Okay, so your work space is clean and you’re consistently taking the time to make a few trades and educate yourself. Wait, it’s still dirty and you don’t have time for trading because you spend your entire day playing games? If that’s the case, head over to Part I and Part II of the Disorganized Crime series and get on track.
Wait? You’re still missing the mark, and not progressing like you think you should be even after using the tips from Part I and II? Grrrrhhhh! Use the following checklist now, mister(!) to move yourself up another few notches on the BabyPips totem pole of productivity.
- Conduct a weekly/monthly personal review
- Keep a track record of your trades – Most broker platforms and the like will keep some sort of record of the trades you make, the winners and the losers. Well, that information is there for a reason, and it’s recorded for you. It doesn’t get any easier than that. Monitor this frequently (calculate it for the week, month, quarter, year) to know how you’re really performing. Big whop! You had a single 75 pip winner for the month, but you had fifteen 20-pip losers. Do the math. If the broker’s information isn’t detailed enough, export the information into your favorite spreadsheet program and go to town! You can get all kinds of formulas running. Whether they tell you anything, that’s a different story.
Advanced Tip: Keep a trading journal! Call it what you want, a journal, a diary, your little black book. Use it to record every detail about each trade you make. Include the following as well:Market trend?
- Which trading strategy did you use? You do have a strategy, right?
- What was your mindset? Calm and relaxed? Anxious or nervous?
- How did you decide your entry and exit points? Was it based on some strategy or indicator or was it because you found a penny on the ground on your way to the mailbox?
- Was there anything big in the news? The release of an Economic report, perhaps?
- Rate your trading performance – On a scale of 1-5 or 1-10, how would you rate your trading performance daily, this week, this month, this quarter? Maybe a 4 or 5? Or maybe a 1 or 2? Apply your scale, but also jot down some quick notes about what went right or wrong for the period. After some time, go back to your records to identify any patterns in your performance. Maybe you’re a better trader early in the week, or maybe something just works during the colder months of the year. Use this step to better understand what makes you perform.
- Continued next week…
I interrupt this special broadcast to bring you an urgent message. Typers cramp has ravaged my bony hands and deemed me inoperable. Come back next week to read the juicy Part III Chapter 2 and Part III Chapter 3 of the Disorganized Crime series. Don’t be late!