3X THE 4X
It was amazing how much this helped early in my career. Every time I made a trade I was actually learning from three trades. The upside was that I was getting 3 years of trading experience every 12 months. The downside was that it created a lot of work.
Trade → Review → Enter → Review → Print → Review
I began to trade less. Not only did I make fewer losing trades because I was only trading setups that had my utmost confidence based on trade planning, but when I did trade, it was a lot of work.
So I focused on trade planning, improving my confidence, refining my skills, and making more money—all by trading less. I honestly believe that all this work and effort did, in fact, develop positive trading habits. It was not a quick and easy process, but I did learn. What is important here is to note that it was all psychological. But the change it had on me was profound.
My fear shifted from losing money to having to enter a stupid trade in my trade journal. My greed to make money had turned into a game of discipline to do the right thing. The fundamental analysis was the same. The technical analysis was the same. However, everything changed when I committed 100 percent to forex—when I committed to strive for excellence as a trader.