Any trader that wants to be successful should have a good trading strategy. Becoming a master of your trading strategy is one of the most essential skills you have to learn. Mastering your strategy will enable you to distinguish yourself, not only by your track records in the market but also by your discipline, your risk and money management skills. Master traders use basic understanding of their human nature to follow their plan, they know how to focus on the essence of opportunity that presents itself according to their trading strategy.
Traders that have mastered their strategy learn how to stay focused on one trading method long enough to really learn how to trade it effectively.Experienced traders understand that having a strategy in place is crucial to achieving focus and clarity. This removes clutter and minimizes decisions, preventing impulsive trades. Unfortunately, some traders still take impulsive trades, and may exit winning trades prematurely or hold onto losing trades longer than their strategy suggests. This bad habit can create a dangerous trend for a trader, particularly if they have had a few successful impulsive trades. These traders may plan trades for days or even weeks, only to abandon their strategy at the crucial moment. As a result, they risk losing all their capital. Through my years of trading and interacting with other traders, I have identified a lack of discipline as a common cause of this problem.