As 2011 comes to a close, I ask you to assess your year of trading. Start by identifying the things you did right. Then, look at the things you need improvement on… I’ll go over some questions you’ll want to ask yourself to help with the assessment. Then, I’ll give you some pointers to help you improve in areas you may be having trouble.
What did you do right in regards to your trading in 2011? Let’s hear the positives and then let us know where you may need improvement… Just hit the comment link below!
Hi, Norman Hallett here with your next 4 Minute Drill.
With 2011 winding down… it’s time to assess your year of trading… and I mean an honest assessment.
I suggest that you start by identifying the things in your trading that you did RIGHT first and after exhausting that listing, go ahead and look at the things that didn’t go so well and that you need improvement on.
You need to ask yourself questions like…
Is my trading plan one that fits my personality? (remember, trading plans that don’t fit YOU can be hard to follow without hesitating).
Is my plan protecting my profits along the way when I’m in a trade, or do I seem to be always giving back big gains?
Am I being patient … and waiting for the high probability trades to set up before I enter them?
I think what you’re going to find is that you may need some tweaking… well… for some of you an OVERHAUL… in two main areas…
ONE: Your employment of Risk and Money Management and
TWO: Your trading discipline.
These are major areas of concentration for The Disciplined Trader.
Why? because if you have top notch employment of Risk and Money management in your trading plan, then you are preventing the blowout trade from happening as well as having a tight plan to defend your profit when you get them, rather than being so willing to give them back to the market because… well, it’s not my core money anyway.
and maybe even MORE importantly… the area of trading discipline.
When you are The Disciplined Trader, you are the total package… and then,
and only then can you be CONSISTENTLY successful in your trading. Why?
Because AS The Disciplined Trader, you have the courage … the inner strength.. to follow your trading plan …. exactly as it’s laid out… without hesitation.
And by doing so, you can actually be LIVING the successful backtested results that always escape the un-disciplined, frustrated trader.
Longterm success in your trading starts … with a strong DUAL-CORE… strong defense… that’s your money management scheme… and strong offense.. your strong commitment to discipline and sticking to your rules.
So… over the next couple of weeks… sit down with your Journal and be thankful and happy about all the things in your trading that you did right this year… then continue your assessment process with define what needs improvement and be happy about COMMITTING to MAKING those changes.
It’s ALL GOOD.. when You’re The Disciplined Trader!
OK… Until Next week…
Category: 4-Minute Drill for Traders