Good day everyone from what I have learnt so far I should follow the cycle of excellence and constantly practice my drills to improve my trading career life and achieve success at a fast pace

1 overview of trader success Trading is not only about the amount of time you spend Trading involves deliberate practice Professional trader don't just change their strategy anyhow 2 statistics from Peter Davis It explain that 80 percentage of trader fails to become profitable in the market . 77% of trader change their strategy 2 to 7 time within 2 to 15 years of trading and fails to know if they are profitable 3 Traders behavior 77% trader change their strategy within 5 to 10 years of trading change their strategy from 2 to 10 times without knowing if they are profitable or not these is very bad cause profitability from a profitable strategy comes In the long run 4 success and failure rate 40% of trader will loose in the first month 80% of trader will quit within 2 years after 5 years 95% of trader quit trading leaving only 5% remaining who will become consistent for a longrun 5 comparing profession Trading is related to like learning medicine there have to be constant practice to increase the muscle memory and increase quick response to a situation 6 scientific interest Scientist want to know who are these top traders what knowledge and experience do they have and what strategy do they use And what their success secret 7 path to success Following the cycle of excellence Deliberate practice drills feedback And spending a lot of time only is not enough 8 cycle of excellence It explains that top performers are not born but made that just spending time alone is not enough on a subject Not enough for mastery subject reliies on deliberate practice constant feedback mechanism and a supportive coaching system to achieve faster profitable in the market 9 Personal application The cycle of excellence can be applied in my journey in trading by constantly practicing and not focusing on content knowledge 10 application The only strategy I believe is best for my trading life is constantly practicing my drills to make me improve faster

1 rule of 10000 hours These explain that to be Profitable in a particular thing someone need to spend tons of ours on it but still yet most trader are not profitable because they spend their time in the wrong direction 2 Misguided effort Many aspiring traders spend their time looking for a holy Grail strategy which lead to wasting effort Looking for holy Grail strategy Not doing deliberate practice No mentoring 3 cycle of excellence Cycle of excellence is the art of practicing a strategy with a regular feedback mechanism An amateur trader do not have the ability to practice An amateur trader need to follow the cycle of excellence to achieve fast pace in trading 4 practice skill development Trading drills is very important for an amateur trader to achieve success To serve as a coach It is easily accessible 5 feedback and modern trading system The feedback system is very important for amateur trader in order to serve a 24/7 coach 6 psychology preparedness A professional trader must have a profitable strategy to give him assurance even during losses Must have an exist strategy Accept what the market gives them 7 personal application I don't have any trading plan 8 delay deliberate practice plan I will ensure to practice my drills almost every time since it is in a gamifide way then I should always be attracted to it and I want the deliberate practice drills should be like an instant coach who can correct me if I'm wrong 9 well the only successful trader I have watched is only xm Ahmed but I did not really know much about his strategy 9 critical evaluation Time is just one of the factor required to be successful but it is not the most important of it all the most important is consistent practice drills which improve the strength memory to take a trade just like learning how to drive a car it requires consistent practice through simulation and learning how to play a piano which requires consistent practice of your small wood 10 comparative analysis Trading is best compare to learning how to play the piano to be a professional pianist it is best advised to learn and practice from the small wood the small wood act as a guide so that is how trading is constant practice lead to increase in muscle memory which is also important in learning piano in order to execute a particular order without thinking too much

1 skill development vs knowledge Skill development is more important cause it focus on conditional knowledge rather content knowledge example I learning how to fly a plane they are first places in a simulation to ensure a risk free environment 2 Analogy of vehicle operation A trader have to be placed in a simulation driving state before trying to drive in a real life this ensure proper arrangements of mentoring 3 characteristics of a profitable trading system High win to loss ratio For novice trader Prevent revenge trading An edge means in trading that you win more than you loose 4 Expectancy Formula (Probability of win * average win ) - (probability of loss * average loss) it means that an expectancy formula used on a strategy should be more than zero for the strategy to be profitable 5 historical statistics This help trader to record all the trade they have taken with a particular strategy in order to see and ensure they are profitable in the long run cause profitability in trading comes in the long run 6 Execution of the trading system Mastering of a profitable trading system is important to ensure profitability in the long run and the execution must be consistent in order to ensure to experience the ups and downs of the strategy 7 personal trading system I didn't have any 8 Skill development plan I will make sure to attend class regularly and make sure to practice for 4 hour every day and will ensure to finish my course within 3 month 9 Real life example The trader I know Xm Ahmed always emphasize on having knowledge and experience in trading 10 critical evaluation A trading strategy must have a positive expectancy to ensure to be Profitable that is you must gain more than you loss money in the market these build the confidence of a trader even during losses just like the trend following strategy which has higher win to loss ratio 11 comparative analysis Just like learning how to fly a plane through simulation trading also should be also be learnt that way in order to ensure a risk free environment

1 Unpredictable outcome A professional trader should have an edge to ensure profitability in the long run 2 skill development Top performers in various field ensure they practice effectively and not just practice but practice a strategy with an edge 3 knowledge type Content knowledge. This knowledge deals with self study Process knowledge this deals with the ability to process knowledge Conditional knowledge this deal with real life market 4 knowledge distribution Content knowledge 20 % Process knowledge 30% Conditional knowledge 50% Conditional knowledge is very important because it applies to real life market 5 Amateur vs professional Amateur trader focus on content knowledge but professional trader focus on conditional knowledge 6 mentoring and coaching It is very important to in order to achieve fast success especially in trading 7 personal application It applies to my trading life and i will implement it by not focusing on acquiring too much knowledge