The webinar at Big Mike’s Trading Forum was a huge success. Many of the Forum members got a first-hand look at how the science of deliberate practice can help develop the skills needed to trade with confidence.
What we did
We did what we do every Thursday – a session of deep practice to hone sound decision-making and trading skills. We started with a market on its higher time frames. We evaluated these time frames looking at market direction and key levels where the market may turn.
We then developed a game plan for the next day, using the assessment information we derived from the higher time frames and talking out what makes the most sense for tomorrow’s market action. We also created a ‘Plan B’ or alternative plan in case the market did not do as we anticipated. This is highly important as not only do we know what to look for tomorrow, but we also know what it will look like and what to do about it if what we anticipate happening doesn’t occur.
We then traded the market bar-by-bar, refining our assessment, making trades, projecting exits, managing the trades, cutting losers, and booking profits.
Why this is important
This is the way all top level performers in any field get to a high level of competence – they practice their craft. But it is practice in a deliberate manner where decisions are clarified, action are taken, and mistakes can be learned from in a constructive environment. No athlete would ever think about going to compete without a lot of deliberate practice, guidance and preparation. Nor would a musician, surgeon, lawyer, or pilot. Traders shouldn’t either, though they do it every day. Maybe this is one of the key reasons 90% are failures — they never get adequate training.
It’s all based on nearly 40 years of psychological research on what makes mastery and expertise. The science is clear about this: it is a certain way of developing skills. And this is what we do each week in Deep Practice.
What you can do
Come check out our Deep Practice program. We meet once a week and it is only $69.00 a month – we keep the cost very reasonable so traders can easily participate. Where else can you get high level training in how to read the market by its own actions for $17.25 a week! Check out the details here:
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