You make more money by eliminating mistakes than by improving your entry.
Elite traders prepare for their trading like an elite athlete prepares for an event the night before. They practice rituals to attain peak trading performance, trade in the zone, and be free of conflict and negative emotion.
By being in this optimal state the trader can trade their system perfectly, because that know that each mistake costs them, and sometimes it even means the difference between trading failure and success.
If you truly want to win in the market you need to strive to be mistake free when you trade. Good traders have an efficiency level above 90%. That is they make no more than one mistake out of ten trades.
I encourage you to focus your energy in this area and not on your entry techniques!
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders. He is a part owner of Forex Signal Provider fxrenew.com (You can get a free trial). If you like Sam’s writing you can subscribe to his newsletter for free.
This post was first published here.