Think for myself - Stay focused on the reasons why I bought a stock and sell when those reasons are no longer compelling
- Don’t let successful trades turn into losses
- Be ruled less by emotion and fear and more by logic and knowledge
- Read some good books on trading
- To avoid being whipsawed, I will give myself more room for the trade to work
- Follow my own rules
- Be easier on myself when I screw up and don’t let my ego inflate when I’m right
- Don’t force trades – there will always be another opportunity
- Honor thy stops!
- Stop chasing hot and popular stocks
- Do my own research
- Keep learning
- Learn to be less nervous and take more risks
- Remember that lost opportunity is better than lost capital
- Trade less – don’t overtrade
- To try and limit the number of opinions I allow to affect my trading. Paralysis by analysis has hurt me
- Avoid any trade where I use the word “hope” in my reasoning process
- To follow my logical, well-conceived, long-term game plan, without making irrational changes due to short-term market conditions
- Tune out the daily noise and useless banter
- Reduce the number of positions currently held
- Have more faith in my own abilities
- In trading, learn to be fearless
- Don’t be too greedy
- Slow down!
- Incorporate the use of smart trailing stops
- Use ETFs to properly diversify
- Remove my ego from my trading decisions
- Avoid getting easily frustrated or impatient
- Control and limit my losses
- Focus on making the next trade, instead of the last one
- I will not average down into losing positions
- Create more careful and detailed records with a commitment to review them regularly
- Learn to incorporate a systematic screening method like you
- Use emotions (both personal and market) to my own advantage
- Know my exits before making any trade
- Don’t be swayed by the latest and greatest strategy I hear about
- Keep it simple. Complex strategies are no better
- Avoid crowded trades
- Take time to look for reasons NOT to buy
- Let profits run longer. take losses quicker
- Trade what I see, not what I want to see
- Be more proactive and react faster to situations I find
- Make bigger, but less frequent trades
- Stay patient
- Focus on value of companies and not on the temporary market emotions
- Be more nimble
- Keep better notes
- Adopt an opportunistic versus a rigid bull or bear bias toward the market
- Enjoy the game more
- To quit counting the value of my account on a daily basis
- Stop looking for the holy grail
- Figure out what trade related information to consume on a daily basis and keep what is useful and leave out that which is not
- Avoid information overload by limiting what I read
- Don’t read stock blogs
- Turn off the TV and dedicate more of my time to become a better trader
- Set up a lazy portfolio
- Focus on proper asset allocation
- Never forget that “when you are through learning you are through”
- Recognize mistakes early, exit, and move on
- Take partial profits routinely, but keep money on high-performing stocks
- Follow my system
- To screen & scan my watchlist in a consistent manner each and every time
- Take routine breaks away from the market to refresh and gain more perspective
- Add more fundamental research to my technical research
- Concentrate on finding just one really good idea per year like Warren Buffett
- Stop searching for shortcuts or quick fixes – take baby steps
- Read at least 3 more trading books in next 3 months
- Focus, focus, focus – ignore all outside distractions
- When a strategy works, have the courage to follow it through, when it does not work, to have the wisdom to stop trading
- Find and exploit long-range sector themes
- Open my ears and keep my mouth shut
- Never panic
- Be humble
Archives of “detailed records” tag
rss
Think for myself Traders' Resolutions for the New Year-2013
What are our top trading resolutions for 2013?
D iscipline
R esults
I ntegrity
V ictory (Over Emotions)
E ducation
Discipline
Most traders could benefit from being more disciplined with their trading. Discipline in trading takes many forms. But it can be summarized as just doing what we know needs to be done.
For example, a common New Year’s resolution is to lose weight. Losing weight is simple in theory—we just need to eat healthy foods and exercise more. Just say no to the doughnut and yes to the salad—simple! Of course, sticking to your plan is anything but easy, which is where discipline comes into play. Just do what we know needs to be done.
If I could target only two things to be more disciplined in next year’s trading they would be:
- Cut losing trades: Do everything to keep losses small.
- Let profits run: Don’t fall prey to the fear of a small profit slipping away. (more…)