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Chapter 32, Part II. Tracking Your Performance - Continued... Page 6

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    And finally you have to make a conclusion based on this analysis. Definitely you will come to see “I need to be more disciplined” or “I need take more profit and smaller loss” and so on, but such answers do not improve your trading skills. I can ask you a simple question – “How?” So, the same as with goals as with analysis of past results, we have to be specific. You have to answer definitely – how do you intend to be more disciplined, or how do you intend to adjust your profit taking technique. For example you may say – “if a higher time frame MACD supports my trade – I will take at least a 1.0 Fib extension target, if not – I will take 0.618”. That is a specific answer. The same must be done with other aspects of your trading plan or technique that is in demand of improvement.

    Anyway most important question that you have to answer is – “Do you ALWAYS follow your trading plan or not?” It’s better to have bad trading system than to have a lack of discipline, because change of trading tools is much simpler than to gain discipline.

    Pipruit: Ok, I think I’ve got it. Keeping the journal and analyzing it is necessary to understand what is good and continue to do it and what is bad and stop doing it, right?
    Commander in Pips: Even I can’t say that any better. But, this process demands wise discretion – not occasional but wise. It should be detailed but not chaos. As we’ve said a possible group of specifications could be as follows:

    1. By particular pattern/context or pattern/context + market (or pair);

    2. Market style – trending/ranging + pattern/context;

    Then you can add more details in each group:

    - entry technique;

    - lot size, stop-loss placement, target levels;

    - application of scaling of position, partial profit taking;​

    Then you can analyze it from a different perspective:

    3. Particular trading time – week days and time during the day. When your trades are successful and when they are not.

    4. How long you can trade without breaks;

    5. How long do you have to rest – during the day, between trading periods;

    6. Discipline issues.

    #1 Sive Morten, Dec 28, 2013
    Lasted edited by : Oct 9, 2016
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