2007 Year End Review Part 2

Dec 27, 2007 -

Below is the second part of the two part year end review using questions from Trader Gav.
  • How many times have you been changing your trading strategies? From dummy to fibonacci, then to breakout or even scalping?

There have been times when I’ve strayed from my trading strategy, but not to adapt a completely new one. While I have been tempted to alter it when I see others with greater success, I understand that what may work for him or her may not work for me because of differences risk tolerance, goals, trading preferences, and etc. This is not to say that I haven’t been tempted to change strategies, but I feel that building on my current strategy will take me to the next level (rather than starting all over again with a new strategy).

  • How long was the last time you stick to your trading plan?

To be frank, I strayed from my trading plan only last week. I’ve noticed myself exiting my winning trades either too soon or too late, and I miss out on the heart of the gains. So, what I am trying to do is figure out which chart signals I should take more to heart than others. Still, I shouldn’t be straying from my trading plan. For the most part I am doing a lot better focusing on sticking to my trading plan, but there are still times when I stray. I will have to keep a closer eye.

  • How many times have you been delaying writing or recording your trading journal?

I am guilty of this one. I have been behind recording my past trades.

  • Are you spending way too much time in something called ‘trading psychology’ things? It is important, but are you spending WAY too much time on it?

I might be, but I’ve mentioned many times before that I am focusing on trading more so now than trading psychology. Trading psychology is important, but executing a trade and action is what produces generates profit. Thinking about it can only get you so far.


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