Wednesday, April 14, 2010

A Brief Trading Self-Assessment

* How many of your trades today (or this week) had an explicitly defined risk and reward?

* How many of your trades today (or this week) did you execute according to the defined risk and reward?

* How many of your trades today (or this week) were based upon clear market patterns and a clear identification of how the market was trading?

* How many of your trades today (or this week) were placed out of fear of missing a move? Out of frustration following a loss? Out of boredom in a slow market?

* How many of your trades today (or this week) would you place again if you had the same circumstances?

* How many of your trades today (or this week) came from advance planning and preparation?

* How many of your trades today (or this week) were sized properly, given your level of confidence in your ideas and your desired risk management?

* What did you learn today (or this week), and how will you put that learning to work tomorrow (or next week)?

* How did you feel about your trading at the end of the day (or week)? Proud? Disgusted? Regretful? Satisfied?

* What can you do tomorrow (or next week) to feel proud of and satisfied with your trading?

.

2 comments:

RoachApproach said...

Thanks, very good questions to ask on every day!

Cheers,
M

De'Trader said...

Hello Brett, I followed your Bonus Post about Calculating Target and found out that If SPY Open outside High/Low Previous Day, then there are 87% chance the price will touch the Hi/Lo of previous day.(Ex: If Gap Up then the price will touch the yesterday's Hi) Is it something value to trade? Thanks for your bonus post