{"id":218982,"date":"2023-05-24T13:36:55","date_gmt":"2023-05-24T12:36:55","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=218982"},"modified":"2023-09-24T13:37:56","modified_gmt":"2023-09-24T12:37:56","slug":"using-the-rule-of-5-to-improve-my-trading","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/using-the-rule-of-5-to-improve-my-trading\/","title":{"rendered":"Using the Rule of 5 to Improve My Trading"},"content":{"rendered":"

I may have found the key, the roadmap, the ultimate guide – to achieving success. I understand the gravity of that statement, and I also think you may agree.\u00a0<\/span><\/p>\n

Entrepreneur, Justin Prince, says that we lack priorities, not time. To help focus on our priorities, he created a strategy called \u201cThe 5 by 5\u201d. To start, you list 5 key areas in your life. Mine, for example, are:<\/span><\/p>\n

    \n
  1. Relationships<\/span><\/li>\n
  2. Forex\/Business<\/span><\/li>\n
  3. Physical Health\/Diet<\/span><\/li>\n
  4. Mental Health\/Clarity<\/span><\/li>\n
  5. Time with Family<\/span><\/li>\n<\/ol>\n

    Next, you list 5 activities within each area of importance that would drive or promote that area. For example, in Forex\/Business, my 5 activities are:<\/span><\/p>\n

      \n
    1. Analyze on the weekend<\/span><\/li>\n
    2. Follow my trading rules<\/span><\/li>\n
    3. Keep up with the news<\/span><\/li>\n
    4. Stay active in the forum<\/span><\/li>\n
    5. Join the live sessions<\/span><\/li>\n<\/ol>\n

      And that\u2019s it! By creating the 5 by 5, you\u2019re creating your guide toward success! Obviously, there will be more things and activities to do. But, by having a core 5 things to make sure to do daily or weekly, the chances of straying from success are minimalized.<\/span><\/p>\n

      He also has a separate philosophy that supports this method. “The Rule of 5” has five key points<\/strong> Justin adds to keep in mind:<\/span><\/p>\n

      First, he says you need to <\/span>know what you want<\/strong>. This will help you select your 5 areas of focus. I\u2019ve touched on this before, too; without a clear goal in mind, it\u2019s unlikely you\u2019ll feel accomplished. <\/span><\/p>\n

      Second, you need to <\/span>have the right tools<\/strong>. Pertaining to Forex, you already have a great tool – ForexMentorPro. <\/span><\/p>\n

      Third and fourth, you need to stay <\/span>focused<\/strong> and <\/span>persistent<\/strong>. <\/span><\/p>\n

      Fifth, <\/span>persist until you succeed<\/strong>.\u00a0<\/span><\/p>\n

      The analogy he gives to tie all five of those points together is chopping down a tree. We know what we want – to chop down the tree. So the right tool for the job isn\u2019t a golf club, it\u2019s an ax. <\/span><\/p>\n

      Staying focused would be focusing on one<\/em> tree. If you go out into the woods and swing your ax at different trees every day, none will fall. <\/span><\/p>\n

      With persistence, you have to be mindful, because there\u2019s a difference between activity, and results. You can chop and chop, but if you\u2019re not seeing results, maybe try a different tree or a different ax (i.e different trading strategy, trading rule parameters, etc.). <\/span>This, in my opinion, is the hardest to \u2018see\u2019. Be mindful of time and how far you\u2019ve advanced in your areas of focus. <\/span><\/p>\n

      Lastly, if you persist – TIMBER! You\u2019ve guaranteed yourself success, and reached your goal.\u00a0\u00a0<\/span><\/p>\n

      Here’s a video where Justin explains the 5 keys to use to unlock The 5 By 5 method:<\/p>\n