Trader Mindset How to become a mindful trader
Oct 9, 2017
Discover how measuring your trading activity can boost your performance. Time blocking offers a quantitative approach, while a trading journal adds depth through self-reflection. Learn to critically assess your effectiveness in trading, challenging yourself to gain insight into your behavior. Emphasis is placed on controlling what you can and being brutally honest with yourself. Unlock the path to sustainable trading through meticulous tracking and personal growth.
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Track Every Trade Manually
- Track every trade in a detailed spreadsheet including date, shares, entry, exit, P&L, and commissions.
- Manually tracking your trades prevents disconnection from your trading activity that automatic systems might cause.
Be Brutally Honest About Performance
- Measuring your trading effectiveness includes calculating true profits after commissions and fees.
- Being brutally honest with your trading results is essential to avoid self-deception and improve over time.
Controlling Controllables Like Baseball
- Michael Martin shares his feelings of discouragement despite experience but persists in trading.
- He compares controlling your trades to baseball players focusing on perfecting their swing rather than guessing pitches.