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Journal Keeping And The Goal
One of my biggest weaknesses right now has to be proper journal keeping of trades. The pattern as always is that I start something but then lose interest in it, or get some better idea. The same applies to trading methods as well.
This is what is meant when the super-traders keep saying that the holy grail is within you - i.e. your own discipline or lack thereof, not in any system. The unwillingness to put in hard work day after day is the killer. ALL successful traders did this, and they did not stumble upon some magic indicator or EA or system on Ebay that made them rich. They studied the subject, they worked hard, tracked their progress. At some point in time, you have to get serious and stop messing about. It is like trying to drag oneself out of a murky soup of undisciplined unstructured dreamy behavior. One thing I realized is that I do not actually focus on or even GRASP the potential rewards available if I master this skill. By rights this should be in the forefront of my mind, but I never think of it. My goal was to be a full time trader and quit my day job, because I enjoy this subject more. Thats the stated aim, yet where am I in relation to this? Am I gunning for it in a disciplined manner - actually no. Right now I find that I've waisted a lot of time just tinkering around and being undisciplined. I remember when I was a child I had a massive Mechano set (remember them?), but I never seemed to build anything. I would just sit amongst a pile of metal pieces and nuts and bolts and muck about and then get bored. This is similar to how I've been trading of late. The point of this post is that I can see that a key problem that leads to this type of behavior is lack of daily journal keeping - so once again I have started keeping a journal. Starting a journal is no problem, and I've started one multiple times; keeping at it is the problem. Hence today I shall restate my aim and refocus once again: GOAL: Become a successful trader and quit my day job. FIRST SUBGOAL: Make more trading in a month than my monthly wage. Current focus: 1) Keep a daily journal of all trades, listing reason for entry, exit, an analysis of the trade, and a log of trading ideas. 2) Be disciplined, do not jump from system to system (whilst at the same time refining the system you use and be willing to adapt, change, or drop ideas if they do not work). 3) Remind oneself of the potential rewards. |
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