Saturday, 8 October 2011

Game Plan for the rest of the yr

Time and again I have achieved 100% return on my initial investment, only to see it giving all back. I have spoken to a couple of trading mentors and as most of the great trading gurus on twitter land say ; the last 3 months, have been the most volatile months for trading since 2008 and starting to trade during these times, is BAPTISM BY FIRE!  Two things can happen: 1. I can sit there and blame it all on the markets being volatile and all or 2. I can  man up and work on my game to get better and most importantly get back to winning. I choose the second option.
Gameplan
1. Stick to setups which I have in my playbook (which I have successfully developed)- any trade setup which is not what I have seen before in my playbook, I won't be pulling the trigger on it period.
2. Need to stick to my stops better. Since most of my setups are momo  (momentum) plays, all  my favorite trading setups usually have very tight stops with huge risk and reward.
3. Need to concentrate on one trade at a time and make it a HOLISTIC experience, where each trade is 'ONE GOOD TRADE' at a time.
4. No revenge trade (taking aggressive trades trying to makeup losses for the day). Period.
5. I have made daily targets which I would be looking to achieve, given that I see any profitable setups.
6. Need to reduce excessive trading. My best weeks have been where I have taken less trades.

As my twitter handle is : dchsn6  . Above were 6 points of my gameplan.

'ONE TRADE AT a TIME, ONE DAY at a time' . 'Success comes to people who work hard for it' - These would be my two quotes which I will instill in me.
Nothing but having a good trade is what I am gonna concentrate this week. I gotta cut out all the noise, cause ALL I CARE ABOUT IS WINNING.

This is what I listen to when I have a successful trade.


Fabolous - You Be Killin Em



http://www.youtube.com/watch?v=3sg_rP4y7r0

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