How to fast track your trading skills and gain the necessary discipline in order to succeed at trading.

Dave Walton Professional Betfair Betting Exchange Trader and author of the ‘Pro Exchange Trading Manual’ examines how you can fast track your trading development and using some very simple methods.

In a previous article I examined a trader we called Pete who didn’t plan his approach to becoming a trader very well and ended up losing money. The question is how can the average well intentioned trader who is just starting out on his career avoid such costly mistakes.

Many of you will have heard of the concept of modelling, indeed many top financial traders have arrived at success through this process and you should realize that many successful people have become so because they have modelled themselves and or their business plan on other similar success stories.

Trading however required more. When you are actually trading, the process itself pulls and tugs at one’s emotions. Therefore the trader needs to establish an environment or be capable of establishing an environment of balanced emotions when he/she is actually trading. Fear, anger, greed, regret and hope must be banished. If they aren’t errors will occur.

One way to model and to get rid of bad emotions is to trade with a full time trader, someone more experienced than yourself.  Have you ever played football, of golf or done anything for that matter with someone who was at a much higher level than you were? Example: as a 36 handicap golfer have you ever played a round with a single digit handicap golfer. My guess is that if you have, you will agree that the standard of your game rose accordingly and so it is with trading.

I run an internet trading room where I mentor traders and trade live with them. They look over my shoulder and they learn from me. By following me and seeing not only how I actually make decisions on when to trade but also how I manage my emotions once a trade is in place. In time they gradually become more confident and rounded traders themselves. They understand the process of winning and losing and gain an insight into what it really takes to become successful.

Coupled with my trading room, I also publish a twice weekly recommendation newsletter called Trading Post, in this publication I give specific trading recommendations and effectively show traders how I trade. This helps trader’s gain confidence by taking both winning and the occasional losing trade but overall remaining well in front or green as we say.

So mentoring or modelling is definitely the way forward for aspiring traders.

If you would like to talk trading then drop me a line.

This article has been published with permission. You can contact the author by emailing paul@exacttrading.com if you need any help or have any questions regarding the articles.

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