I used a similar method to improve my trading. I didnít look at profit or loss, I concentrated on whether I had followed my plan to the letter or not. My thinking was that it was the only way I could determine if my problem was the system or the trader.
I stared out rationalizing all the reasons that I might not follow the plan but eventually got to the point where there were 2 choices; yes or no. Either I had followed the plan or I didnít.
If I didnít follow the plan it was a lack of discipline. It was that simple, regardless of the outcome of the trade, whether I made money of not, it showed I didnít have the discipline to follow my own plan. I could come up with great excuses for why I acted like I did, mostly Fear and Greed, but the simple fact was I didnít follow the plan.
In my case the problem was the trader. When I followed my strategy to the letter I made money. Having the discipline to follow the plan was the only way I could have determined that.
Good luck in your journey, you are on the right track.
It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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A friend told me that trading is "mind-expanding stuff" and that my memory and concentration would improve over a year or two. Nine months in and I do feel more clear headed, the income helps a lot also.
So my goal is to not develop early-onset dementia?
I am newbie in trading and my first goal is to learn trading and do not start trading right away but when i will learn it perfectly and i think now I am able to make some profit then i will start trading and want to make huge money.
My goal is to be able to earn a living trading. I figure that I should be able to earn roughly $1,000 a week or so if I can learn the depth and sales properly. Whether that is realistic or not depends on whether I am able to learn and successfully apply what I learn thru practice. I can't say I'm a beginner, but more of a re-beginner. The methods I have learned in the past might work for someone else, but experience and mathematics tell me they are a potential disaster. I can't ignore what I already know, but I am learning to look at the markets from an entirely different perspective. If I think I have accomplished that, then I will have more well-defined goals.
One of the things I do as I journal my trades is mark every trade as an execution mistake or not. A trade that is part of my plan and would make sense when reviewed long after I have taken it is not an execution mistake (the result of the trade, success or failure doesn't matter).
- My short term goal is keep execution mistakes under 20% for the next 100 trades.
- And, if I keep that rate for the first half of the year, I can increase my position size.