3 steps to win as a trader

In a previous post, I suggested this video on how to win, by Brett Ledbetter. How do we apply the lessons from this video of performance wisdom and apply it to our trading, so we improve? How does this video help us win as a trader?

Consider three simple steps to improve as a trader and start winning:

1) Determine your goal as a trader. What do you want from markets?

Perhaps your goal is to become a CPT (consistently profitable trader), as I termed in One Good Trade.

Perhaps your goal is to raise your game from 200k to seven figures a year, as one veteran trader expressed to me in Chicago.

Perhaps your goal is to become the next Paul Tudor Jones, legendary global macro trader.

First, set your trading goal.

2) Next, develop a process to become that trader. What do you need to do each day to become that trader?

Do you need to watch video of your best trades?
Do you need to journal each day?
Should you archive a best setup of the day, building your PlayBook?
Should you hire coaching and mentoring to become a winning trader?

Process drives your results. It’s the process you follow daily that enables you to win as a trader.

3) This next step is hard. And it’s where this video breaks new ground for me and provides real wisdom.

Look inside. Be honest. Be self-critical. What must you build in your character so that you follow thru on this process.

Do you procrastinate?
Are you impatient?
Can you focus for long stretches?
Do you need someone to hold you accountable?

It’s not sufficient to develop a process. You must understand what you need to improve about you so you follow that process.

Try these three steps to improve as a trader. Remember: “You can be better tomorrow that you are today!” – The PlayBook

*no relevant positions

Mike Bellafiore is the Co-Founder of SMB Capital and SMBU, which provides trading education in stocks, options, forex and futures. He is the author of One Good Trade and The PlayBook.