Quote from RAMOUTAR:
Flashboy, here's a few things you can do:
1) Put your plan on paper. I call this the Personal Trading Plan. 1st plan is the Global Plan, this covers all of components in your trading: capital, risk tolerance, "trading stable", trading strategies, on and off peak daily activities, etc etc. The 2nd part of the plan is the Daily Plan: What your doing throughout the day (prepping for the open, trading at the open, key reversal times, your intra-period filtering process, etc, etc.) The Global Plan should be reviewed on a weekly basis, and the Daily PLan should have revisions for certain events (i.e. Rate decisions, double and triple witching, etc, etc)
2) Review your Daily Plan, at the beginning of each trading day. I have coached, mentored and traded with many commercial pilots over the years. They're all the most disciplined traders I have ever met (second to professional gamblers). Why so disciplined? Ever see the pilots in the cockpit reading through checklists as you board? It's amazing, these folks read through the checklist before every flight. They should know the whole thing by heart, but they still do it. Some of the pilot traders have told me that when they go through the list, they always manage to find something that needs to be fixed. It is this religious and humble approach and discipline that allows them to keep their head, even during the worst of times. It's quite profound to listen to a black box recording of a jet that goes down. The plane's fate is inevitable, yet the flight crew exhausts every avenue of effort to try and correct the problem. They don't lose their cool, because they have been training for that moment all through flight school. When they are in a losing trade, they get out, period. They "trust their instruments" and do what the instruments tell them. I fthe instruments say do nothing, they do nothing. Now I joked around in an earlier and similar thread by saying to put a thumbtack on the mouse button (which does work), but the reality is we have to train ourselves everyday. I will make a Personal Trading Plan available to ET members in the coming days.
You have conquered half the problem already, you acknowledged, admiited and wish to fix the problem. Good luck.
Terrifically helpful! I sincerely look forward to reading your PTP!