Welcome to Trading Made Simple Exactly What to Do to Be a Full-Time Professional Trader Blueprint
Explore Self-Paced and step-by-step tutorials to help you build your Full-Time Professional Trader Knowledge and make your goal of becoming a Professional Trader Made Simple.
Your Lesson 10
Task: Read the article
Goal: Discover how important it is to maintain your right formatted trading journal as part of your Trading Plan
The match is over! What next?
Something that deserves your full attention is the following:
Be careful because this can be the difference between starting to be profitable or failing resoundingly...
The match is over.
Every player goes into the locker room, and the inevitable happens: the coach makes a quick recount of the successes and mistakes that were made on the playing field.
Now, during the following training session, with more calm, each of the plays that were challenging or produced unfavorable results will be analyzed, and work will be done to correct them.
This is real work that seeks to obtain increasingly better results.
The same must be done in Trading.
You enter the market, trade, and after making a series of 20 trades, you review your trading journal:
You calculate your average loss per trade
You calculate your average profit per trade
You evaluate each trade based on your predefined written trading plan.
Evaluate your most frequent mistake
And the result of that evaluation will define your objectives for the following week.
You have to do this job always.
Or worse, this can plunge you into the deepest depths of self-destruction.
The trading game is mainly mental; it's an emotional game, and when there's something in you unconscious from your past that you haven't faced or resolved, that will become evident in Trading.
I am not a psychologist or a psychiatrist, but I have seen traders who have an unconscious desire to harm themselves or believe they do not deserve success.
And so, out of the blue, they start doing something so stupid that it undoes what they've achieved.
I will tell you that if there is a market that can satisfy that desire for self-destruction, this is the best one to enable it.
To start overcoming it, you need to become aware of it.
The way to do this is to keep your trading journal, analyze your trades and develop your Trading plan.