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I used a similar method to improve my trading. I didn’t 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 didn’t.
If I didn’t 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 didn’t 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 didn’t 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.
DD
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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?
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.
I'm just starting to trade. Setting any profit goals seems silly at the moment, since it is more than probable that I will not be successful at this. However, my goal for the short term is to suffer less than 20% drawdown in the next few months and stay disciplined about trading on the set strategy. My current job schedule is quite conducive to trading (weekday morning hours are free,) so if this does end up being something I'm successful at I can keep my other job.
Goals I do have/things that have drawn me to trading:
1) Pain acceptance- I think good traders need to learn when they're wrong and just accept the pain, cut their losses, deal with it. Life often presents us with situations where we can avoid pain, often at our own peril. I think learning to trade can actually improve my life by changing my outlook on painful scenarios that need to be tackled.
2) Learn as much as possible in the next few months. About how markets move yes, but also about me. I view this almost like I'm trying to walk through hell and survive.
3) Risk management- I think this is another huge part of trading, and it's actually a big part of our lives that most people overlook. Everytime you step outside, you're taking a risk. Speeding on a highway, big risk little reward. I'm hoping to learn a few things here as well.
4) Trading in general- Everything in life ends up being a trade: if you choose to do one thing, you're not doing another thing...that's a trade. People trade, manage risk, and learn to accept pain at different levels in life no matter what their career or life situation is. The fact that some people can make a lot of money in this industry is a certain draw for any person, but also the fact that you're almost completely relying on yourself is a huge draw as well.
5) Doing it your own way- One reason I think a lot of traders fail miserably when they first start out is because they think they can read a few books and learn a few indicators and bam they're a trader. I think it's something that you really need to devise your own methodology to be successful, but of course education is important too. So many other things in life you can just have someone teach you, or just go read a few books and practice. Trading is a lot more truthful in that not everyone can be the best in a competitive environment...someone's gotta be the loser. I want to see if I can successfully come up with my own system that works.
