What did I learn from 2021 in Trading, & what can I improve on ?Hello traders:
Welcome to 2022 in trading. I am very happy to start off the year with a positive attitude and get ready for the year.
This year will be my 9th year in trading, so certainly a journey thus far.
What I usually will do is to look at trades that I have taken in the whole last year, to find areas to improve.
What can I do better, and what can I change/modify to my trading plan that will help me to become a better, consistent, sustainable trader.
I highly suggest everyone to review their 2021 trading journals, find mistakes that you made, and work on them.
Revisit your trading plan to see what areas can be changed and modified. They can be entry, SL/TP, management and much more.
Below are a few things that I personally find that I can improve more on:
Trade Management:
-Specifically, whether to take profit always at 3:1 RR, or hold onto the trade for longer
-Pros and cons and no right or wrong when it comes to this part.
-Sometimes holding a trade longer term may see price reverse and lose profits
-Sometimes taking profit too early will see trade continue to its desire direction
# of Trades Taken:
-Last year was aiming for about 15 trades per month last year
-The more trades we take, the more potential “Mediocre” trades we enter, those can eat up our good trades’ profit
-Can argue and reduce the # of trades to even less
-Instead of 1-2 same currency pairs allowed, cut down to just 1. Unless I can move it to BE
Understand and Accept the Market can Change/Evolve:
-Market is ever changing and evolving with no pre-determine factors. It can be a variety of factors that is out of our control as a trader
-Key is to always stay in “sync” with the market and its behavior.
-Never “blame” the market if your trading hits a draw down or doesn't “work out” from before.
-Understand as traders we need to adapt to any type of situations to remain consistent and sustainable in the long run
-Find solutions to work around it.
Thank you all
Treat trading like a business or you might not succeed:
