In honor of Stop Loss September #SLS
I want to share some questions I always ask myself before/during/after trading to make sure I’m at peak self-awareness.
Feel free to share your own in the comments. 👇
I want to share some questions I always ask myself before/during/after trading to make sure I’m at peak self-awareness.
Feel free to share your own in the comments. 👇
Before:
How alert for I feel?
Do I feel sharp enough to make split second decisions?
If yes ✅
If no, either wait until I do, or don’t trade at all.
Do I have a plan?
Do I have targets?
Have I fully accepted the possible risk?
Do I feel any other emotions?
How alert for I feel?
Do I feel sharp enough to make split second decisions?
If yes ✅
If no, either wait until I do, or don’t trade at all.
Do I have a plan?
Do I have targets?
Have I fully accepted the possible risk?
Do I feel any other emotions?
During:
Do I have a reason to get out?
Has any part of my initial thesis become invalid?
Do I have a stop loss set? -
If I have a green position, how many of those gains am I comfortable losing before stopping out? (If I’m up 25% I’ll set stop at +10% to +15%
Do I have a reason to get out?
Has any part of my initial thesis become invalid?
Do I have a stop loss set? -
If I have a green position, how many of those gains am I comfortable losing before stopping out? (If I’m up 25% I’ll set stop at +10% to +15%
Am I respecting my capital?
Am I experiencing any emotions during this trade? If so, document them, why, and either limit position size or cut position altogether.
Do I have a full plan for the outcome of this trade? If you don’t have a full plan, the market will make one.
Am I experiencing any emotions during this trade? If so, document them, why, and either limit position size or cut position altogether.
Do I have a full plan for the outcome of this trade? If you don’t have a full plan, the market will make one.
Am I overexposed to one sector?
Am I overexposed to tickers with similar personalities?
Am I overexposed to a certain bias?
Am I considering taking profit? If so, do it just slightly, and I usually then desire to scale more.
Am I overexposed to tickers with similar personalities?
Am I overexposed to a certain bias?
Am I considering taking profit? If so, do it just slightly, and I usually then desire to scale more.
Is this trade following the initial time frame that I allocated for it?
(Keeping a day trade a day trade and a swing a swing)
What would make my setup invalid?
Am I checking every time frame?
Am I putting myself in the other side’s shoes?
(Keeping a day trade a day trade and a swing a swing)
What would make my setup invalid?
Am I checking every time frame?
Am I putting myself in the other side’s shoes?
After:
What did I do wrong in that trade? (Document it and notes possible themes over time that replicate)
Did I follow my initial plan?
If I broke the plan, what caused the lapse in judgement?
Where did I try to negotiate with myself?
What did I do wrong in that trade? (Document it and notes possible themes over time that replicate)
Did I follow my initial plan?
If I broke the plan, what caused the lapse in judgement?
Where did I try to negotiate with myself?
What emotions rose from this negotiation / break of plan?
How can I identify these emotions quicker?
Am I currently holding emotions toward any other positions/tickers?
How can I use this trade to improve my next one?
How can I identify these emotions quicker?
Am I currently holding emotions toward any other positions/tickers?
How can I use this trade to improve my next one?
Hopefully these question help jog your mind and prompt you to become more self-aware when trading.
If you can control your emotions and focus on discipline, you can succeed.
If you can control your emotions and focus on discipline, you can succeed.
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