Basically, there are three steps to master anything in life and that is as much for trading as much for business for pretty much anything you could think about and those three steps are Learn, Practice and Teach. You need to implement all three.
You can read books, you can listen to the podcast, and you can read blog posts, watch videos. That’s really easy and most people spend all their time there because that’s the easiest one.
Practice is where you come to the market and you test things. You are going to trade a demo account for some time to test things when you backtest. You are going to try to spot the charts as you look at different markets. Only a fraction of people who learn actually practice and so, you don’t have all the people who do learning that does practice but some of them.
Teach is that where most people like completely forget and they don’t do anything. You actually have to teach everything you learn and that is very powerful.
For example I saw that the first time that I started to teach people Forex and that was in the beginning for free and I saw a big difference in how much I understood my content when I started to teach and I became much more clear about exactly what I had to do and what was my process whenever I was trading and those things I didn’t really think about before. I had a plan and everything and I knew what I was doing but until I started to teach I didn’t have it clearly in my head and I would have to review it multiple times. But, when you start to teach, that’s where you start to live whatever thing that you’re trying to accomplish yourself and that is powerful.
Most people believe that if you want to teach you have to be like top-notch and you have to be the best at whatever thing you’re teaching and that’s, for me, totally false. You’re better off starting to teach trading to your wife or your kid or whoever is around you than not teaching at all. As I said, if there’s a fraction of people who move from learning to practice, there’s a tiny fraction who move from practice to teaching and that is where all the power lies.
If you do all three things in the trading world, you’re going to see much more progress and that’s going to be much faster.