FOCUS On ONE GOOD TRADE At A Time

FOCUS On ONE GOOD TRADE At A Time

Focus on one good trade at a time. This is something I learned from Mike Bellafiore in his book One Good Trade. It’s critical for us as retail traders to be focused on constant improvement and flawless execution of your trading system. Looking for ONLY your best trade setups and taking one good trade at a time.

Retail traders often think they need to be trading all the time, and in a lot of cases they will take less than ideal trading setups and instead of taking a good trade, they will take trades outside of their trading plan.

“A good trade opportunity should give an asymmetrical risk to reward possibility.”

Key Components To A GOOD TRADE

A good trade really breaks down to three simple areas. The “3 M’s” of trading as Brent Penfold calls them.

Be Disciplined

  1. Money Management – it’s critical for retail traders to predefine their risk. This is an area why most traders lose money.

The biggest difference between successful profitable traders and losing traders is that professionals focus on capital management, NOT trying to hit a home run on every single trade. They focus on good trade setups and money management strategies.

Build Confidence

2. Methodology – retail traders search endlessly for the “Holy Grail” of entry and exit strategies. The reality of it is that NO trading system is going to give you winning trades ALL the time.

Retail traders are notorious for trading a system, hitting some losing trades, and then system jumping to another method looking for something better.

A good trade opportunity should give an asymmetrical risk to reward possibility.

Have a Winning Mindset

3. Mindsetstaying emotionally orientated and focused on flawlessly executing your trading plan is critical. A good trade will require you to not only place your orders to enter your trade and place a stop loss, but even more critical then is the process of managing that trade if it indeed moves in your favor.

How do you manage your stop loss? When are you taking profits or exiting the trade? A good trade really will be determined how you manage it once you are in it.

So many times I have been profitable on a good trade, only to lose money from not managing it properly due to poor preparation and not being emotionally orientated.

Fear, greed, hope and pain are some of the main emotions YOU as a retail trader are going to need to learn to manage better in order to succeed over the longer term in forex trading.

Focus on ONE GOOD TRADE at a time, get better at it, trade better, trade bigger and keep getting better!

one good trade setup

This articles outlines the factors that really make the difference between a consistently profitable trader and one who under performs and is inconsistent or losing.

Becoming a better trader takes discipline, skill development, and statistically profitable trading strategies, one good trade at a time!

I hope you enjoyed this post! Did This Help You? If so, I would greatly appreciate it if you commented below and shared on Facebook

Here’s to YOU and I becoming BETTER traders!

Stacey Burke’s Trading Blog

Email: support@staceyburketrading.com

PS: If you’re struggling with being consistent in your trading and you don’t have a step-by-step BLUEPRINT for your trading success… Check out my 7 Step Daily Routine For High Performance Traders CLICK HERE FOR INSTANT ACCESS

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