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11 More Trading Resolutions for 2011

  
  Education
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  1. I will begin each trading day by asking myself, “Is today a day to make money, limit losses, or do nothing? And then I will trade that way.
  2. I will be aware of my fear and recognize when I’m trading out of fear.
  3. I will stay objective by asking myself, “If I had no position on, what would I do?”
  4. I will listen to myself first and others second, or not at all.
  5. I will trade to make money, not to be right.
  6. I accept that how often I’m right is not as relevant as how much I make when I’m right vs. how much I lose when I’m wrong.
  7. I will manage my risk better by following this simple formula: H+W+P=E (Hoping + Wishing + Praying = Exit the trade).
  8. I will lose money the right way—by using stops.
  9. I will quantify the success of my trade based on the quality of my trading process and not on the profit or loss from it.
  10. I will keep my trades simple. Trading is a game of up, down and sideways. It isn’t complicated, so don’t make it that way.
  11. Finally, I will keep a trading journal.

 

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