It is Thanksgiving Day 2014, As I look back at my attempts to be a profitable trader, I would have to say it has not happened yet or even close. As I want to make this happen I need to get serious about it. As I sit here and think about what I need to do to move forward I ask myself what do good traders do that i am not. Here is the list.
They keep a daily journal of - trades- thoughts- goals - things to improve upon
They trade with one method - that they have created themselves from a mix of what other are doing.
They spend more time working on the mental side than on the mechanical side.
They have a plan and they stick with that same plan
They seem to teach others what they do instead of spending time reading what other are doing.
They are highly confident in their method and execute it properly.
They know every way there is to trade but have dialed it down to just using one or two methods.
They keep their charts and screen set ups always the same, never changing
They continue to learn but only add when it has proven to be helpful with the current method.
They have learned to execute their trades when the method shows itself without fear controlling them
They have realized and truly believe that trading is a probabilities game.
They are able to manage there trades with control so as to lose small yet win more.
While there are probably more things a pro trader does to be who they are, I will try to copy and work towards the above to help me obtain my own goals in trading. These are the beginning things I will accomplish to get me moving forward.
Assignment #1
I will pick one method that I will use to find trades- I will have picked that method by Dec 1, 2014
As I have learned many ways to trade is is a matter of just picking one and sticking with it only. As the trading method itself is not really as important, (notice that everybody trades all kinds of different ways) but picking one that I can mentally do or learn to do within my personality set.
Assignment #2
I will journal here every day regardless of trading days or not. But if nothing else but to form the HABIT of writing a daily journal. As trading is mostly a mental endeavor, Most of my journal should focus on that part of it rather than the trade win /lose score.
Starting with these two assignments is a good start and one that will keep me busy yet moving forward with goals that have a need to be done due date.
The Monster Within Me
Derivative transactions are not suitable for all investors.
Past performance is not indicative of future results.
The information provided here is for educational purposes only.
The Monster Within Me
There is a monster within me. His name is Phil. These are the journal's that will record my battle with the monster and his attempt to keep me as a losing trader. But I will prevail and learn to control this monster within me. I will be a great trader, I will be in control of who I want to be.
I will SLAY THE MONSTER within me so that it can no longer control me and my thoughts.
By becoming an Observer of the self, I give authority to the Empowered parts, to be all I can become.
Brick by Brick
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