The Loopholes In A Traders Journey
At the beginning of our journey as Forex traders, we cannot focus on every aspect of our trading – From risk management, money management, psychology, and our individual perspectives on the market.
Granted, it is tough to focus on every aspect of trading initially, or ever for that matter. Focusing on the different parts of our trading journey can sometimes be overwhelming.
I’m talking from experience. During my journey, I had to focus on one aspect at a given time until it all came together. Even now, there are times where I need to take a step back and realign all the different elements.
Here is the thing though, there are loopholes to get yourself in check and balance before going into a new trading week. Over the years, I have developed a way of approaching the markets from Monday through Sunday.
There are several ways to prepare yourself for the week. Here are a couple of things I’ve done to rebalance and prep for my trading week.
1. Weekly recaps
Looking at these trades helps identify the missing aspects of my trading. The most important part of this weekly recap is to know WHY!
Why you took the trades (which hopefully go with your trading plan) or why you missed opportunities because, over time, you will realize what is stopping you from progressing to the next level.
How do I do these weekly recaps? – I do one of two things:
You can screen record on the TradingView platform, which helps me keep trade of what I saw in the previous week and what I foresee for the coming week. This process helps with many things, including my next point.
Talking aloud about what you see in the markets, reasons you entered a position, and your psychological state at the time of entry helps you identify your emotions and perspective.
When you track the way you speak about the markets, you can track what your mind will predominantly focus on in the markets.
2. Saving my Trades
Before and after shots help you understand what you saw in the market and what transpired after what you saw – Allowing you to identify cycles as well as determining what you may be doing wrong.
This will help you train your brain to spot what you want to see in the markets and not the setups that trap you into negative thinking and put your soldiers to the sword. I’ve found that these trades help me spot what I am looking for and allow me to act accordingly.
So what am I saying to you? This week you need to focus on putting together your entire trading arsenal, including mental state, emotions, risk, and execution. Have a process and stick to it. Success is born through routine!
Happy trading fellow Traders!