Post by traderAllen on Nov 2, 2014 12:46:05 GMT -5
When I was starting out in my trading, the one thing that I felt I needed the most to get me on the road to profitability was an understanding of how one goes about trading. I have my trade plan, I know how to look for setups, I know I should be watching for news events, trying to see what the markets are doing, I know fundamental and technical analysis like the back of my hand. I've learned my trading platform, so I can enter my orders lightning fast. After learning all this, I sit down at the computer, the markets are open, now what I do how do? How do I bring all this knowledge together to a workable action plan? I can tell you it's virtually impossible without paying for a mentor to see how another profitable trader brings everything together so you can learn to mimic what they do to get you on the right path to you learn how to create your own action plan. Trading is a business, if you want to be profitable you have to treat it as such. You don't have a boss looking over your shoulder. But that doesn't mean you can screw off. You must have a set action plan of how you go about your trading day. Something that is repeatable day in and day out so that you are there at the spot and ready to trade when the markets are likely to move.
If you are married you need to explain to your spouse and have their understanding. That from time A to time B you are running your business, and just like any other business, you need to be left alone to accomplish the business needs.
Here is a written playbook of how I go about running my business from 8 AM to 10:40 AM New York time. At first glance it may seem simple, you may think to yourself "I don't need that crap", but I can tell you to be profitable week over week month over month you better have a plan for how you operate your business. This simple guideline sets the structure everyday of how I operate. I don't deviate from the plan.
If you are married you need to explain to your spouse and have their understanding. That from time A to time B you are running your business, and just like any other business, you need to be left alone to accomplish the business needs.
Here is a written playbook of how I go about running my business from 8 AM to 10:40 AM New York time. At first glance it may seem simple, you may think to yourself "I don't need that crap", but I can tell you to be profitable week over week month over month you better have a plan for how you operate your business. This simple guideline sets the structure everyday of how I operate. I don't deviate from the plan.