Approach of learning process

[Lenny 2]

Hello BBT Community,

I am not sure how to approach the following issue. With all the experience and kindness here you guys might be able to guide me in the right direction.

I have the feeling that I am reaching a plateau in my progress and I am not sure how to continue the process of learning and improving.

I read Andrews book on trading last year, I started studying youtube videos on trading of BBT and another channel (averagejoetrader) from early January on, and I started paper trading around March 16th (ever since I could work from home due to the Covid situation).

I am now papertrading for 2 months. I trade per day the market open for 60 minutes, which have been due to my job the maximum time I was able to trade. From now on I will be able to trade the first 2 hours of the market open though.

Since 3 weeks I trade with the R rules to mimic “real trading” as much as possible (R = 30 USD), and where I am having a daily goal of 100 USD. Since 3 weeks I am basically breakeven (down 1 R). On average i am making 3 trades a day. I am following 4 stocks that I daily select based on the premarket show.

For now I have the goal on focussing on 1. increasing my playbook 2. Getting better and more experienced in execution   3. Make observations on my mental game/performance when trading, to see if I find patterns/insight in this area of trading, in order to potentially improve the psychology part of trading in the future.

I followed the programs of AverageJoetrader to get an understanding of the fundamentals, and I am devouring almost all videos of BBT, so far I am not yet a lifetime member, so the succes webinars I havent seen yet. On tuesday/thursday I am posting my trades in Aimans show.

I think that I understand the rules of the most basic patterns like ORB, ABCD, continuation pattern, reversal pattern, engulfing crack, wedges, flags, triangles. I do find good consistent execution hard.

I kind of miss a structured or unstructured way of continuing the process of learning now. What to do from now on, and how to approach my learning curve? I am curious what your insights have been in your processes of learning that made you the trader who you are right now

I am having 2 hours per day available to study, and from now on 2 hours for trading the opening hours, for 5 days a week.

it would be good for me, I think,  to increase my playbook, get in touch with many more type of trades, to extend on my arsenal. This because I am by far not yet able to improvise and trade on the spot. However for now I dont know where to find more trades to add to in my playbook.

Another way, would be, I think to have intense cooperation and consistent discussions with other ambitious traders who are looking to improve. In case a trader or traders are looking for this, please shoot me a message or reply here.

Since there is so much experience here I am curious to know about your ideas on how to approach the issue of how to structurize the learning process from the point where I am at right now.

 

 

 

Edited May 12, 2020 by Lenny

[Abiel 475]

Hi Lenny, I think you are in the right track and believe me, if you don't have previous experience in trading, with two months in sim, you still have a long road in front of you. 

The trading learning process is made of your own daily trading and the review & reflection on your trading. I recommend you split your day trading learning in two stages: the trading session and your journaling session. During your trading session, you can record in video all your trades, preferably with your voice, explaining the reasoning behind your trades, entries, exits, etc. During your trade review process you will see and hear all that was happening during your trades, making your review process easier and more valuable. Ryan covered in detail this idea of recording and reviewing your trades in his forum post READ ME: For those who are struggling...

At some point in your learning process, it will be beneficial to take breaks from it, spending some time away from trading and anything related to it. For how long? Only you will know if one week or one month will be enough to clear your mind from trading, see what new ideas emerge from your break and return recharged and reloaded to trading.

Another kind of break is a "reflective break": you stop trading and spend all your available time to review your trading journal, to watch videos of your trades, other traders videos, to revisit classes, webinars, books, your own trading rules /trading plan / playbook etc. at the light of your current trading experience and knowledge.

If you haven´t , I recommend you to read and put into practice The Daily Trading Coach by Brett N. Steenbarger. Lesson 34 Set effective goals ask you to identify your goals and focus in one at the time, lets say. respect your stop loss and work on it for some time until you reach the standard you want in that regard. Habits are not built in one day, so you will have to work and focus in your specific goal from some weeks to months, depending on how fast you are mastering the skill involved in that goal and building the habits that will make you successful in that specific goal. 

I hope this helps.