Here's the deal... most traders only care about live execution and how their are going to "make money" trading today, only a few care about the other vitally important things to do like studying trades taken, reviewing performance, and collecting data of their trading day, yet this is literally what improves their execution.
In today's blog post we will be talking about how you can become a super performing day trader by just putting more attention on what you did in the trading day, week and month!
Before we go deeper into this subject, in case you missed the announcement earlier... we have recently released a free course on Udemy which covers the way we day trade, it has just under 2 hours of valuable content any trader would gain from and you can enroll free by pressing here.
After reading numerous trading books and consulting with other traders I've come to the direct realization that the way they all became successful at trading, and stay successful as traders, is by "self-analysis", specifically overviewing their trades taken each day, both the good and the bad, both the winners and the losers, and this is why I believe that the only way to really develop as a trader and become a super performing day trader is to devote time to self-analysis daily. Ever since I started this my trading went from wobbly with success and failure to a very consistent and stress-free experience.
This post will not be long because the simple key to super performance in trading is to invest time into reviewing your trades, we have made multiple other posts about this in the past, yet the "secret" remains the same.... review the following criteria daily and you will start to develop faster as a trader, and remember, this is the path least taken by the 95% of traders out there, yet the 5% of the successful traders "walk" on this path daily... and if you want super performance you ought to walk this path too!
When doing your review put focus on:
Your biggest winners
Your biggest losers
Where and why you enter late or early
Where you didn't trade with focus
Where you didn't follow your system's entry or exit criteria
Where your emotions went out of control
This isn't the "fun" and exciting part of trading, but then again practice isn't the fun part of being a pro basketball, football or tennis player, but the best in the business spend more time on the practice courts and the gyms then they do competing. They owe their success to practice, and this is practice to a trader, if you cannot do it you have no right to ask, pray or even believe in your success as a trader!
There are many ways to do self analysis, my way is simple... open up the deal map on my cTrader terminal and start checking each and every trade. Here's my deal map today on the DAX40:
What I've done now is reviewed every single trade I took, found the mistakes I did and found what I did good. It's actually very valuable to ask the following question when doing your daily review:
What did I learn today and how can I use it to get better as a trader tomorrow?
The answer to the above question will help put you on the path to success tomorrow, because todays mistakes are tomorrows triumphs!
Anyway, that's it for today but before I let you go... here's a little info about how you can get funded as a trader!
GET FUNDED TO TRADE WITH REAL MONEY BY A REGULATED BROKER
We're partnered up with Scandinavian Capital Markets who now offer an exclusive product in the trading business which is that they fund traders with their own money as long as they can pass the assessment test, which by the way is super easy to do, all you have to do is earn 10% and not breach the hard rules set which are a max drawdown of 5% and not to exceed the daily stop loss of 4%.
You can learn more about it by pressing here.