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What You Need to Do to Make Money Trading (Part 2)

In part 1 of What You Need to Do to Make Money Trading, I wrote about how you need to get comfortable – particularly with uncertainty as to what will happen next.  Your ability to sit in the saddle of uncertainty will determine your ability to make good trading decisions which leads to more profitable trades.

In part 2, I will delineate why you need to get comfortable with yourself in trading and what this means.

Getting Comfortable With Yourself
When I first started taking archery classes, I had to decide if I wanted to shoot a recurve or compound bow, as they definitely differ in their shooting styles, techniques, handle, potency and uses.

My teacher asked me which I prefer after a few classes, and I took a moment to think about why I was taking archery classes in the first place.

For me, I was taking classes for twofold reasons;

1) As a complimentary skill for trading (concentration, focus, precision and awareness in the moment).  

2) As a meditation practice

To this end, the recurve bow felt more suited to this.  Even though it’s not as powerful, or cannot shoot the same distances as a compound bow, power or distance was not the motivation behind my archery training.  Hence why I shoot a recurve bow to this day.

This process for you getting comfortable with yourself has to be done in a similar way.  You have to really understand who you are, how you best operate, what environments does your natural talents/skills/intelligence prosper, along with what are your specific trading goals for trading.

getting comfortable with yourself trading 2ndskiesforex.com

My guess is when you have figured these things out, the system and method will be just naturally arise and be obvious.  But don’t fall into the trap of thinking you have to gun for ‘the most profitable’ system, or trade on any time frame to be profitable.  You’d be amazed how many times beginning traders ask the question of ‘what time frame do you trade‘ or the more common is ‘what is your most profitable system‘.

Anytime I see this, I can see they are asking the wrong questions. Making money is not time frame dependent – as if one time frame has a monopoly on making profits.  And looking for the ‘most profitable system’ really is ignoring the fact it may not be the best one for you.

It may trade only when you are asleep, or at work. Or it may force you to hold trades for days when you prefer to be out out at the end of the day. What use is it to you then?

A Good Trader
I can always tell a really good trader when I talk to them.  They are never worried about what someone else is doing, how much they are making, or what system they are using.  I personally know a trader that did 3000% one year with over 90% accuracy making at the end of the year over 200k a day.

Yet he is an engineer who is highly mathematical, and employs a system that took him 8 years to learn with his level of mathematical skills (way above mine).  Using that system would actually be counter-productive for me, my time and my natural way of thinking.

Eventually, a good trader has settled into two things;

1) They’ve settled into how they operate best when trading

2) They’ve found a rule based system that works for them

To do this, you really need a little bit of trial and error, but it also takes some self-reflective ability as to how you are as a being.

Do you prefer to micro-manage things, and does this usually work out for the better?  

Or are you best using set and forget strategies?  

Are you really available to trade several hours a day, and do you want to?

Or would you prefer to only ‘participate’ in the markets a couple hours per day?

Are you really risk averse, or are you comfortable with risk and volatility?

Answers to the above questions could determine what is the best strategy, pairs and style of trading you engage in on a daily basis. The bottom line is, if it’s not a fun car for you to drive, it doesn’t really matter what kind of car it is.

You can always tell if you are uncomfortable with a system, if it racks your brain, patience and emotions using it.  If you feel drained trading it – regardless of profit or loss, then it’s likely not for you.  However, if you feel this with every system you use, then the issues may be more on the psychological level with how you relate to trading. This is simply because the common demoninator is you – not the system.

I myself trade both intraday price action strategies, along with higher time frame methods.  I also trade both price action and ichimoku models because the combination of the two is what works for me. I like a balance between being engaged for a couple hours per day, while also holding positions overnight so I can make money sleeping, and just let them play out.

In a recent article called The Ideal Trader, I explained how combining intraday + daily and 4hr price action strategies, is ideal because it allows you to quickly grow your account (via intraday trading), while also making money sleeping.  But the key for you is to find a system and style that is tailored to you across the board, and provides the soil for your natural talents, skills and intelligence to grow and flourish.

forex trading tailored for you 2ndskiesforex.com

Until then, trading will likely be an uphill battle against you – not the markets. But once you’ve found a balance of what’s most natural for you – it will result in you being consistently profitable, while finally feeling settled with trading and the markets.

The next article for this week will discuss always trading and thinking in probabilities.

Kind Regards,
Chris Capre

7 thoughts on “What You Need to Do to Make Money Trading (Part 2)”

  1. Hello Chris,
    You mentioned that if we don’t find a strategy or system that we are not confortable with there must be a problem on the psychological level.could it be limiting beliefs?Is there a way to remove this problem?Because I also have this problem.What can I do in order to change this?Thank you very much.And have a nice day

    1. Hello Geremiah,
      Yes, there is a way which is through ERT Training. If you search ERT or ’emotional repolarization technique’ in my site, you will find a few articles on this.
      My partner and I have built one specifically for trading.
      If you are interested, email me via the Contact Page and we can discuss it further.
      Kind Regards,
      Chris Capre

  2. Hello Chris, thank you for the Articles I have search long and wide for knowledge so that i become a Profitable trader. I have purchased all of your courses and i use all of them everyday in my trading. I go over price action course everyday and i sit down and go over my training every Friday to see how i done and what mistake i have to fix, so that i understand all different market conditions. I have found my Jedi Master, my padawan training has begun as always Kind Regards Ismael

  3. I have been learning how to trade now for 3 months. And I have seen a major transformation in these 3 months. And the reason is simple, I study and implement my ass off…
    When I first started I was having hard time figuring out what worked for me. I realized that other peoples style of trading may not be for me so I set out to find out what worked for me.
    I started out learning Price Action but I never understood it because I never knew what to look for.
    So I went on a “system quest” to see what other traders were doing and I was still confused.
    Now before I went on this system quest I was using basic PA with S/R which were key levels and I didnt even know it. But after a streak of losses I figured it didnt work and I felt like I was guessing because I did’nt know why or who was moving price.
    So after the losing streak I went looking for the holy grail system. And most of the systems worked once and then failed after that. The holy grail seeking mentality is a silent killer…
    So fast forward….
    One day after studying for about 12hrs strait it finally clicked that I need to go back to PA because it was simple and less stress. But at this point I still did’nt know who or what was moving price.
    That same day I found out that Banks move price in the Forex Market and that they are the ones that create price action. And that was a game changer because at first I didnt know why or who moved price.
    How can you trade price action if you dont know who moves it?
    Since then I have looked at trading from a totally different light and it makes sense to me now why things happen on the charts the way they do.
    Banks & Inst + Key Levels + Technical Confluence + Order Flow = My Strategy! And thats what works for me!

    1. Hello Itu,
      Yes, tis a very good strategy. They key after that is creating rules to take advantage of when the banks/institutions are doing in real time at those key levels, and then learning to take advantage of where they are pushing the price action.
      This can be done with rule based systems and models on a daily basis, so you can understand why the market is moving the way it is, and how to trade it.
      Kind Regards,
      Chris Capre

  4. Hello Chris, that is a great article, And that also answers half of my question on market conditions, That i posted on all three courses so that everyone would benefit from the question and answer that you will give us when you are ready. Kind regards Ismael

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