If I were to grade myself, I would give myself 'F' for July 2011. I made a lot of mistakes, but am learning everyday. I have chased stocks and yes, I have held positions overnight to trade on earnings as well. People ask me if LUCK is required for traders and let me tell all of you reading this 'YES' luck is required , if you don't follow your trading plan, which I am guilty of not doing. Hence, my rating of 'F' for July 2011.
Things I am doing to help myself to trade better.
1. I am making a journal of each and every trade that I took and document the reasoning behind it. (cause I feel if I can't reason my trade, I shouldn't be in it in the first place)
2. Respect my stoploss and not to wait on 'HOPE' to save me from my stupid mistake. StopLoss is there for a reason and I will honor it.
3. Need to hold on to my winners as long as possible till the markets tell me to get out.
4. NEVEREVER CHASE STOCKS.
I am sure if I follow the above 4 steps then my August 2011 profits will be better than July 2011 ;). In the end, all I CARE ABOUT IS WINNING.
dchsn6
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