I received this email from a trader:
Terrific piece yesterday on trader development. You have a wonderful way of clarifying things.
Step 1. Build your playbook of trading ideas
Step 2. Become consistent trading these plays.
I have come across the word “consistent” more and more frequently but have never fully grasped just how important it is.
Dr. Brett talked about it this week and now so have you. One of the things I’ve learned is just how inconsistent I have been in my developmental process. Becoming consistent is a top priority for me now.
If I am honest, I have been anything but consistent trading my playbook. And of course my results reflect that.
Finally, after making good progress in steps one and two, what are some of the additional steps traders will face? I know you talked about PnL and sizing but I’d like to know some others as well that would make your list.
Since I will become a CPT, it makes sense to know what that really means and what I will be facing on the journey.
You have identified and important next step for you. Trade your PlayBook.
It makes sense that your results are not consistent if you are not consistently trading your PlayBook. Your PlayBook is filled with the setups best for you. Trade outside of that and your results are an accumulation of lesser trades and some of your better trades. This is not the true reflection of your trading potential.
For the next month, set a goal of trading your PlayBook daily. Keep a report card on how successful you are each trading session on this goal. Intensive work on one goal that you grade each night, I suspect will bring improvement to your trading consistency.
Let’s leave what comes after that until after that.
As always, I appreciate your comments/feedback- [email protected].
*no relevant positions