#160: BACK TO TRADING FOCUS...
How are you? The Summer season here in Spain is over and I am slowly moving from the “vacation mode” back to the “full-working mode”...
I somehow struggled with my focus during the summer and did not do as much as I planned. But I think it is understandable - after almost 3 months being locked up in my house because of the Covid confinement, I really wanted to enjoy the life “outside”.
But now, I feel I miss that focus a bit too. I hate not being fully focused and I hate jumping from one thing to another.
I remember that this is exactly what I used to do at the very beginning of my trading career.
And to be honest, I used to do it way too much and way too often.
I “did it all” – day trading, swing trading, commodity spreads trading, statistical arbitrage, options, pattern trading, momentum trading… you name it.
As a result, everything about my trading was…
...MEDIOCRE.
And I couldn’t figure out why.
I used to think that MORE trading directions would make me MORE money and give me better results, but…
it does NOT.
This is a common misconception amongst many traders too. And it keeps them from success.
The good news is, the solution is simple, but it takes a long time to figure out on your own.
One day I became so exhausted by all the complexity that I decided to take a major shift and reduce my trading to the very minimum. And surprisingly…
…EVERYTHING changed when I decided to focus on ONE DIRECTION only.
In my case, it was breakout trading. I decided to stick with ONE thing only. And become a MASTER at it.
And almost a decade later – I succeeded.
I still keep focusing on that ONE thing only.
JUST ONE THING.
And it got me far. Including running my own breakout trading hedge fund.
That is the true power of focus and consistency. It gets you much further than any other trader who just jumps from one thing to another. The trader who does everything but nothing better than the rest.
So, here is the one thing that will put you ahead of other traders:
Choose one style, one direction, one approach.
And MASTER it.
And btw, if you don’t know how EXACTLY, here is a tip for you:
What got me from struggling trader to a multi-million dollar hedge fund manager
My own proof that SPECIALISTS make incomparably more money than anyone else
What I believe is the easiest way to become a TRADING SPECIALIST and why you should become one too
A bonus “SPECIALIZATION” video (which you definitely should watch)
Traders with 100% specialization are rare – and usually do very, very well.
Let’s get back to the focus and become one of them.
It will pay off long-term.
Happy trading!
Tomas
PS. We created a short video explaining what The Empowered Trader club is all about, get the details here.
