If you don’t put in the work before the trade, then you shouldn’t make the trade.
If I have any chance of becoming a consistently profitable trader then I really need to start working on 4 main areas;
Planning : I need to develop a consistent approach to evaluating markets and then be ruthless in my final stock selection. Trading average to good set-ups is not ok at this stage of my development. Instead I need to laser in on only the very best opportunities.
Execution : A great plan can be royally f*cked up by poor execution. I need to develop an approach to execution that puts me in more profitable positions and doesn’t have me chasing the market.
Management : Entering a market is just the beginning. I need to develop a set of rules that will allow me to manage a trade including; building on strong positions, exiting weaker ones with minimal losses and protecting profit without missing a major move if a market starts to trend.
Review : No trade is perfect so I absolutely MUST start reviewing every trade I make and look for opportunities to improve.
The good thing is I have this little slice of the internet to capture my thinking and hold myself to account.
Improvement starts now.
Thanks for joining me!
Good company in a journey makes the way seem shorter. — Izaak Walton