On Twitter I received this question:
Does the success of ur day hinge on ur PnL, or proper execution? By 1 std I failed 2day, the other = success cc
@MikeBellafiore
@MikeBellafiore
At SMB we do not define success or failure by our P&L but by whether we traded well. At the close we do a detailed trading review of how well we traded and not how much we made. This mindset is an important distinction between the thinking of a pro trader from a new trader. We are trying to get better each day, and do as well as we can. New traders are trying to make money.
In Part I of this blog series we discussed how to tabulate Missed Profit to judge your trading. Next, let’s discuss specific questions. As discussed in detail in my new book The PlayBook, we ask in our trade review to judge if we traded well.
You can add or delete questions to your review and you can certainly add more description to your answers. I hope this helps give you some structure to start judging your trading days better.
You can be better tomorrow than you are today!
Mike Bellafiore
no relevant positions