What I want my trading to look like is following a list of rules and sticking to the rules. I don't want to leave much to my subjective thinking, but I do need to be able to discern if price is following the behavior that my rules are based on. One thing that I've been struggling with is not having clear if/then scenarios written out so that I am not sure if I'm following my rules or not, so I have been trying to fix that, it's just been a long process of trying to get more rules. However, I talked more with my family member and we came up with a plan that I will have a binder with many lists of rules. I will have rules about journaling, I will have rules about reviewing the day, I will have rules about the mechanics of trading such as when to begin and end and do prep work, I will have rules about consciously being aware of and journaling where price is at in the bigger time frame of things, and after watching this video, that means not only if/then scenarios, but also what I will not be interested in trading. I will have rules about the bigger picture of what needs to be in place when stalking a trade and finally, I will have rules right in front of me with a checklist to mark for whether or not I followed my bigger picture rules along with the fine tuning quick list of rules that result in pressing the button. I will also have rules on my mental state: am I sleepy or alert, have I become "numb" to caring about being precise in my entries--usually from staring at the charts too long and finally one main rule: that I can't lose more than my allowed amount per trade or day. You'd think all of those things are so obvious that it shouldn't be hard to follow them, but I have really struggled in all these areas and come to see myself as lacking self-control. In general, I have had the hardest time with self-control except when I have built good habits built around following something I strongly believe is in my best interest. For example, many years ago I used to move my stop loss farther back if price went closer to it. I had to work really, really hard to overcome that tendency and now I rarely struggle with it, not because I don't think a trade might work if I gave it a little more room, but because I remember the struggle I had to overcome it and I remember that I struggled to overcome it because it was ruining my trading and I knew if I didn't stop I'd end in disaster. That might be the only thing I have really conquered emotionally in trading, but it does give me hope that there is hope for me because I have a problem with revenge trading and a few other things centering around being disciplined while trading and in my approach to trading that I have to overcome in order to be a profitable trader. There have been times where I've wondered if I just don't have the self-control necessary to be a trader, and that is still yet to be determined. I think the points made in the video give really good suggestions that can help with overcoming these problem areas. My family member is willing to act as a coach for a while for me, which means sharing my trading plan with him (when I finish it) and going over each trade at the end of the day, but most importantly, for being accountable to not losing more money per day than my allowed loss. In some ways, it's like working under a manager instead of working for myself and just knowing that this will be the plan for the next month or so has already helped me to work harder at finding what I need to be working hard at.
In case nobody noticed, I think best when I'm typing out my thoughts, so much of my journaling is me putting my thoughts on paper, as is the case tonight!
Thanks to both of you for sharing your thoughts on how you view trading!
