I am often asked by new traders or struggling traders as to what should they do to be profitable. Often many are under the impression that there is some secret sauce. The only people I know of who claim they have secret sauce are the ones selling some software or indicator or news letter service. Also creating an illusion of secret sauce is always a good marketing strategy.
But in reality the first step to profitability in my opinion is process orientation. 90% of the struggle in life or failure to succeed can be traced to lack of process orientation.Between potential or intention and actual results there is always an executional gap created by lack of process. That is why you will see highly structured and regimented organizations like Army, Navy, Airforce are very good at personal transformation.
Most things can be broken down in to process and then tackled easily. Lets take beauty, it is highly subjective thing. But if you have been following the Beauty Pageant, India and Venezuela always make it to top 10. What is the secret. In Venezuela beauty pageants take place weekly. There are professional beauty schools set up by the government to promote modeling, fashion and contestants that will be ready for the future Miss World or Miss Universe. Now India replicated this process couple of years ago when Madhu Sapre ,a Indian girl first reached Miss Universe in 1992.
A private company in India, Times Of India, has perfected the process of identifying beauty contestant, there is an entire rigorous process which polishes the raw talent and makes some ordinary girls in to stunning beauties. They have set up a factory to produce beautiful girls. Since 1992, a Indian girl from that factory has been in top 10 in all worldwide beauty contests.
Yesterdays DIY example is a small illustration of the process orientation and why it is simple for some and difficult for some. Unless you become process oriented, success is elusive. A process orientation can quickly put you on path to improvement. But self directed process improvements as against mandated and regimented process improvements , inherently are more difficult to achieve unless you have a personality disposition to being process oriented or you are extremely self motivated.
I get emails everyday people saying they tried IBD, it does not work. They tried IBD 200, it does not work. They tried Double Trouble, it does not work.They tried 100 concepts and they do not work. At the same time there are another set of people who write back with several new improvements to the same method and how they are trading it profitably.Some write software hacks to speed up the process. Some point out better ways of doing same processes.
No matter the method or idea you trade, if there is no process orientation, you are unlikely to find success. The first step to profitability is process orientation.Once process orientation is imbibed, process improvement becomes easier. Profit is an outcome of following a process.