Last night, I was reading the review of one of our traders, Trader A, who wrote,
“I just need to stick to my plays that make me money (ETRM, TWTO, GLYC) and just faze out those ehhh ehh trades, I will become very consistent and very profitable.”
To Trader A, I responded,
” When u say get rid of ehh trades be more specific.My PlayBook is abc (specific variables that make up the trade)My antiPlayBook is 123 789 2334 trades (specific variable that define the trade)Specific, specific, specific.”
Also last night, I was a panelist for a webinar (replay here) delivered by options desk trader, Alex Porcaro: How I apply the “One Good Trade” principles to my options trading. A key turnaround for Alex was journaling trading mistakes to eliminate.
Here is a key slide from his presentation to illuminate the importance of being more specific with your trading improvement:
The conscientious trader reviews in specifics. He is a winner trader.
Working to understand your strengths as a trader, and trading them more often is a winning strategy. Many who trade are not really doing this. They are kinda doing it. They are stop and go with doing this. They are not purposely working to structure their trading day just trading their best setups, and not the lesser trades.
When you tell me you want to rid ehh trades, I think this about you as a trader: ehh.
*no relevant positions