Really Simple Rules to kick start your trading year

387432527Not another blog post of some glorious trading rules. But, here are couple of things that I have learnt (some of them, in the hard way) from the past. So , this blog post is really meant for myself as constant reminder, and maybe, help some of my 13 readers.

Stop Changing approach, Give yourself some time.

I shall admit that, I had this problem.  One of the key “discovery” of mine was really to stop changing, stop trying to “improve” something. Stick to one, during good time, and bad, master it, journal, repeat and repeat. You need time to master a skill, you need time to master a strategy, in other words, you need time to be a master of something. Stop changing approach, get good with it. You need data to analyze, you need trading records to evaluate, constant changing your approach gives you nothing to work on.

Journal it. Give yourself a chance to grow.

Face it, your memory sucks. You thought you have learnt the lesson, but after a couple of weeks, or months, memory fades. Write it down, record them, like it or not, just do it. You will need it later. Again, you will REALLY need it later. Be as detailed as possible.

Stop micro managing your position. Give your position time to work.

Give your trade time and space to develop. As matter of fact, in my day trading, I prefer let the target hit, or let the position stopped. Taking partial profit, move stop to break even etc hurts your long term expectancy if you don’t know what you are doing. Do your math, before implementing these strategies. “Feel better” is not a position management strategy. You can do better than that.

When you are not a master, stick to one market.

Even a season professional focuses on limited number of markets during the session. Face it, if you can’t make money focusing one market, your can’t make money looking at 2 at the same time. The “afraid of missing out” symptom will make you miss out more. Stay focus.

That’s it. You can always come out with another long list of rules (who doesn’t love trading rules? They are cheap), the key is really be a master. Start with the simplest thing and master it.  To end this blog post, here is the quote from Bruce lee:

I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.

Good trading.

About Gav

A Father, Husband, Trader, and Blogger. A serious coffee addict. Started trading since 2005, trades Futures and FX.

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