Practice Trading
I was just thinking about how I can be practicing as a trader. We know that trading isn't really like some sports when it comes to practice because we can't just go out and shoot free throws until it's muscle memory. But our goal is to get as close as possible to that idea. We still need repetition. The ways we do this replaying the days trades. This can be reviewing, writing about it, making a playbook from it, re-watching tape for it - going back and re-trading it on a simulator (after you forget about it?), maybe talking about it with other traders, and and....Do you have any ideas? What I was thinking recently was that we have a playbook right or we're working on making one and the plays within it represent our business. We can go overboard by constantly adding plays to our playbook, or we can add variations to the plays we have, but what I was thinking was that we constantly need to be adding to the playbook. Not necessarily new plays, but reiterations of the same plays so we are constantly being reminded of our plays and seeing maybe little nuances or changes, maybe notice variations. What I think I'm hitting at is that it's not enough to say, "oh hey, that's and Opening Range Breakout," and then make the trade, but not add it to your Opening Range Breakout play playbook. I believe that the adding and deep review (doing all of the things mentioned above) are the things that give us the reps we need. I was recently thinking that I'm not getting in enough reps in practicing creating some habits. I get the concept, I have been doing the right thing during trading hours, but because of lack of confidence with these new habits, I don't use size, I don't make much. This is why I think I need to be using the simulator more even if it's not like trading in real life. I have the advantage of doing both. So when the market is open I play the game, and when the market is closed, I shoot free throws/scrimmage/watch tape/practice fundamentals! Many times I do most of my trading in the early hours of the day and then record the rest of the day without really making anymore commitments to trading live. I usually write this, read, work on coding stuff, research, BUT I think what I really need to work on is trading more, not necessarily live, but getting in reps with my plays. I keep records of stocks in play by date, so I can go back and trade those days. ok that's what I'm going to try doin right now. Cheers!
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