Words of Wisdoms: How to Be Better

[Andrew Aziz 98]

I'd like to create this topic for sharing ideas on how to get better. Today I recvied this emial from a trader and I share it here annomysly.

 

Please share more!

 

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I am just hitting consistency now (simulator) still. But here are my honest learning:

Keep it simple, ever since I went simple, things turned around for me, I was confusing myself with over trading, trading the wrong stocks, wrong times, wrong entries

Stick to the rules, like if it is Bull Flag, it could easily be a reversal, manage your tight stops and let your profits run...

STOCKS in Play, this is key, If you just jump into stocks which you "like" for whatever reason, you will get cut up. There is that one or two stocks every day that are amazing, no need to go anywhere else. e.g. today NKTR & IQ

You don't need to trade every move or every day, after spending enough screen time, you get the "feeling" of what is a good move. SCORE your moves.

We all talk about journaling, but I would go so far as to recommend tradervue. You can tag trades, like, #lowfloat, #ORBdown, #midday etc. This helps us tremendously improve and compile stats. You can see what is working, what times are working, what is not working and than either omit or improve those trades. Maybe BearBull Traders can get a BBTPerformance Center like SMB has, It is cheap at $25 a month or so and you can even have members tag their mentors.

You have to develop your own style, simply following people will not work, you will have to work towards taking your own trades vs "Andrew" - you can tag this in Tradervue and slowly move from lets say 20:80 to 80:20 your trades

A big improvement for me came when I setup a second monitor and put up mini charts of all the stocks I am following for the day, beats skipping around.

Pay attention to those levels... Daily, premarket, long term moving average, 2 day ago etc...

This improved my game tremendously, the only advice for you (apologies again and forgive me if I speak out of my turn) but I see you also not following your rules at times..., and these are statistically the trades you lose on :)

I am compiling detailed stats on each Trade and Strategy and hope in a year to have performance stats e.g. ORB Break up win loss, Max Profit, Ideal R:R, Time of Day etc.. will share with you..

I am far from perfect and recently dong well, I will have down days.., I plan to trade SIM for now and go live in July, wish me luck!!!!!

[Lee W 82]

This is awesome. Thank you for sharing, Andrew!