One of the most common sticking points that folks have with trading/investing is that they feel overwhelmed with all the skills necessary to succeed.
They will often blame the strategy that they are using, or worse…
They blame themselves!
While the latter is closer to the truth, it tends to deepen the problem rather than exposing the cause.
Folks will typically say things to themselves like…..“I guess I’m not cut out for this”.
You want me to let you in on a little secret?
It’s not that these people are incapable of learning this stuff…
Rather, they are trying to focus on too many things at one time!
By “focus” I mean focus on improving…
Everyone is more than capable of doing multiple things at one time, but not if they all require high levels of attention.
The problem is that improvement requires just that!
So what’s the solution?
First, you need to have a clear goal in mind of what skillset you are working on at that particular moment.
In fact, it may be helpful to write them down…
That way when distractions inevitably rear their ugly heads, you will easily be able to ignore them!
Let me give you an example!
Let’s say that you are looking to improve your entry timing for a position…
It may be tempting to also focus on position sizing at the same time.
Are these concepts related?
Yes, but they are not the same!
In an ideal world, we would improve all of the skillsets necessary for trading at the same time…..but this is not practical.
That is why it may make sense to devout your attention to one of these concepts at a time, before moving onto the next one, and so on…
The more skillset you improve, the more they will become automatic.
That will free up more mental bandwidth for aspects of trading/investing you are less familiar with…
That’s all for now.
Until Next Time,