Swim With The Big Fish
Traders are competing everyday on the same resources, and
only few who win. Fresh traders are the weakest link in the chain. They are
being beaten by institutional and professional traders and feel behind their
peers. Overcome these challenges, trading concept to be redefined. Trading is a
business that requires a full plan as any other project. The majority of retail traders forget to plan strategically and
focus mainly on trading plan. There is a huge difference between the two. Without
strategic business plan, the trading journey will not be exciting and will
always be limited on part of the picture. The whole picture will always be
blurry.
Trading world is not different from college life in terms of
competition. The availability of courses is a major challenge for freshmen. They
struggle to find suitable time courses and high ranked professors because
senior student are entitled to register ahead of time. Freshmen have to compete
on the remained courses that are less attractive and do not meet their study
plan. Such challenge hindered me from achieving my goal when I was in college.
Complete my studies with high grades and less time, I had to
overcome this obstacle. I started to gather information from freshmen, senior students
and advisors in order to analyze and set a plan. Senior students were inactive and
consumed. They did not have enough energy to compete with fresh new students,
and they just wanted to graduate. On the other hand, freshmen had the energy but
there were no available courses. I asked myself the following question “Is it
possible to combine the advantages from both levels and compete the lazy people
on their valuable resources?”
The answer was YES. I set a plan and moved up the
competition to the senior level in my first year by taking advanced courses
ahead of time while the rest of freshmen were looking for basics. Such move,
cost me time and effort, but I achieved my goal with high quality. My strategic
plan helped me finding better courses and be better than both seniors and
juniors. That way of thinking might be unorthodox which is what you need to
swim with big fish.
Traders should have the entrepreneur way of thinking that
will make sure not to loose track. The majority of traders caught up in
technical matters and forgets that they are living in entrepreneurship world
and might miss the opportunity of getting the most of it. They focus mainly on
new technology and run after different techniques and indicators to generate more
money, but they fail to remember that trading is all about business and
sometimes it should be handled away from Fibonacci and Elliott Wave. The more
you ignore this aspect, the farthest you are from being a successful
entrepreneur.
Technical analysts need to focus more on the strategic and
project management skills. They need to manage their trading as investment
project that involves multiple aspects such as strategic plan, schedule,
budget, quality and stakeholder. A long term road map with clear outlook for
your trading is needed to sustain revenue and expand financial dreams. Focusing
on technical matters and ignoring the strategic side of trading is like big
muscles without brain to control and guide the efforts.
Retail traders should answer strategic questions before
entering the financial markets. You have to know what your vision is. How are
you going to achieve your vision? What are your short and long term objectives?
What values you will be holding while you are moving in this journey? Do have
key performance indicators to measure your progress? Be innovative, be creative
and the right start is to with strategic business plan.
Abdullah Alrayes
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