HELPFUL HINT #1 ... HAVE A TRADE JOURNAL!!
This Journal (for me) goes back to October 2005... I did start with Journals prior, but it wasn't until 2005 that I was "Bright Enough" to utilize excel. Up to then I would buy books and write everything down.... the old fashioned way.
Of course your Journal can be customized to what you feel is important taking note in, this is an example of what I started with when I moved to excel.
Excel helps you have everything organized where you can look at a glance to backcheck both your winning and losing trades. If you do this everyday as soon as your trade has completed... it will be fresh in your mind and you can take detailed notes. This will help you in maintaining a disciplined approach to your trading as well as have all the information you will need in the event your trading turns for the worse and you need to re-evaluate your trading plan.
If the information is added to your journal when the trade happens this will allow you to target your problem areas much more efficiently.
For instance on your losing trades:
Did you Fail your plan?
Was the change in Market Direction News related?
Was it a legitate Losing signal?
On your winning trades:
Did you maximize the signal as it was?
Could you have taken the trade for more profit? How much?
These questions, as a discretionary trader, can help you maximize your full trading plan potential.
In trading it is all about finding your own little niche, your own edge against all the other traders and by having a Trading Journal it is just a little added information that will assist you in tweeking your trading plan to the fullest.
My example:
im trying to enter live trading but was denied access paul kolb how do i enter?
Posted by: paul kolb | January 14, 2009 at 06:59 AM