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One of the most common characteristics of a successful prop trading career is consistency. Day trading success is not something that can be attained overnight; strategies and tactics need to be tested over an extended period, allowing their effectiveness to be measured and tweaked as needed. Unfortunately, new traders are notorious for prematurely evaluating a tactic after trying it once or twice. That’s simply not a large enough sample size to draw a conclusion on. The acceptable sample size for gauging a day trading strategy’s worth should measure in the tens or hundreds, certainly not the single digits.

When testing a new prop trading strategy, there are several considerations to be mindful of. Traders sometimes pick and choose which aspects of their day trading strategies to follow and (intentionally or not) ignore others. This is problematic; without a routine to follow all aspects of your prop trading strategy, a trader is bound to lose track of what works and what doesn’t. Just a little slippage or the lack of a clear-cut process, and traders grow out of touch with their trading plan.

But with a little diligence, it is possible to stay on track and achieve consistency. For example, a trader who meticulously keeps a trading journal and regularly analyzes it is much more likely to recognize when they are straying from their day trading plan. This simple tactic makes it significantly easier for traders to quickly identify the issue(s) and correct their behaviour accordingly. The plan for achieving consistency can differ, but a plan shouldn’t. And when a plan is combined with the knowledge, attitude, aptitude, and disciple, the result is a strategy that can win consistently.

Not sure you can do this on your own? That’s ok–most new traders feel this way! That’s why it often makes sense to have day trading courses and webinars; at hellagood.marketing you can find those things and use one of the best ways to keep tabs on your path to success.