I sent the following short message out via social media just over a week ago.
This was my favourite reply:
Ha ha! Awesome.
All jokes aside though, I think this is just so important. I feel we need to discuss it in greater detail (and get it out to thousands of you via the newsletter, rather than just a few hundred via social media).
That is what we are aiming to achieve – consistent, high-quality implementation of processes on a day-to-day basis.
So, here is the original post again:
If you employed someone to trade your money for you, would you be happy if they prepared for today's session the same way you just did?
Let's extend that idea to all aspects of our daily operations. (Of course, adapt as required to suit your business.)
- Would you be happy with the way they prepared themselves physically and mentally for the upcoming session?
- Would you be happy with the way they analysed charts in preparation for the upcoming session?
- Would you be happy with the degree of focus they applied during the trading session?
- Would you be happy with the consistency they applied to following any workflow cycles throughout the trading session?
- Would you be happy with their ability to follow your analysis and trade checklists or routines throughout the trading session?
- Would you be happy with the way they documented their trade outcome and performance.
- Would you be happy with the way they reviewed their daily performance and planned for improvements the next day?
NOTE that none of the above is concerned with the outcome of trades. Win or lose is irrelevant in this case. I'm concerned here ONLY with how well your employee is implementing your daily processes and routines. If they're providing quality implementation and the results continue to be poor, then that is on you (the employer). You need to provide your employee with an improved plan. For today though, our concern is only with how well they are carrying out your current plan.
You may wish to consider adding a step to your post-session routine, for you (the employer) to grade your trader in all aspects related to quality, consistent implementation.
Update daily. Improve daily.
And most importantly, watch for problems which continue to appear on a regular basis. They will need priority attention.
Now, accepting that most of us are both the employer and employee, let me finish with an important point.
Do not be overly critical of yourself. You need to be as positive and encouraging as possible. But you MUST set clear boundaries as to what IS and IS NOT an acceptable standard of behaviour and effort. And work to improve daily.