For years now I have been banging on the drum of a few things and I love to send an email to talk about them.
They are in case you’ve been under a rock.
Today I want to talk about why you need a trading plan.
For those that don’t know a trading plan isn’t anything fancy, it's just a place where you write down the trades you are going to do for that day. Then you write down what happened, nobody reading this will actually be doing it though.
Here’s why you should…
I know I might be wasting my breath and a lot of people won’t even write their profit and loss down but a plan is slightly different because with a profit and loss sheet it just tells you raw data.
Whether the trade was a profitable one or not. It doesn’t tell us what you actually did.
I’ve seen before many traders tell me that they don’t have a profitable strategy only to tell them to come back in 30 days AFTER writing down everything that they’ve done.
You know what happens? They realised something really interesting, a lot of the time it was them. They were the issue. They were not doing what they should have been doing when it comes to trading.
They were:
Plus a whole host of other things…
Which is exactly why you need to start adding your trades to a trading plan then coming back and adding what you did and being 100% honest about it.
If you do that you will be a better trader, I bet you won’t though!
I’m challenging you now to do it. If you are game then reply ‘journal’ replying doesn’t sign you upto anything, it just is the first mini step in taking action to be a better trader.
Ryan
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