- Sleep within 45 minutes of getting home.
- Forget all the little errands, tv episodes, and other junk I do on the internet. It doesn't need any catering to. If I'm in bed by 4am, I'll get 3 hours of sleep which is the bare minimum I'll need to be awake and attentive for the Open.
- Size appropriately.
- Each tier of risk is about $50. Make sure that I'm giving the best trades at least another tier of risk. Otherwise, there is no reason to risk more than $40-50 a trade. I'm okay to pay for information. I'm not okay risking more than I'm supposed to. Remember: my job as a trader is to take low risk, high probability opportunities.
- Pay myself when the market pays me.
- A good trade is when I make a decision to risk 1 for 5 units of reward. However, I need to stay fluid in my thinking. In fact, if the stock was to make a quick run outside of the bollinger bands or into an area of selling, take some off. More than likely, I'll be able to buy those shares back. It's also important to consider my daily profitability. Once I'm up $500 (my daily goal), I cannot give 30% of it back. Pay myself when the market pays me.
- Review my trades at the end of the Close.
- By reviewing my trades frequently, I'm able to gauge where I'm making or losing the most money. In addition, I need to see where the best opportunities are and if I'm wasting my time on crappy ideas. One good way to do that is to gauge what I'm trading vs. what others around me are making money on. Put in the time now. It's the only way to get better. No shortcuts.
- Focus more on my health.
- It's no secret that active daytrading can be a battleground. The amount of focus and attention to detail in every trading decision (or lack of) can lead to a great day or a disastrous one. I need to eat better. Drink more water. Eat more fruits. Cut fats, sugars, and cholesterol. Hit the gym midday when it's slow! Eat smaller meals. Focus on my health so that when I'm in the market, I'm ready to compete. I'm sure Michael Jordan didn't get drunk before game day. I'm a competitor. Compete!
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2 comments to "5 things I can do to better my trading immediately...."
stop_hunter says:
dude 3 hrs of sleep? i need at least 7!
Anonymous says:
Well I'm in the process in proving Mother Market that I deserve a chance to trade =) Unfortunately she often makes us go through a time period of not making money from the market before she rewards us. I'm in that phase =P
Just taking it a day at a time... no pressure.