NEW YORK (TheGoldAndOilGuy.com) -- When it comes to becoming a successful investor, or an automated-trading-system developer for that matter, there are some big-picture things that you must have figured out. Here are some tips that will help you get started in becoming a long-term consistent and profitable trader, investor or automated-trading-system developer.
Having a Master Plan
I'm not talking about a detailed trading plan, but a plan on what strategy or automated system you want to develop over the next three to six months. For example, you might have a goal to develop two trading strategies over the next six months. One strategy for uptrends and the other for downtrends.
Making money in both market conditions is crucial for long-term success and these two strategies should be your focus. All your strategy development should be focused on reaching these two primary goals.
This master plan does not necessarily need to be detailed. It is simply your reminder to keep you focused and on the right path. You should probably review your master plan on a weekly basis.
Having a Step-by-Step Process
If you're like most investors, you are developing your trading strategies and automated trading systems without following a well-defined process and understanding the steps and order things need to be executed in for trading-system mastery. If this is you, time to focus and figure this process out before doing anything else. You are probably missing trading opportunities, wasting time and spinning your wheels wondering why you are not seeing progress. I'm going to give you a recommendation that can really boost your effectiveness as a strategy or automated-system developer.