Your results on Monday will be influenced by the work that you do this weekend. Before we broke for the weekend we met with our desk. And we offered some constructive exercises for their weekend. Be a weekend warrior. Let’s discuss.
During the holiday weekend you should perform visualization exercises. What are your mental weaknesses as a trader? Work on overcoming these weaknesses by performing your visualization exercises. Spend 15 minutes each day over the weekend working on these exercises.
During the weekend we can all watch tape of our trading. Search for the plays where you can add size, search for patterns that you can exploit next week, review your best trades. What trades worked best for you? Find more of these on Monday. What trades are not working for you? Eliminate them.
Think about your trading. What trades worked best for you this past week? What were the characteristics of these trades? Can you find some more like this next week? What trades were too risky? Eliminate them. What trades did you sell too early? How can you hold a similar trade longer?
As an intraday trader I constantly think about my trading. There was that trade in WFC where I could have added some size to on Friday. WFC was in a downtrend. 18.25 would not lift the offer. I could have loaded up on a short trade there. I could have added some size in RIMM on Day 2 after its earnings. It gapped down, found support, and I started a small position. I could have bought more.
Traders will make mistakes that are acceptable. I should have added some more size to the WFC trade above. That is one mistake. The biggest mistake is to not review your work, to not recognize how I could have traded this better, to not improve as a trader. Mistakes can be overcome. An attitude of complacency, forgoing this weekend’s opportunity to improve, is not acceptable.
This weekend is an opportunity for you to improve. Above are some ways to get better. Enjoy your weekend. Don’t forget to follow us on Twitter.