M6 - Man, Mind, Money, Markets, Method & Madness
- Thread starter DSM
- Start date
:lol: i don't have master's degree. i have a bachelor's degree, but am not a bachelor.
and here's the masterplan that i am implementing. take any trading idea that looks good/possible/probable/interesting/dull and u think suits u. visualize how u could execute it. backtest for a sufficient period. once u get an idea of the probable win rate and rr ratio, apply MM and risk management. simulate results to check if it is satisfactory. how does it fit in with other systems in ur portfolio? if ok, do a trial run, and then roll it out.
disclaimer: the result of this masterplan have not been very encouraging for me. i primarily depend on just one system. i have not been able to diversify successfully into other systems, until now.
(i typed this whole message with only my left hand. the other hand is busy, but not on XXX stuff :rofl
and here's the masterplan that i am implementing. take any trading idea that looks good/possible/probable/interesting/dull and u think suits u. visualize how u could execute it. backtest for a sufficient period. once u get an idea of the probable win rate and rr ratio, apply MM and risk management. simulate results to check if it is satisfactory. how does it fit in with other systems in ur portfolio? if ok, do a trial run, and then roll it out.
disclaimer: the result of this masterplan have not been very encouraging for me. i primarily depend on just one system. i have not been able to diversify successfully into other systems, until now.
(i typed this whole message with only my left hand. the other hand is busy, but not on XXX stuff :rofl
Thanks Augubhai, You say you don't have a masters degree. O.k. But I think you can write a thesis and get a P.hd. regards to systems backtest etc. To be honest, I don't have the means (program as well as data to backtest) so that is one issue for me. So will have to go live with a written and documented system which I think is satisfactory.
If you can type with only one hand, you have a chance on India's got talent
If you can type with only one hand, you have a chance on India's got talent
:lol: i don't have master's degree. i have a bachelor's degree, but am not a bachelor.
and here's the masterplan that i am implementing. take any trading idea that looks good/possible/probable/interesting/dull and u think suits u. visualize how u could execute it. backtest for a sufficient period. once u get an idea of the probable win rate and rr ratio, apply MM and risk management. simulate results to check if it is satisfactory. how does it fit in with other systems in ur portfolio? if ok, do a trial run, and then roll it out.
disclaimer: the result of this masterplan have not been very encouraging for me. i primarily depend on just one system. i have not been able to diversify successfully into other systems, until now.
(i typed this whole message with only my left hand. the other hand is busy, but not on XXX stuff :rofl
and here's the masterplan that i am implementing. take any trading idea that looks good/possible/probable/interesting/dull and u think suits u. visualize how u could execute it. backtest for a sufficient period. once u get an idea of the probable win rate and rr ratio, apply MM and risk management. simulate results to check if it is satisfactory. how does it fit in with other systems in ur portfolio? if ok, do a trial run, and then roll it out.
disclaimer: the result of this masterplan have not been very encouraging for me. i primarily depend on just one system. i have not been able to diversify successfully into other systems, until now.
(i typed this whole message with only my left hand. the other hand is busy, but not on XXX stuff :rofl
@DSM
Keep it as simple as possible. As you are involved for a longer time in the business in any way, a lot you already know and a lot you already do automatically. Here a simple idea you can use and your trading plan can be build around this with simple words.
At the end of the trading day, review the major events of the day and answer the following questions and keep in a separate notebook:
1. Did I identify potential trade set-ups and write these out?
2. Did any potential set-ups occur (attach charts)?
3. What did I learn about myself and the market today?
4. Did I record all my trades today? If not, why?
5. Were all trades taken with appropriate criteria and without undue hesitation? If not, why?
6. What did I learn about myself and my trading today that is important to my future performance?
How To Get The Most From Your Trader’s Daily Review
Getting the most out of your Trader’s Daily Review isn’t difficult. Here are Six steps you can follow:
1. At the end of the week, set aside some quiet time to review your entries for the week.
2. As you review each entry, look first for the things you did well. Note these.
3. Next, look for things that didn’t go so well. Note these, too.
4. For the things where you came up short, decide whether this is something to simply avoid in the future or to work on and improve.
5. If it is something to work on, then – just like a coach would do in guiding you – lay out the things you need to do to correct or improve the shortcoming.
6. Track your progress.
That’s it. These six simple steps can put you on the right track for improving your trading within a short period of time.
If you have any problems to write a trading plan, you also can first start with those above questionnaires and after time you any way will find a trading plan through the answers you showed your self.
Keep it as simple as possible. As you are involved for a longer time in the business in any way, a lot you already know and a lot you already do automatically. Here a simple idea you can use and your trading plan can be build around this with simple words.
At the end of the trading day, review the major events of the day and answer the following questions and keep in a separate notebook:
1. Did I identify potential trade set-ups and write these out?
2. Did any potential set-ups occur (attach charts)?
3. What did I learn about myself and the market today?
4. Did I record all my trades today? If not, why?
5. Were all trades taken with appropriate criteria and without undue hesitation? If not, why?
6. What did I learn about myself and my trading today that is important to my future performance?
How To Get The Most From Your Trader’s Daily Review
Getting the most out of your Trader’s Daily Review isn’t difficult. Here are Six steps you can follow:
1. At the end of the week, set aside some quiet time to review your entries for the week.
2. As you review each entry, look first for the things you did well. Note these.
3. Next, look for things that didn’t go so well. Note these, too.
4. For the things where you came up short, decide whether this is something to simply avoid in the future or to work on and improve.
5. If it is something to work on, then – just like a coach would do in guiding you – lay out the things you need to do to correct or improve the shortcoming.
6. Track your progress.
That’s it. These six simple steps can put you on the right track for improving your trading within a short period of time.
If you have any problems to write a trading plan, you also can first start with those above questionnaires and after time you any way will find a trading plan through the answers you showed your self.
I think this one was not posted here in this thread and this one is only 29 pages:
http://www.trade2win.com/media/knowledge/tim-wilcox/T2W_Trading_Plan_Template_2005.pdf
http://www.trade2win.com/media/knowledge/tim-wilcox/T2W_Trading_Plan_Template_2005.pdf
Had to be out today.... so was wondering if there was any trade to be taken with a low risk, and high reward. Usually after expiry we have a good move in the index within 1-2 days in either direction. The market opened gap up, and considering that Nifty and BankNifty inched up for the last five days inspite of a huge run up, it seemed an ideal opportunity to short. Risk 100 points on BankNifty, reward in case of profit booking? Surely 200-300 points. Now shorting BankNifty was against the trend. But decided to take it anyway with a small qty. Result.? Though the trade was in 100 points profit, I could not trail SL and book, and neither the SL has been hit, but right now MTM is -20 points/lot. So have open short in BankNifty. Surely a bit of unnecessary exposure. I am still wondering if the market will resort to profit booking before moving up.? Certainly when things look too smooth, its time to be a bit careful.... So am carrying short exposure on BankNifty for Monday. Will look to add equal qty. of short for another 100 point risk after open, even if gap up. And then if it does not work out, will have to throw in the towel. Let's see.
Thanks. Somantung,
Something very unique, as it talks about application of written strategy than just providing instruction or direction. It will help and will incorporate in my plan. :thumb::thumb::thumb:
Something very unique, as it talks about application of written strategy than just providing instruction or direction. It will help and will incorporate in my plan. :thumb::thumb::thumb:
@DSM
Keep it as simple as possible. As you are involved for a longer time in the business in any way, a lot you already know and a lot you already do automatically. Here a simple idea you can use and your trading plan can be build around this with simple words.
At the end of the trading day, review the major events of the day and answer the following questions and keep in a separate notebook:
1. Did I identify potential trade set-ups and write these out?
2. Did any potential set-ups occur (attach charts)?
3. What did I learn about myself and the market today?
4. Did I record all my trades today? If not, why?
5. Were all trades taken with appropriate criteria and without undue hesitation? If not, why?
6. What did I learn about myself and my trading today that is important to my future performance?
How To Get The Most From Your Trader’s Daily Review
Getting the most out of your Trader’s Daily Review isn’t difficult. Here are Six steps you can follow:
1. At the end of the week, set aside some quiet time to review your entries for the week.
2. As you review each entry, look first for the things you did well. Note these.
3. Next, look for things that didn’t go so well. Note these, too.
4. For the things where you came up short, decide whether this is something to simply avoid in the future or to work on and improve.
5. If it is something to work on, then – just like a coach would do in guiding you – lay out the things you need to do to correct or improve the shortcoming.
6. Track your progress.
That’s it. These six simple steps can put you on the right track for improving your trading within a short period of time.
If you have any problems to write a trading plan, you also can first start with those above questionnaires and after time you any way will find a trading plan through the answers you showed your self.
Keep it as simple as possible. As you are involved for a longer time in the business in any way, a lot you already know and a lot you already do automatically. Here a simple idea you can use and your trading plan can be build around this with simple words.
At the end of the trading day, review the major events of the day and answer the following questions and keep in a separate notebook:
1. Did I identify potential trade set-ups and write these out?
2. Did any potential set-ups occur (attach charts)?
3. What did I learn about myself and the market today?
4. Did I record all my trades today? If not, why?
5. Were all trades taken with appropriate criteria and without undue hesitation? If not, why?
6. What did I learn about myself and my trading today that is important to my future performance?
How To Get The Most From Your Trader’s Daily Review
Getting the most out of your Trader’s Daily Review isn’t difficult. Here are Six steps you can follow:
1. At the end of the week, set aside some quiet time to review your entries for the week.
2. As you review each entry, look first for the things you did well. Note these.
3. Next, look for things that didn’t go so well. Note these, too.
4. For the things where you came up short, decide whether this is something to simply avoid in the future or to work on and improve.
5. If it is something to work on, then – just like a coach would do in guiding you – lay out the things you need to do to correct or improve the shortcoming.
6. Track your progress.
That’s it. These six simple steps can put you on the right track for improving your trading within a short period of time.
If you have any problems to write a trading plan, you also can first start with those above questionnaires and after time you any way will find a trading plan through the answers you showed your self.
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