Tuesday, February 20, 2007

Drilling for trading perfection

Dr. Steenbarger is right about how elite performers are elite because of how they practice. I haven't drilled on an elite level, so why should I trade with real money against professionals. I've been trading futures for over a year, but my drilling to become better at trading has gone no-where since I started trading. Sure I study charts, look at all the indicators the world has to offer, make new rules, read up on other trading techniques, participate in trading rooms, but I have still not trained on an elite level.

So how will I train to become an elite trader?
1.I'm going to pick 1 time frame and 1 chart setup to trade off of so that I become accustomed to how it looks.
2.I'm going to save this daily chart and post it on my blog as a reference.
3.I'm going to record the time period that I trade each day using Camtasia recorder.
4.I'm going to review my recordings to look for patterns that will help me understand how to trade breakouts and when the best time to enter a trade is.
5.I'm going to view how other professional traders trade and try to learn from them by tracking there trades in chat rooms.
6.I'm going to network with other traders and share ideas and hopefully learn something.
7.I'm going to make this a routine at a set time everyday, and I'm going to look for ways to challenge myself to make the trading practice harder so that I become better.


Lord Tedders on 10:26 AM said...

I really enjoy Brett's perspective on training to trade and it has inspired me to train using NeoTicker's simulation of historic data. It's only been a few weeks but it has really boosted my trading confidence.

HPT on 12:19 AM said...

I've started to record my trading days using camtasia recorder, I just need to dedicate a set time each week to review the tapes. The only bad thing is that I can't control the speed of the playback to a slow or fast speed so I will often scroll to the good parts of the day and watch those periods at regular speed.

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