👉 Building consistency as a day trader is no easy task.
But it isn't rocket science.
Here are 5 steps to become a more consistent trader:
1. Control your impulses
One of the best ways to stay consistent is to not take any random trade you want just because you’re bored.
Plan your trades and wait patiently for them. If they don’t happen, there's always tomorrow.
2. Dont size up too fast
Sizing up too quickly after a few good days is usually a recipe for disaster.
Be patient with this and honestly take it as slow as possible. It's the best way to allow your emotions to adjust to seeing bigger numbers.
3. Let profits run
Many traders cut green trades too fast because they're scared for it to turn red again. Results in SMALL wins.
If you're in a good trade, scale some out to secure profit but let the trade play out.
4. Cut your losses
Don't bag hold red trades hoping for them to turn back green. Results in BIG losses most of the time.
Cut trades where you plan to cut them, and chances of profitability, in the long run, are much higher than if you constantly hold losing positions.
5. Trade the same setups.
My best tip for consistency is to trade the same setup day in and day out.
This way you learn this setup like the back of your hand and will be able to spot and trade it with no hesitation.
Redundancy = consistency.