New Years Trading Resolutions...What's Yours?

[MadMarketScientist 11]

It's that time of year again where we all ponder our lives, goals, successes and failure.

 

Usually it's the "lose weight", "work out more", "spend more time with family", "curse less while driving" and so no.....but what are your resolutions for your trading in 2011?

 

For me I have a few -- probably some of the same I try and have every year, and maybe some particular to recent experiences.

 

1. Follow the damn system. Everytime I try to outsmart and out-think the system I follow I pay the price. Stupid. Last week I decided I'd try to sneak in a trade ahead of the Crude and Natural Gas weekly report days. Most weeks you can actually grab a quick winner, but on occasion it's about the worst trading you've ever seen. That happened this week -- and once again a broken rule is costly.

 

2. Swing trade more. I have focused so much on day trading and have been watching others I know do quite well, and working far less swing trading. This will be a pursuit of mine this year.

 

3. Continue to reduce time in market -- I do not think you make more money the more you trade. More automation, focusing on just the very best minutes of the day, getting in and getting done as fast as possible. That's my mantra for the year.

 

4. Push it. What I mean by this is sometimes I have a tendency to book a finish a pretty good day but shy of my real objectives. It feels good. Until the next day is above average on the loss and if I would have followed my plan on the prior day I'd be fine. Instead I'm fighting uphill. When things are trading well, go to completion -- avoid the satisfaction of the win.

 

How about you?

 

 

MMS

[SIUYA 11]

continue to automate a few things more..... a slow but steady process

that way I can avoid a lot of the issues of the past, and it allows me to cover more instruments, also avoiding some of the issues of the past.

[StevenSJC 10]

For me I'd say taking a look at all my tools, brokers, systems, etc...I may have gotten a little complacent in 2011. I notice for example Oanda advertising here now, a broker I have been meaning to try for half of forever but have been too lazy. I know there are some better timeframes I should look at, and update some of my trading rules but again I was just a little too complacent in 2010 -- doing fine but I would lament not taking a little time out and really reviewing all aspects of my trading business.

 

I figure I could bang that out in one or two days and then enjoy the benefits the rest of the year. So Monday and Tuesday are the days. No more Mr. Lazy.

[Uli Schmuli 10]

1. Press Reset. Take down all those unfulfilled vision boards and quotes, etc, off the refrigerator. I feel lighter without them.

 

2. Forgive myself for past mistakes. Truly forgive.

 

3. Forgive others for their mistakes. Truly forgive.

 

4. Remember that discipline is not needed if executing the trading plan is viewed as your only job and you just do it. Nobody likes to be disciplined, so don't create a situation where it's even going to be an issue.

[peterjerome 10]

Same every year. "Do the Right thing!"

 

(putting the other person ahead of myself)

[crusso 10]

MadMarketScientist, that's an excellent list of resolutions. Personally, I don't need to add or remove anything for it to apply to me.

 

After feeling untouchable for my first month or so of trading, I jumped head first into a different-looking market in the new year yesterday without any regard to my plan. I broke most of my most important rules - I traded too many contracts, I moved my stops, and I swam against the market current because I "thought I was right". Oh, the friggin' pain! I deserved it, though, for getting cocky and thinking that I could freestyle.

 

Now I have to go re-read my plan and get back on track.

[MadMarketScientist 11]

Great replies and feedback so far!

 

I really think more traders would do far better if they really spent some time reflecting on their habits and trying to correct their mistakes.

 

There's a whole lot of denial that goes on in trading. And blame. It's the broker. It's the system. It's the charting. It's all those people selling stuff how dare they.

 

When in reality most of it rests on our shoulders. Take some responsibility and realize and even empower yourself knowing it is in your control. No, not the markets - I wish right - but your ultimately always the one pulling the lever and therefore you can make it happen. If it was easy, everyone would be doing it

 

MMS