Trader Training - 3 Simple Steps to Accelerate Your Learning

In the absence of a curriculum for trader training, and of a mentor who can provide daily guidance, oversight and correction, we are largely left on our own to both chart and navigate our path forward from novice to (hopefully) becoming a professional and consistently profitable trader.

All too often though, the way forward is obscured. And we find ourselves scattered and confused as we are bombarded from all directions by conflicting and ambiguous advice; regardless of whether from well-meaning and respected educators, unscrupulous promoters of Holy Grail trading solutions, or from our own exploration within the mediocrity of trading forums.

We lack focus!

Our efforts are spread too thinly across too many fields, allowing us to master none.

Our progress is often more a result of chance, as opposed to planned and determined application of effort.

Our motivation levels parallel our equity curve, with bursts of excitement and enthusiasm one day, followed the next day by crushing defeat and a feeling of never-ending despair.

Ok... enough of that.... the picture is painted. What's the solution?

The following is a concept that will aid in your trader development, despite the lack of curriculum and despite the lack of full-time mentor. It doesn't replace any current routines and learning strategies which you may find effective; rather it should work easily and effectively alongside them. Or if you have no current plans for your own trader development, it will operate effectively as a starting point. It ensures progress through providing that which was missing from our previous attempts... FOCUS.

STEP ONE: Determine a focus item for the current month.

Every month pick one area in which you'd like to improve your edge. Primary focus is then applied to this one area for a whole month.

This is not to say you drop all current routines. You still conduct your study periods, your daily pre-session preparation, your trading routines and your post-session review processes. But you approach this work through the filter that is your current monthly focus item.

You don't get distracted by new trading methods, or different chart patterns, or different markets. For one month all learning and development should be applied in one area. If the new trading methods, or chart patterns, or markets seem appealing, put them aside till next month. For now, you're maintaining focus.

One month is sufficient time to make progress. And in twelve months time you will have improved your edge in twelve areas of your trader development.

Although the long-term path may still be obscured, the path for the current month is visible allowing progress in increments.

So... pick an area in which you'd like to improve your edge and make that the focus item for the current month.

Examples:

• Focus on improvement of your general knowledge in the field of _________.

• Focus on comparison of alternate position sizing approaches.

• Focus on learning and applying candlestick reversal patterns as a possible entry trigger within your current strategy.

• Focus on testing alternate price targets.

• Focus on studying a particular feature of market structure, such as the characteristics of trend reversals.

• Focus on developing a set of contingency management procedures; so your actions are automatic and preplanned for those times when something unusual occurs and the s#*t hits the fan.

• Focus on improving your pre-session routines for ensuring a positive and success-based mindset.

• Focus on ways to ensure you actually complete your post-session review, every day, through setting up a compliance partner relationship with another trader.

Unsure where to start? Just pick something! Anything!

What is one area of your trading that is disappointing? What is one area in which you need to improve your edge? That's your focus item.

STEP TWO: Determine a Focus Item for the Current Week

Every weekend, identify a subset of the current monthly focus that should be your primary focus for the coming week.

It may be the same as the previous week if you feel that there is more work to be done and there is nothing else of greater priority. Or it may be something different.

Either way, it narrows down your monthly focus item to a task which will become the focus for the coming week.

For example:

• Monthly focus: Learning and applying candlestick reversal patterns as a possible entry trigger within my current strategy.

• Weekly focus: Watch all candlestick pattern videos and review all of last weeks session printouts to identify and study each of the patterns.
  
  

• Monthly focus: Studying the characteristics of trend reversals.

• Weekly focus: Study examples of climactic reversals within historical charts
  
  

• Monthly focus: Focus on improving my pre-session routines for ensuring a positive and success-based mindset.

• Weekly focus: Establish a Motivation Journal as outlined in the YTC Price Action Trader.

STEP THREE: Determine a Focus Item for the Current Day

Step two narrows down your focus to one item for the current week. Step three gives you a task to complete for the current day.

For example:

• Monthly focus: Learning and applying candlestick reversal patterns as a possible entry trigger within my current strategy.

• Weekly focus: Watch all candlestick pattern videos and review all of last weeks session printouts to identify and study each of the patterns.

• Daily focus: Watch the videos for the bullish and bearish engulfing patterns and identify and study examples in last weeks charts.
  
  

• Monthly focus: Studying the characteristics of trend reversals.

• Weekly focus: Study examples of climactic reversals within historical charts

• Daily focus: Find two examples of bullish climactic reversals, one which involved a retest and breakout failure of the climactic low, and one that didn't. Compare both.
  
  

• Monthly focus: Focus on improving my pre-session routines for ensuring a positive and success-based mindset.

• Weekly focus: Establish a Motivation Journal as outlined in the YTC Price Action Trader.

• Daily focus: Buy a folder and set it up with appropriate sections.

As soon as you've finished reading this article, stop browsing the web or your email inbox and spend a few minutes to identify your current focus item for this month (or month and a bit if you're reading this mid-month). Then plan your current focus item for the remainder of the week. And then your item for tomorrow.

It's simple!

Three steps!

And then some focus!

And in one years time you will have improved your edge in twelve different areas of your trading business.

Lance Beggs.