Day trading strategies: the complete guide with all the advanced tactics for stock and options trading strategies. Find here the tools you will need to invest in the forex market
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Review System
Every successful trader spends a lot of time reviewing their trades and actions over the week. Mention the time you will spend reviewing. Practice When will you practice your skills? What skills will you practice? Each strategy has a number of skills you need to execute, not to mention mental skills. Set aside time to practice each of these individually in order to perfect it. Journals As important as your trading plan is, the document that is of primary importance for your trading success is your trading journal. This will list all the trades you took over the past week and serve as a record for you to review. In addition to written records, you should also save screenshots of your trades on entry and exit. Remember to also save screenshots of the market condition on the higher time frame on trade entry. Many times, on review, you will notice how you might have misjudged the higher time frame action. Below are the things your trading journal needs to record at a minimum: Date Instrument (the ticker or name of the stock) Entry price Stop-loss level Stop distance Position size Reasons for entry (describe in as much detail why this entry was in line with your strategy and what you saw) Reasons or exit Exit date P/L Mental state on entry Mental state on exit You can either have this recorded on a spreadsheet or in a notebook; it doesn’t matter where as long as you can review it easily. Save your screenshots in a numbered manner and in appropriate folders. In addition to this, you can also record your screen and yourself during the session and review your demeanor and market action at the time of entry to verify whether you were seeing things correctly. Remember, the more information you record at the time, the more potential things there are for you to improve and learn. Aside from the trading journal, you should also keep a mental journal. This is simply a record of what your mental state was during the session and if anything was bothering you at the time. It’s up to you as to how much information you want to put in here, but you must aim to record whether you followed your preparation routines properly on that particular day. Your prep routine can include physical exercise, meditation, visualization, affirmations, skill practice, and so on. It’s up to you to decide what you want to include. Your aim should be to include things that are as repeatable as possible. Don’t include too many things because you like the idea of it but will be stretched for time when it comes to implementing it. The last journal you need to have is a review journal. You can incorporate this within your trade journal itself or as a separate document. When you’re starting out, if it is logistically possible, I’d recommend reviewing your session after a 30-minute break once it ends. This way, the action is still fresh in your mind, and you’re more relaxed. Go through all your trades and review the screenshots. Review the video recording as well to confirm and check if what you saw was true. Record what you did incorrectly and, even more importantly, record what you did right. The review is not just about finding things to improve; it’s also to celebrate things you did right. Doing a review after each trading session will increase your rate of improvement as opposed to doing it weekly. Remember, even a session where you place no trades should be reviewed for mental state and whether you were tuned in or zoned out. Did you miss any opportunities? Leave no stone unturned. |
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