Before reading any further, would you be willing to ask yourself what you could consider doing that might improve your trading? What elements would you imagine are most likely to lead to success or greater success? Certainly there are a variety of answers to the question and if you have the time and the inclination, you might want to jot down a list for yourself and, I might suggest, that you then prioritize that list. Several years ago, when I first prioritized that list for myself after some careful consideration I was somewhat surprised by my own answers and when I began to use my priorities my trading became much better than ever before. Of course, I can't speak for you, I can only suggest you try it for yourself. The answers might be surprising.
As anyone who has attended any of my seminars or undergone personal coaching with me can attest, I am a great believer in simplicity in trading. It is important to recognize, however, that simple doesn't necessarily mean easy. It means creating a personal approach that fits within one's unique and individual trading personality, testing it and if the tests are successful, putting it into practice. Of course, that means gaining knowledge first and then utilizing that knowledge to create a general trading plan and a specific plan for each trade.
Well, I've already given away one of what I believe are the important keys to trading success. That is to have a plan. However, rather than just listing my own keys in my own order of priority this week, I am going to leave it to you to set out your own keys this week and in the article next weekend, I'll set out mine. For those who are interested and willing, please feel free to share your own list on the blog (no more than 10 items, please).
Where do you place finding candidates, for example, on that list or is it there at all. How about use of technical and/or fundamental analysis? Do either or both have a place on your list? What does it come down to, really? In my own list there are four general requirements and three necessities for each trade. How about you?
I'm not trying to be cute here by holding back information. Instead, I believe making and prioritizing your list may very well lead you to greater successes in trading and it surely can't hurt. In any event, I'll share my own list with you in the article next weekend and we can see how close we are to one another.
by Bill Kraft, Editor
Copyright 2010, Makin' Hay, Inc.
All Rights Reserved
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