Prince George BC Canada
Legendary Market Wizard
Experience: Advanced
Platform: National Bank Direct
Broker: NBD/BMO/Questrade
Trading: Stocks
Frequency: Every few days
Duration: Weeks
Posts: 1,283 since May 2013
Thanks Given: 183
Thanks Received: 3,962
|
Congratulations; I’m betting that most beginning traders don’t have a written plan. It’s is one of the first things that I recommend a trader do.
I’ll critique your plan a little at a time until you get tired of me harping at you then I’ll quit.
Discretionary vs rules based trading vs your golden rule of no emotional trading.
If you have no rules then how will you be able to tell if emotion played a part in your decision making?
I think it is a case of having to define the rules. For instance where a stop needs 2 more ticks of wiggle room, you should be able to come up with a set of circumstances (rules) that define when that situation occurs. If you tell me that it is a gut feeling then you are operating on emotion.
I’m biased because I am a rules based trader but it is much easier to avoid emotion when you have a specific set of rules. It then becomes quite simple to review your trades. Did you follow your rules or didn’t you?
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard |
|