Consistency in trading can be achieved by starting with smaller positions and gradually increasing risk as one becomes more experienced.
Focusing on a specific pattern, practicing proper risk management, and maintaining discipline are essential for improving trading outcomes.
Deep dives
Starting the Trading Journey
Si started his trading journey after being uncertain about his career path after college. He came across trading through advertisements and joined chat rooms for alerts. With an emphasis on education, Si followed Tim Sykes and his supernova alerts for a year, gradually increasing his account size. However, he learned the hard way that increasing position size without proper risk management was a bad decision.
Scaling Down and Finding Consistency
Si realized that he needed to downsize his position and focus on a specific pattern to improve his trading. He started with paper trading and followed his set-ups with small size trades. By cutting losses quickly and gradually increasing his risk as he became more consistent, Si started seeing positive results. He became more disciplined and focused on reading level 2 and volume in OTC markets.
Overcoming Challenges and Learning Discipline
Chasing bounces instead of waiting for good entries was one of the biggest hurdles for Si. He had to work on breaking this habit and focused on his risk-reward ratio. Si also struggled with overtrading and had to remind himself to stick to his bread and butter set-ups. He used journaling and specific rules to overcome these challenges.
Lessons Learned and Path to Consistency
Si emphasized the importance of risk management and having a good risk-reward ratio in trading. He gradually increased his position size while maintaining discipline and focus on his set-ups. He accepted that trading results can be random and learned to analyze past trades and chart patterns to better understand future movements. Si's advice to his younger self would be to focus on a single pattern and not trade all over the place.
Sai is a newer trader who has worked hard to develop consistency within the market. He shares his approach to entering the markets with the goal of survival. Sai began with smaller positions that would allow exposure and create an opportunity for growth. He was able to find consistency through OTCs by trading one pattern and risking small. Risking small can be game-changing for beginner traders; Sai risked $.30 and made a profit. Always remember process over profit. Over time, Said began to increase his risk on his journey to consistency. Listen and learn from a newer, successful traders process.
