Welcome back to our new series 30 trading habits in 30 days. If you have missed the prior habits they are archived here.
Today we share 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”.
Recently I read a review from a new trader who stated he was “ashamed” of his trading. My critical feedback was “ashamed” is negative self talk gone too far. And then that there was no solution for the expressed disappointment. Use your anger and frustration as fuel to develop a solution and then do the work necessary to improve.
Another trader was pissed at himself for taking a trade from a star trader that was not a good trade for him. My critical feedback was that this was an excellent trading session to learn you must make trades your own. Going forward, focus on the trades that make the most sense to you.
Each of these are examples of how critical feedback is necessary to improve as a trader. Left alone these traders would have missed important lessons. Left alone these traders who not have maximized their trading days. Now compound that day after day over an extended period of time. How much better would you be as a trader?
Today during a mentoring session at 11AM we reviewed a trade with a 2/3 win rate in the $EMC $DELL (now private) deal. Critical feedback taught that $VMC offered an in-sympathy setup.
And all it takes is implementing the habit of getting critical feedback on your trading.
*no relevant positions