Assess Your Year of Trading – Week 36 – 4 Minute Drill for Traders

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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…

Stay Disciplined!

Category: 4-Minute Drill for Traders

Comments (5)

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  1. Chan CP says:

    Is been wonderful watching your talk on videos, sometime when I m to make a decision your word come to mind, STAY DISCIPLINED, act according to plan. Thanks Norman

  2. Rod says:

    Thank you, Norman, for your calm and focused messages in the 4 minute drills. I greatly appreciate the content and the manner in which you deliverr these messages because you are identifying the mental details which other trainers ignore or have no advice about or simply don’t have the compassion to discuss them!
    During 2009 and following my completion of a Diploma in Share Trading and Investment in November 2010, I traded equities, but was lured to FX as ASX equities floundered in the wake of the GFC. Although I was well trained in stop loss placements, what I did wrong starting in January 2010 was to be dazzled by the prospect of huge profits in a short time so went for full contracts and 5 minute charts. I lost control a number of times because I hadn’t rehearsed my trading plan. Over the next couple of months I made some losses around the $200-300 mark and I realised I had to cease trading until I could regain control. Then I came across Norman who hit the nail on the head with his Disciplined Trader concept. I have reviewed my lot sizes, rewritten my trading strategies and tactics and have partially convinced myself that I can drive a trade rather than it driving me. With more inspiration from Norman, I believe my courage and success rate will improve. Thank you Norman, and have a safe and happy Christmas.

  3. Eileen says:

    The one thing I did right this year is hire a mentor to teach me how to trade. Now I am looking forward to more winning trades than losing ones and become the consistent trader I wish to be.

    Thank-you, Norman, for your pearls of Trader’s Wisdom. I look forward to more blog posts or videos.

  4. Joanie says:

    Thank you Norman for the wonderful pearls of wisdom that you have shared with us. It is much appreciated.
    Looking back at not only this year but over the last 5 years there is very little that I have done right. Hence I have now managed to lose most of my money.
    BUT all this will change as I have now accepted that I must change. My trading will now be treated as a business. I will commence a daily journal and use strict money management. I will also write a trading plan. Yes I know “How slack can one be.” Owning up to my trading failings has been liberating as I know I can make money but without the whole discipline thing I was never going to come out on top.
    Bring on 2012 where my last remaining $10,000 will grow beautifully as I become the trader I know I can be.
    Thanks again Norman and I wish you a very merry Christmas and a great New year.
    Best wishes to all traders.

  5. What are some of the things you did RIGHT this year?

    and maybe the MAIN thing (mental/emotional/risk-money management/
    trading plan) you want to improve?

    Sharing this will motivate you!


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