Hello fellow forum financiers and laconic lurkers. Recently I have restarted paper traded with minimal profits (read: I am in the red). I have what I believe is a solid viewpoint of the markets already, so now I need to figure out how to turn the resulting perception into profit. Aka the hard part. The quickest way to turn things around is to document everything to see patterns and open everything up for discussion, so here I am and here it is.
Trading Mission Statement:
Simply wanting something is not enough: You cannot will change to come about. You have to define, refine and focus on a plan in order for change to come about. Goals can and will change over time but if I haven't defined them to begin with, I sure as hell won't be able to figure out what I want midway through the process. Mission statements guide decision making in businesses and work in journaling as well:
Recent reading has shown me that structuring goals makes the road to success much more tangible, and also makes setbacks easier to identify and eradicate. Every goal I complete brings me a step closer to trading for a living and every step I ignore adds another step in my quest. In this way, self-discipline and trading go hand in hand: the short run eventually turns into the long run. All that I can do is address mistakes/reinforce success, and stay positive and patient while waiting for the results to skew in my favor. Here are my Dec Goals
Trading Goals for Dec 2011
- Continue to use the 15 or 60 charts for set ups. Use the tick chart only for entries
- Use the market's perception of value as a reason to enter a trade as opposed to merely volatility
- Remember that the opening range is a good indicator of potential volatility intraday
Miscellaneous Trading Goals
- Study how traders you respect size up a trading chart: JLC, Ichi, timmyb, FatTails, etc
- Reread notes you have taken on trading books you've previously read
- Be in the green after 5 sim-traded days
- Read/Take notes from The Daily Trading Coach
- Accurate assessment of reasoning for entry/exit ASAP before bias sets in. Also, make it concise and structured or else I will not want to reread it later
- Have a bias/expectation every trading day. Each day is unique but it is also related to the recent chart history as well. Create a plan and a back-up in case it is incorrect.