Mike,
I’ve made every trader mistake I’ve ever heard of (including a few of my own). I have a system that I’ve built over time and I’ve backtested, and I can say it makes me money once followed well. I’ve implemented checklists, video recording and report cards to it. However, I think all the mistakes I’ve made in the past are affecting my psychology (I’m also using a lot of tips from Dr Steenbarger’s books to help with this). I’m focused on flawless execution of my plan as my daily goal.
Do you you have any practical steps that I can take to prevent my past mistakes from affecting my trading?
@MikeBellafiore
I will offer some practical ideas for you to consider to help with this trading challenge.
But first, I want to point out three things you are doing that are excellent.
First, you have built a system. Well done.
Secondly, you have backtested this system. This is *very* promising.
Thirdly, you are seeking help from excellent resources like Dr. Steenbarger. When confronted with a challenge, we seek solutions.
Try these ideas:
- Complete a Daily Report Card on how well you executed on your plan from your trading system.
- Write down your plan and keep it in front of you, while you are trading.
- Mentally rehearse your plan before the trading open.
- Share your plan to a fellow trader, and ask him to hold you accountable.
- Take some time each day to complete visualization exercises where you make quality trades with your trading system.
- Study the heck out of the days you execute well.
The goal ought to be for daily progress, and weekly progress and monthly progress. The idea is to improve on execution and uncover why and how you execute best.
Trade well.
*no relevant positions
