IF YOU ACHIEVE ONLY ONE THING LET IT BE THIS: Treat your trading as a business and not a hobby. (100% focus, during every second that you are sitting in front of your trading platform. The goal is to preserve capital AND make money.
NEXT:
• Decide your working hours, then be there EVERY working day during that time.
• Focus. When you are working, focus on trading. No telephone chats, no TV, no distractions. There is nothing else during those working hours but trading. If you have to do something else, stop working. In the pit, there was nothing else, just the market.
• Have your trading plan in front of you and stick to it. Keep a log of your trades with the reasons for your actions. At the end of your work session, review your log. If you see regular non compliance then you know you have a problem and you need to take immediate corrective action. Is your plan wrong or incomplete or are you lacking focus and discipline?
• Set up your tools – computers and software, internet connections, broker accounts. Make sure that everything is redundant – if anything fails, you need to have a standby so you can at the very least, close all positions instantly in the event of catastrophic infrastructure failure. Smart phones are a good cheap standby.
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