A Simple Strategy For Making Your Trading Better

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Here is a simple scheme for making yourself better as a trader month by month:

  1. Review your trading for the month. Keeping statistics on your trading is an excellent way of doing this. How many winning and losing trades did you have? What were the average sizes of your winning and losing trades? How did your largest winning trades compare with your largest losers? What ideas were responsible for the winning and losing trades?  
  2. Identify the one thing you did best during the month and identify the one thing from the month that you most need to improve on. That means comparing your best and worst trades and/or your best and worst trading days.
  3. In the spirit of FIGS--focused, intensive, goal setting--identify the one thing you'll do each day to repeat what you did best and correct the thing you did worst on. This has to be a daily plan that you will tackle with each trading session, will involve building on your strength, and will address your weakness.
  4. Keep a daily report card of how well you accomplished your two goals set for the week, and how you can extend your progress the next day.
  5. Repeat this process, setting new goals each month.

You are most likely to become consistent in your trading if you are consistent in working on your trading. The consistency and intensity of your work on yourself will shape your rate of progression.

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