I have decided to follow the advice in one of Rocko’s comments, and have created a road map. It is not necessarily a road map to success, nor does it outline my trading strategy in any detail. What it provides is a compilation of all the useful advice that has been generously contributed by readers over the past week. It is a road map of trading behaviour, an explicit reminder of what to do and what not to do.
By keeping this advice close at hand – it is posted just above my computer – the aim is to use it as a daily reminder to help promote my strengths and keep my destructive behaviours at bay. The positive points that I need to focus on are highlighted in yellow, and the negative points are highlighted in green.
Over the past week, with the help of others, I have better recognised and identified my weaknesses (although I am sure there are some still lurking under my introspective radar), and it has culminated in this road map. The next step is to take action. This is harder, although I am already taking gradual steps in the right direction.
Special thanks to the following readers for putting in the effort to helping a struggling trader: Brett Steenbarger, Michelle B, Rocko, LP, nonadams, femi, Paul, Don C, adalfu, and indirectly: Victor Niederhoffer, Fyodor Dostoevsky, and Miyamato Musashi (The Book of Five Rings). If you look carefully, you may be able to spot your names on the trading plan.
When I report my trading results at the end of each weak I will also provide a brief comment on how well I have followed this behavioural road map of trading.