Highlights from the New York Traders Expo 2016

ny traders expo

Last week I had the pleasure of being invited to speak at the ‘2016 International Traders Expo” in New York City. This annual event is the largest gathering of traders, all sharing their own stories and techniques for success. Not only was it wonderful to interact with over 70 elite traders in attendance, but it was a fantastic opportunity to share my own insights with the audience on how to build a personalized trading plan – a roadmap that I have used to develop several millionaire traders.

Many traders spend vast amounts of time analyzing chart patterns and researching the markets for the latest news. What they don’t spend nearly enough time focusing on, is themselves – specifically, what their trading goals are, how they plan to achieve their goals, what kind of trader style/strategy would be suitable for them, and what their strengths/weaknesses are. First of all, not only is it important that your trading goals are clearly identified and mapped out so that you have a tangible result to aim for, but it is vital in ensuring you can track your progress and focus on achieving them.

ny traders expo

In the same manner, understanding where your strengths (and weaknesses) lie allows you to become successful by focusing on becoming the best at what we know you are good at. To become a specialist in a certain area, this is something that should be done on a continual basis through lots of hard work and dedication (where possible, ideally from an early age) – is it any surprise the best sports stars have trained to get to where they are? Or that specialists in certain fields are paid more than generalists in the same industry?

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In trading, this degree of specialization may be someone who focuses: specifically on a certain instrument or market sector, or alternatively, by specializing in a certain technique that can be applied across the realm of financial instruments. Such techniques don’t need to be overly complicated or founded upon extensive analytics – what matters, is being able to understand and apply them – that is the largest obstacle. Once you’re in a position where you’ve mastered your system or technique, then you stand to enjoy more profits and success from your trades.

What’s more, it is important that you develop a system or technique that suits you personally. Every trader has their own trading system that works for them and is based upon their particular skillset or experiences in life – you need to find a specific one that works for you, rather than trying to copy that of another trader. And as the saying implies – becoming ‘a master of all trades’ leaves you a ‘jack of none’.

Mike Ser