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Jack of No Trades Master of One
Do less. Do it much more intensely.
That was the advice I read in a self-help article the other day, and the idea hit me like a Mike Tyson power punch.
Those of you who know me, know that consistency is not my strong suit. I get bored in an instant, distracted by new ideas all the time and am constantly in search of new trading systems to replace my current ones.
Over the years, I’ve received scores of emails from traders across the world thanking me for trading systems I have long forgotten about while attaching proof of unbelievably long profitable trading runs
I was happy that people traded well off my strategies but I was also frustrated feeling like a hamster on a flywheel -- lots and lots of creative energy, but little progress.
So a little while back I decided do a trading cleanse. No more side hustles. No more experimentations with indicators. No more 5-minute scalps with complex multiple entries or 4-hour swing setups across the 28 combo pairs.
Instead, I would just trade my core price flow strategies that I have been trading on and off for more than a decade.
I can’t say it easy. Some days I am bored out of mind and it takes serious discipline to stay on target. But…
The more I focus on one set up -- just one set up -- the more knowledgeable I become. I am able to read market flow with much greater clarity. I am able to step back from making mediocre trades and I am able to understand the weakness in the setup.
This is critical. Because the skill value of a trader is not in creating a strategy, but in knowing when NOT to use it.
All trading strategies fail. That’s why there has never been an automated EA that could make money in perpetuity. The success of the strategy is always dependent on the ability of the trader to use it properly.
By focusing on just one strategy, I am -- often against my own will -- becoming more and more skillful at all facets of its execution.
Bruce Lee once said, “I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”
He was spot on.