I know when I wanted to start trading that I did not take it seriously. I thought I could get a platform, get some indicators, open an account and make some money. I learned quickly and the hard way it doesn't work that way. To this day I probably am not as dedicated to trading as I should be before I put on a trade. I have a plan, but its a work in progress. I have a day job so I tell myself that I don't have the time to journal.
I came across this job description on the Traders Help Desk site. I thought that its something that I need and felt that others may benefit. They let me reprint the job description here.
This is a job description for those engaged in intra-day trading. It assumes the trader is self-employed and does not trade other people’s money.
Trader’s primary responsibility is preservation of capital, and shall refrain from any trading activity that violates this highest priority objective.
Trading hours are from 9:30 AM (EST) to 12:00 PM and from 2:00 PM to 4:00 PM. Trader’s undivided attention must be focused completely on the market during this time. No extraneous activity is permitted. Short (3 minute) breaks are permitted as necessary so long as a potential authorized setup is not pending.
A review of the current charts and trade plan must be completed 15 minutes prior to market open. Trader is strongly encouraged to use the 15 minutes immediately preceding market open to meditate and/or visualize executing trades per the trade plan.
Trader must maintain the following documents during the trade day, or just after market close:
Trade log (including time, entry price, initial risk, exits, net profit/loss)
Trade journal (showing my reasoning behind taking the trade and whether any of my trade plan rules were violated)
Trader psychology journal (documenting my thoughts and emotional state just prior to and during the trade)
Trader shall wait, patiently, for high quality setups to occur.
Trader shall execute trades per pre-existing trade plan. No early or late entries are permitted.
Trader shall use money management guidelines (# of contracts and placement of stop loss) as documented in the trade plan. No excessive risk taking is permitted.
Trader shall utilize stop loss limit orders at all times. Initial placement and trailing stop location is to be determined prior to entry.
Trader shall wait, patiently, for predetermined profit target(s) to be hit so long as there is technical indication the trend is strengthening. No early or late exits are permitted.
Trader shall immediately cease all trading activity should any unexpected event occur that jeopardizes his/her ability to execute trades per the trade plan.
Trader shall conduct a weekly review each Sunday, prior to resuming trading activities on Monday, of the prior week’s activity. Any identified weakness or repeated plan violation shall be noted and a plan to remediate the issue documented in the trade journal.
Monthly and quarterly reviews will also be conducted to determine progress against the annual business plan.
A new business plan shall be created at the end of the year with updated goals and income targets for the following year.
The following 11 users say Thank You to David_R for this post:
I think most people enter trading not realizing what it entails. Sounds like an exciting way to make fist loads of money. But it is really something all together different and looks much like the above. Just grinding it out day by day doing what your plan says. Fist loads of money very possible but only with much patience and military style discipline.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
The following 3 users say Thank You to liquidcci for this post:
Would be better to show one from a good hedge fund or something similar . This job description sounds alot like someone who imagined themselves to what a pro trader would be doing . Most of the points are good tho . Just be careful with the blind leading.
I was told that it was one of the clients from tradershelpdesk.com. They took it upon themselves to create a job description based on comments from Gail at THD. She strongly encourages traders to treat trading like a business and like its your job.
I think the idea is as you said. Someone imagining themselves as a pro trader, but trying to be serious about it. Creating a process or routine.