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How to go about it: What is the step-by-step process I should follow on a daily basis?

What is The Step by Step Process I should Follow When Trading on a Daily Basis?

A student asked: How to go about it: What is the step-by-step process I should follow on a daily basis? If trading would be that easy that it can be packed on a few CDs to be sold others who bought expensive courses would have succeeded to become traders but they didn't it might be the top-down principle number one-it is individual performance and skills that need to be acquired with each person having a different set of obstacles depending on their mental makeup and as such only principles can be taught and much personal work needs to be done, and we are here to guide and help through this path of becoming a self-directed trader

Secondly it isn't a sequential process with a point A and a point be on a straight line to acquire these skills

So lets say you want to become a pianist one can't learn a single song and go from there

even to just play the most "simplistic" song, one needs to be able to read a score, have an idea about musical theory, need to have a"feeling" for rhythm, acquire a skillset on how to attack a note and be able to operate a pedal, can distinguish not only tempo but also volume and on and on it goes

so for very very long no matter how hard you practice it sounds even to the uneducated ear pretty awful

the problem in trading is an additional hurdle, which demands you being fairly advanced as a pianist to compete against very good pianists to be able to find a niche, an edge and most of all be consistent

furthermore the various parts trading is comprised out of is vast and touches on many different fields

Here is one way to go about it if you are a trader who had a sabbatical for some time:

1. appreciate most of all the break you had from trading since you are coming fresh through the door and with the ability to observe with a fresh view

2. rewrite your business plan in detail and set in various fields that trading is comprised out of various long term and short term goals and while doing this spend a week or two to observe the market on how it changed since you left to get a feel for it-it might feel strange at first

3. pick a daily time segment to commit to as a possible execution time frame where you observe a small number of trading instruments and define an edge what would make you execute trades

4. make every day a daily call for these instruments and decide consequential setups for these calls

5. when eve you are ready to start paper trading trader 20 sample size paper trades and observe if your chosen trading system is performing to your expectations

6. measure successes and failures and observe yourself and your short comings and make diligent entries in your trading journal and your excel performance sheets

7. measure and improve-typically shortcomings are an absence of rules=develop new rules and integrate them in your process

8. in non trading hours extract edges and back test them

9. ask yourself questions when you are stuck and let the universe guide your path to the level where paper trading results are solid and a very small single trade position size can be tried on and compare performance to your previous paper trading performance in sets of sample sizes again

10. Consistently try to measure your performances and investigate into your psychology into the elements that might keep you from different levels of success

be gentle in pealing your own onion of how to improve your path through life in alignment with your trading goals and arrive being a better man than you used to be and with patience expand this path to ultimate success in arriving in your execution performance with consistency

and find yourself almost surprised at some point with more energy you had in earlier stages of life that allow you to express yourself more fully

and that is not only more money


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