This provides clear and concise roadmap to avoid unnecessary suffering:
------------------------------------------------------
Spydertrader
11-12-07 09:29 PM
November - Putting it all Together
Continued
....
So how do we go about shortening the time for each step above and thereby give ourselves the greatest opportunity for success?
We begin by first looking for, and then correctly identifying, the areas which need attention. By this I mean to say, statements such as, âIâm confusedâ provide no guidance as to where one might search for enlightenment. Contrast the previous statement with, âHow can I avoid entering on a retrace of a retrace?â and now you have an exact recipe for producing successful improvement of your trading.
Nwbprop used to say that his favorite time of the day was the âdebriefâ because he often learned so much during this time. Hopefully, the lessons he learned and articulated have helped others do the very same thing â debrief daily (even several times a day if need be). After all, once one can correctly identify a problem area, one can then set out to locate a solution. More often than not, youâll find the solution between your ears.
So we begin this self-analysis process just as we begin any journey â at the beginning â checking to see if we annotate correctly, efficiently and fully. If we do not correctly annotate, then we must begin to make changes in order to correctly build the pathways needed within our brains to âseeâ the signals provided by the market. Once the required annotations have taken place (and an appropriate time has passed allowing the brain to actually build the pathways, and not the traders setting some arbitrary deadline), we move onto the analysis phase. Here we check to make absolutely sure we know how to read the basics. Do we understand how Gaussians lead Price? Do we know consistently what must come next? Can we âseeâ (on our specific resolution level) where we are always with respect to the right side of the market? If not, then we need to go and review.
The Journal is set up for review multiple times. Each pass, something which once made little sense, or appeared to come across with one meaning may appear different another time through. Why? The context has changed, and as I always say, when the context changes the answer changes. This time the change in context resulted from a change in the trader. As a result, the trader sees things differently than before, and hopefully, this difference results in an âAha!!â or two along the way.
Once we have answers to our questions, and the number of questions begins to decrease on a regular basis, the time has come to move to the next phase of the process.
--------------------------------------------------