Here at BabyPips.com we always stress the importance of deliberate practice to help improve your forex trading skills.
Deliberate practice refers to the conscious process of repeating tasks to improve your skills.
Note that the keyword here is attentive. That is, unlike regular repetition, deliberate practice requires focused attention and is designed around specific goals.
You can be too Nice and sober about it, but that’s optional.
Deliberate practice can be divided into three stages: Action, feedback and integration.
The action – whether successful or not – is divided into parts and analyzed in the feedback pane. Then, after identifying your mistakes and exploring ways to improve, you can incorporate what you’ve learned into your next actions.
Read more about intentional practice in my previous updates:
Deliberate Practice in Forex Trading Part One
Deliberate Practice in Forex Trading Part Two
If done correctly, Deliberate practice can not only help speed up the learning process, but also help you identify your weak areas And open doors to other technologies that may suit you.
However, practicing intentional practice is no walk in the park.
Here are some factors that can diminish, if not frustrate, the purpose of using deliberate practice to improve your trading skills:
1. Heedlessness
Remember, deliberate practice is built around it closely Repetition of small tasks to look for ways to improve. Unfortunately, it’s all too easy to assume you’re making progress just because you’ve done something a million times before.
Repetition and experience do not necessarily mean progress. Focus on correcting mistakes and finding opportunities for improvement every time you complete your tasks.
2. Contradiction
At the beginning of the process, consistency is essential to identify areas that need improvement.
Then, as you move forward, consistency is needed to ensure you don’t fall back into your old habits. After all, what good are tracking errors if the same ones keep popping up every now and then, right?
3. Not tracking your progress
Just as athletes track their stats and chefs have their own recipe books, it’s also important to track your progress religiously. How else can you know how much you have improved and which processes need more attention?
It may seem tedious and tedious at times, but in the end, it is the numbers that will give you focus for your intentional practice.
If you haven’t done so yet, go to your trading journal and start tracking your trading statistics. Trust me, you will be a better trader for it.
4. Pride
The main purpose of using deliberate practice is to modify your current processes to improve your trading game.
But if you tend to ignore feedback in favor of adopting an “if it ain’t broke, don’t fix it” mentality, the benefits of deliberate practice will be lost on you.
Be careful not to cling too tightly to what works. Instead, open your mind to possible opportunities for improvement and see if they work better for your business personality.
At the end of the day, you are the only one who can set the pace of your trading progress.
Deliberate practice is certainly one of the best ways to speed things up, but it requires discipline, dedication, and consistency if you want to reap the full benefits of the process.