I’ve always been fascinated with lions.
They’re fearful creatures — assassins, predators…
Yet if you put them in the wrong environment, they will perish.
For example, a lion wouldn’t survive long in the scorching Sahara desert, or in the Amazon where the landscape doesn’t help them in the least.
And guess what?
It’s the same with traders.
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The same way lions or any other animal can’t adapt to every single environment…
Traders, or any other business owner will have a tough time trying to dominate every market.
Imagine three business owners that provide a service.
One is carpenter, the second is an electrician, and the third is both a carpenter and an electrician.
Who do you think will dominate the electrical market?
Most likely the one that focuses on electrical work!
Because he puts all his time and focus into it, which will help him dominate that market faster than the guy who does both carpentry and electrician work.
He goes deep instead of wide.
The same would happen with the carpentry market.
See, there’s a reason for that old saying:
“The riches are in the niches.”
Too many traders try to focus on multiple markets instead of drilling down into one or two that they know or have a great interest in.
Doing this is one of the simplest ways to maximize your wins and minimize your losses.
One of the questions I get asked the most about this topic is:
“How do I pick what niche I’m going to focus in?”
It’s a pretty easy decision making process actually…
For instance, I grew up in a family that owned an automotive repair and retail gasoline business.
I was used to seeing the gas and oil price fluctuate.
And I always knew what was going on in the space.
The key is in going after a niche you know well or have a keen interest in.
So for me, it was the energy sector.
For you it could be the industry where you worked previously, a sector that you are really interested in, or one or two niches where you’ve achieved your greatest trading results.
Give this a try and you’ll see trading become more predictable and enjoyable!
And if you want some tools to help you dominate whatever market you pick…
Check out this on-demand training where I share the tools that helped me become the master of the energy sector!