Are You Trading Right? Recognizing Correct Practices
Figure out your mistakes.
This is why it is important to start identifying your best practices as a trader.
You can start by keeping a trading journal, if you do not already. Begin logging each day in a greater level of detail. Write down your rationales for all your trading decisions, and not just “my system said to do it.” Write down in detail why your system told you to take a trade or leave it. This is how you start figuring out the most useful aspects of your system and understanding why they work.
After a few months of detailed observations, hopefully you can come up with a list of best practices. Some examples might be observations like these:
“I tend to achieve the best results when I wait for the retracement before entering a trade.”
“I usually achieve the best results when I take the time to compare the setup I am looking at with charts of A+ setups I have saved from the past.”
“I win more trades when I wait for confluence.”
“I do best when I stick with the faster time frames and shorter expiry periods.”
“I get great results when I use rollover on trades with confluence and strong trends.”
“I always do best when I use my trading checklist.”
“Looking at the next timeframe up and the next timeframe down provide me with great context for my trades and help me make the best rollover decisions.”
“I do my best trading in the morning when my mind is fresh.”
“Meditating for ten minutes before I trade really helps me clear my mind and balance my emotions.”
“I do my best trading after I take a day off.”
“Taking a few minutes each day to be social on trading forums really helps me to gain perspective and learn new concepts.”
Also notice that these best practices cover a variety of different aspects of trading:
Specifics relating to the trader’s method
Life habits and mindset before and during trading sessions
General trading procedures
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