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30 Habits

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Habit #1 - The PlayBook
Each day after the close new traders are required to archive a setup that makes the most sense to them from the previous trading session. They archive the setup with specific variables: The Big Picture, News Catalyst, Technicals, Reading the Tape, Trade Management. Learn More >>

 

Habit #2 - The Road Map
Our firm has developed many new traders to consistently profitable traders over the past ten years. A common trading problem based on our experience working with traders is them missing their best trades. Learn More >>

 

Habit #3 - Trader Development
During this mentoring session we review stock selection and the best trades from the open. Sometimes I just give a 20 minute talk on a trading topic I feel would be helpful to these young traders based on my observation of their trading, trade reviews and chats with them. Learn More >>

 

Habit #4 - AM Idea Sheet
Developing traders often miss trades. They miss easy trades. Frankly, trades they cannot afford to miss. Missing your best setups harms PnL, trader psychology, confidence, and trader progress. Mostly, it pisses you off. Learn More >>

 

Habit #5 - The Daily Gratitude Exercise
Each trade is an opportunity to learn. Each trade is a gift from the market for us to improve as a trader. The market teaches us with each trade whether our idea was right or wrong. Whether our execution was good or poor. Learn More >>

 

Habit #6 - Breathe
In ten years deep breathing, meditation, whatever you want to call it, will be seen as important to your health as diet and exercise. Breathing for 10 minutes each day is a habit to implement to improve your trading. Learn More >>

 

Habit #7 - Journaling
When I interview an experienced trader for our firm a central question is: what is your review process? I was at lunch yesterday with a firm trader, who wanted to chat about his recent underperformance. Learn More >>

 

Habit #8 - Trade2Learn
It relieves pressure. Instead of fixating on whether a trade will work or not, be obsessed with what you can learn from the trade. Instead of banging the desk after a losing trade, take notes of why the trade failed. Learn More >>

 

Habit #9 - Monthly Goals
I spoke at Pace University today (picture above) and spent an hour lecturing on what it is really like and what is really important to become a successful trader. Doing a monthly review is one of those non-glamorous musts that.. Learn More >>

 

Habit #10 - Critical Feedback
Do you get critical feedback of your trading? If not you will not learn how good you can be. Last week I read a daily review from a trader: If I see the setup, jump right in. My critical feedback to this trader was: be more specific about how you define “I see the setup”. Learn More >>

 

Habit #11 - Backtesting
I was at the Pig ‘N’ Whistle on 3rd for lunch yesterday with 3 trading/investing thought leaders at Baruch College. These young student traders asked: are markets going to be run exclusively by automated traders? Learn More >>

 

Habit #12 - A Book of Charts
Every time you make or spot a great setup, grab a screenshot of that chart. Mark it up. Keep it in your book of charts. Review these charts until you internalize them. The benefits? You will internalize the best setups in your trading brain so you trade these plays better and more confidently. Learn More >>