There is some magic in doing something on paper or electronic media, which requires additional thought and strengthens the commitment of the trader to his craft. In my program, everyone writes out a specific trading plan and executes this plan. Often we compare the actual trade of the trader and the plan that he outlined; as you might have guessed, there is often a gap in what was supposed to happen in terms of mini-trading, and what is actually happening in real time. I think that the excitement of all this gives rise to people in mental thinking, and it is only through experience and the fulfillment of your plan that you become successful.
. Speaking about this, the e-mini-commerce plan must be dynamic. As you trade in your first year, you must be reliable and executable; but you improve over time, and your trading plan should reflect this improvement in technology, patience and experience. Always update your plan as you improve your trading plan as your electronic mini-commerce grows.
Consider these less common variables along with the obvious ones, for example, what methodology do you plan to use:
1. What are your risk management rules? If a trade problem has ever arisen, it overvalues and trades too many contracts. Consider the risk of no more than 3% of your capital on any transaction.
2. How do you prepare for trading every day? Initial traders often forget to check daily announcements and time. From time to time I listened to confused merchants who complained that they were stopped at 8:30 am EST. They did not check ads and did not cost themselves valuable money. Also a good look at your trading plan; Be prepared for how you plan to trade.
3. How about after-market activities? I register each transaction in an Excel spreadsheet and take into account up to 10 characteristics of each transaction; for example, time, exit time, contract number, trend or counter trend, and any unusual trading conditions.
4. What is your goal for electronic mini-commerce? Nobody pays much attention to this. Standard answer: "I want to make as much money as I can." Such thinking is a recipe for disaster. How about listing: learn to trade in trending markets, learn to trade in the livestock market, and not trade in direct volatile markets?
5. How will support trade discipline and positive thinking? I have never seen a novice trader address this paradigm. But this is the most important aspect of trading. Learn not to act on impulsive emotions and stick to your e-mini-commerce methodology.