t focus enough and not on the right things.

And then when the profits don’t come that you want you are left wondering “what happened?”

Without proper focus, little to no progress is realized. (Notice the word *proper*)

What I see way too many traders do is spend 99% of their time chasing magic-pill trading systems and robots.  And they never actually stop to create a business, let alone a solid business that they love and fits their lifestyle.

So what their life ends up being is…

Regularly changing systems and / or markets and / or time frames, buying the latest and greatest “we just cracked the code” holy grail system, or just playing around with different indicators, hoping to find that combination that works in forecasting what the markets will do.

Or even worse, they just keep throwing their money at the markets with what they call a system but really isn’t one, hoping that somehow someday, and without doing anything different, they will suddenly start making those consistent profits that set them free.

That ain’t gonna happen and if you want different results you have take action, specifically these three steps.

1.  Recognize where you are with your trading right now, then sit down with paper and pen and list out what needs to change in your trading operation to really make a difference in your results.

2.  Prioritize that list.

3.  Focus on the #1 item on that list until you’ve fully incorporated it into your trading and made it a regular part of your operation.

Recognizing where you are now is the first step because you are more than simply someone who trades.

When you decided to become a trader, you started a business – your own trading business – with the dream of reliable consistent profits that will provide the lifestyle and security you desire.

How can you expect your business to be reliable and consistent if it is NOT organized, if it lacks direction, or if there is no plan for your business?

How can you expect to realize your freedom and wealth without taking the proper steps get from where you are now to where you want to be?

Its the principle of FOCUS that we’re talking about.

You need to look at where ‘here’ is and identify your most important step to be taking right now.

For most traders the first step is very simply to get their trading business properly organized.

You see, 99% of the problems that most traders face is lacking direction, organization and a plan.

The result is tons of wasted weeks, months and often years and thousands in lost trading capital.

When you are organized, you have clear direction and a plan, only then can you avoid the information overload, the dozens or sometimes hundreds of distractions.  It is only then that you can focus and make real progress.

For your business to grow and thrive, your primary focus for the owner / manager must be to devote a prudent portion of your time to working ON your business, not just IN it.

So what does working on your business mean?

It means clarifying where you are now and focusing your energy and resources on the most important item.

  • If you find that you seem to spinning your wheels and wondering around in circles going from one thing to the next because you haven’t yet gotten organized, then your focus is on clarifying direction, organizing your business, and assembling a business plan.  For help on this click here.
  • If your business is organized and you have a business plan, but don’t currently have a system that works, then your focus is on getting ONE system that works.  To do this quickly, take these three steps:

1.  List out your criteria for your system

2.  Begin the research for your system within methods that fit your criteria

3.  Take the FIRST system that meets your criteria, run the metrics on it through backtesting and forward testing in a demo account to verify that it works.
For help on this click here.

4.  Master that ONE system

  • If you have a business plan and a working system, but are still find yourself making the same mistakes over and over again, then your focus is on identifying the triggers that are causing the emotional bad decisions.
    For help on this click here.

Remember, the question to be asking is “what should I be doing right now to have the biggest impact on my trading?”

Follow the steps above and FOCUS on that ONE thing.

Make real progress and stop wasting time.

Cheers

Brian