Failing to prepare is preparing to fail

Hi,
i heard about trading few years back and that was it i guess, my goal in life. I regret thou that i didnt i knew about it earlier but hey im still in my 20s so its okay i guess. long story short i made all the newbie mistakes lost some money no surprise there but now after some experience and a lot of finished books im going to be starting again in commodities i have acquired following few things:
(dont start trading with a small amount and if you do just hope to get enough experience for as long as you can before it runs out you might think you’re a hero and a all knowing GOD of trading but that 20k,30k or even 50k wont turn into 50 lacs that easily )
1.Technical understanding.
2.A little better understanding of how my psychological works while i was clicking my money away. (MUST READ BOOKS TRADING IN ZONE AND DISCIPLINE TRADER )
3.Thinking a bit more in terms of probabilities. (The Definitive Guide to Position Sizing by van tharp)
4.A TRADING SYSTEM ITS A COMPULSORY.
5.Paper trading that system for at least over a month i guess or better few months.
6. Risking less than 2% my starting equity and not risking more than 5% overall.

THE MAIN ENEMY
my damn impulses (I’m not at all proud about this, way too many foolish things)
I’ve observe thIs mistakes in my paper trading so far as following:
1.Not following my trading system. (just making monkey mistakes)
1a.Entering too many trades.
2. Not doing proper analysis before entering the trading.
3.Forgetting to set a clear target before entering the trade.
4.Getting out before my stop gets hits. (btw this has never saved me money after i got out it went straight up)
5.LEAVING MONEY ON THE TABLE. (I WOULD HAVE MADE A CRAZY AMOUNT OF MONEY BY NOW )

SOLUTIONS
1.Not following my system that’s just a embarrassing mistakes which I’ll try not to make by not being a idiot first and getting extremely specific in my setup n entry criteria where every thing else become irrelevant at least i’ll try

2.I’ve put a limit on how many trades ill be taking so im gonna be very picky.

  1. my analysis and trading limit should help solve that.

4.again putting a limit should help solve this as well.

5.Now this won’t be a problem if zerodha would have a trailing stoploss for commodities but a specifying targets and technical analysis should take care of the rest.

Now a must have in ones arsenal "WHAT YOU CANNOT MEASURE CANNOT IMPROVE "

So for this i have a excel sheet which shows me everything i think that i should keep a record off but im thinking of a way for storing every trading chart for all the trades i took. so i can visually see on a monthly basis all my mistakes and improve what i can. i have also thought about keeping a online trading journal so that everyone can see how i loss or hopefully for my future make money and you guys can even point out the far too many obvious mistakes i make and even learn from seeing my failures or success
so if anyone has come this far thanks for reading this and hopefully it helped you out a bit as well.

2 Likes

@ja_wangana Awesome :ok_hand::ok_hand::ok_hand:
Best Of Luck.

1 Like

Great. You can post your daily trades here so that we can also learn a few things from your success and mistakes.

nah… i am making a website as soon as its done i’ll be post it here than if you like you can check it out

@newbietrader http://www.turtleonsteroids.ml/