Have you seen Virat Kohli T 20 performance in 2016: 91, 59, 117, 106, 8, 90*, 59*, 50, 8, 49, 56*, 41*, 23, 55*, 24, 82*, 89*, 75, 79, 33, 80, 100*, 14, 52, 102*. He has not achieved this due to some luck, it was the culmination of years of practice translated into a giving the best performance on consistent basis.
So how does this relate to trading? Very simply, in every profession, there is a process that hugely successful individuals repeat day in and day out. The great ones have a process that they execute almost automatically. So, if it’s the process itself that pays such huge rewards, traders should ask themselves this question, “how much time should I spend developing and honing my process?”
Let’s look at another example.Roger Feeder is considered one of the best player in Tennis.But over the years we have seen his game evolved from being a baseline player he now does many time Serve and volley,This change is strategy came after reviewing his process and how can he beat his opponent with more ease. So review followed by process change again changed his game dramatically.
Same can be employed in trading, During my session with traders it has been observed many times a single mistake cost majority of losses. So when we make reviews you should identify mistake and than take corrective steps to overcome this and take trading to next level.
Most of trader jump from one strategy to another instead of mastering one and with this they are unable to develop a process. So as a Trader you need devote yourself to at least 1 hour per day for reviewing your trading process which over a period of time will improve performance. For most traders, the majority of each work day is spent in execution or analyzing the market, following news. Instead of all this external factors which are not in your hand, Try to master internal process
- Traders should look at the review of his trade execution
- Emotions when doing the trade and after exiting the trade
- Asking self directed question when taking trades
- How to avoid doing Impulsive trades
- How to prepare himself on being Emotionally Hijacked when trade goes against him.
Be disciplined, and trade well!