I am going to share what a *very* promising developing traders looks like. I will do so by sharing his Daily Report Card. Notice how he judges his trading, thinks about his trading, is working on the right things, and is intensive in his efforts. This is a trader to copy if you are a new and developing trader.
His last Daily Report Card read like a textbook on optimal trading. It will have to find a way into my next trading book. In fact, one firm trader who read it remarked:
After reading (Trader’s) review, I’m left with a feeling of clarity and energy. I really think those are great bullet points he outlined on selectivity, patience, aggressiveness, and visualization.
I am just gonna share it with you so you see how a *very* promising trader thinks about trading and trading progress.
Trader’s Daily Report Card
1.) Selectivity- Find that Shark does a great job at this when the market slows or there is opportunity in an exclusive name that he is tracking. In this case, tape has been a little slower. For me, this means that selectivity is even more important. There may be only a few good trades in the given session, so I will be very selective with the setups that I do take. Have not been wasting time on lesser setups, and this has been great with emotional duration on day to day basis. Running threw the trade BEFORE I enter the trade has been very helpful. Asking myself is trade worth taking and what can I realistically get out of this trade in a market like this. Has helped with sizing and the patience aspect
2.) Patience- DON’T NEED TO TRADE. I tell myself every morning that I DON’T NEED TO TAKE any trades if nothing is there. I have come a long way with my patience as a direct result of taking stupid trades that are strictly out of boredom. Learning through pain and experience is a good way to become patient. DON’T WASTE TIME. Have been very patient in allowing trades to a.) show them to me or B.) get to the price that I want it at. If I don’t let it show itself or price isn’t there, then it simply isn’t a trade that I want to be a part of.
3.) Aggression when needed- Better setups and better pricing leads to increased confidence and sizing. Can be more aggressive with the setups that I am taking because I have to only better risk reward, but also more confidence in the setup. Continue to increase and push size. Will come and am getting much more comfortable with larger lot sizes according to risk units rules.
4.) Mental preparation- Am continuing to work on this and have seen improvements in terms of the visualization aspect of preparation work. Being flexible and open to ALL possible price action scenarios has loosened up my mind and allowed me to plan more efficiently. Don’t be forced to push idea on myself. Set hypotheticals and ask, if this happens, what should I do. If price moves here, what do I want to see. Be a reactive trader and not a proactive one.. Anything is possible.
I hope this helps with your trading. If this trader keeps doing work like this, he is gonna earn a nickname.
*no relevant positions
