Home > Beginner education > $Tips to focus your trading plan

$Tips to focus your trading plan

1) Review your Journal: Note what are you doing well on days that you earn money. Note what you missed on days that were tough for you personally and make these BOTH your personal trading rules. Your journal is the best trading book you will ever read if you are dilligent in writing each day.

2) Be prepared by 9am at the latest each morning. Write down as a part of your plan what time of day you will get ready for tomorrow and stick to it. make an appointment with yourself and don’t let anyone or anything break the time. You are running your business, you are working, treat it as such. If you don’t do the work you have no right to earn consistent money. You are simply hoping to tet lucky.

3) Write down what your A #1 trade looks like in your plan. As we said in our featured article in the previous newsletter (read it here) you must be able to recognize what a great trade looks like or you will never understand when to increase your trade expectation.

4) Pick a time frame and stick to it. It is very difficult to master every type of trade. And every style. Do not be afraid to miss a trade. Document how far you feel comfortable allowing a stock to fluctuate and that will dictate your share size. Wider stops = bigger time frames for order flow= smaller share size on initial entry. Smaller stops=shorter time frames for order flow=bigger size for entry.

5) Have a plan in place for determining what the market is doing. Have an idea what you think will happen the first hour today. Write it down. 75% of all stocks follow the market when order flow is obvious. Make market direction and expectation for follow through an important part of your pre market and intra day analysis.

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  1. September 14, 2009 at 12:46 pm

    Great reminder post for me Pete!! If one does this consistently and keeps it in mind then tarding “now” will be the focus and trading past “moments” can be diverted.

    Debbie

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