All Losers have 3 lines of Support to be Winners:
Stock Trading Consultant (Stock Trading Strategy) – get on a winner's track
Stock Trading Coach (Day Trading Skills) - developing trading competence
Mentoring (Support) - inspiration, guidance, accountability
Stock Trading Strategy - Any Business Strategy
Working with a strategy consultant in the online trading business is no
different from working with a strategy consultant in any other business.
For any business to succeed, to be profitable, it must find its way
- it's most profitable strategy or direction.
There are unlimited factors that influence the success and failure of
a business – both within and external to the business.
Some internal factors: management, workers strengths and
weaknesses, plans, implementation, processes, land, buildings,
infrastructure of communication and other systems, and so on.
Some external factors: markets, buyer’s wants and needs,
competition, economies, financial markets, global, national, and
local conditions, etc.
Put simply, a business strategy is the direction a business takes
resulting from the analysis of the combined effects of all the
internal and external factors influencing the business. The strategy
can be the manufacture, delivery, and service of a product or
products, providing services, or both.
To thrive, the business must focus on the strategy, plans, and
implementation of those plans - delivering world-class products and
services. To survive, business managers focus on profitability.
For optimal success, there can only be one stock trade strategy – in
the sales and delivery of products and services – being know as
number one, with customer satisfaction, no matter the competition.
Stock Trading Business
Now, for a stock trading business, stock trading strategy development
is not that much different.
There are internal factors: trading computer and software, risk
capital, risk tolerance, trading style, important sources of
information and the not so important information (the noise), and
so on.
And the external factors: economies, stock and other markets,
financial instruments, information delivery and latency, breaking
news, earnings, interest rates, and so on.
For trading success, one strategy is developed, considering
all the internal and external factors influencing trading - no matter
the markets, no matter the competition, no matter the trader's
strengths and weaknesses. Considering all the internal and external
factors of trading, all the financial instruments that can be traded,
each trader chooses a strategy (or strategies, for some) for trading.
The Trader's Consultant - Strategy Driven
To thrive in the stock trading business you must have an edge, a
trading niche where you can consistently make more money than
you lose.
To survive it's the same - making more money than you lose.
Here's the catch. Unlike traditional business, focusing on the money
while trading is a trap - it's the primary source of trader failure.
Like all businesses, to survive you must focus on the money, but,
while trading, it's all about a focus on winning.
The stock trading strategy, while trading stocks then, is to win. Period.
Not the money. Tell that to the average loser and he'll think you're nuts.
Save the money talk for after the close or with your accountant.
Just like a world-class tennis player or golfer, the focus is on winning
points or strokes, not the purse or the money that can be made.
Money is an emotional game; winning is a competence game
So, the trick for losing traders is to see that, like sports, the focus on
winning while trading is critical.
The challenge - stock trading to win, absent the concern about your
money, putting the money conversation on hold.
The second point is to acknowledge that learning to win in sports and
trading does not happen on your own.
That's where a trading coach and the discipline of trading with
other winners in a trading room comes into play.