Recognizing that a strategy is not for you can save you a ton of time and money. by @DwyaneTrade3

I tried more trading strategies than I can count before finally landing on what has made me profitable today.

Recognizing that a strategy is not for you can save you a ton of time and money. Here's how to determine if a trading strategy is NOT for you.

1. Can you easily understand it?

There are tons of different trading strategies that work. If you cannot wrap your head around the concept/easily understand how and why it works.

2. Does it fit with your personality/lifestyle?

Are you a full-time trader? Part time trader? How much screen time are you able/willing to spend on a daily basis? First answer these questions. Then weed out any strategy that does not fit your criteria...

Example: If you are a part time trader who is unable to actively manage positions one minute to the next because of other responsibilities, you probably shouldn't be trying to learn scalping strategies!

3. Determine your risk tolerance

How aggressive are you willing to be? Certain strategies cater towards those with a larger appetite for risk. While others cater towards those who are more risk averse. By determining your risk tolerance, you can decide whether or not a...strategy is right for you. Depending on age, purpose for trading (making money to put food on the table, side income etc.) you will want to understand the amount of risk you are taking on by using any given strategy. Then from there determine if it is right for you.

4. Quantify your success rate

Keep a tab of things such as your hit rate, net win (% and $), net loss (% & $), and note the strategy used to enter/exit the trade. A strategy might feel right, but is it really making you money?

5. Your trading should feel effortless

If you feel like you have to use all of your brainpower just to take a trade, the strategy likely isn't right for you. When a strategy works, you just get it. And the trading itself feels boring and easy.

6. Are you able to keep your emotions in check while using the strategy?

You should not be nervous/scared every time you go to enter a trade! The right strategy will allow you to trade at a low stress level...

The right strategy will feel like a process you simply repeat over and over. An "I know exactly what to do here" feeling. Win or lose, your emotions are minimally impacted when using the right strategy.

Trial & error is part of the learning process. Hopefully this thread will help you to get over that learning curve a bit quicker.

If you found this thread to be useful, please retweet and like to share with others.

Please follow @DwyaneTrade3 for more educational content!

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