Far too often we just accept the default options provided by our trading platform and other tools.
Without any thought as to whether or not they can be improved.
Ok, maybe not you, but I’m certainly guilty of this.
It’s time to change that.
A fortnight ago we discussed a habit I saw creeping into my trading – switching off mentally after a good winning trade and failing to consider potential for re-entry.
See here if you missed that article: https://yourtradingcoach.com/trader/willpower-is-rarely-enough/
We implemented a solution, changing the audio alert when exiting in order to prompt me to reassess.
In other words, the audio alert is no longer just a notification (stop filled / target filled). It’s now action oriented – prompting me to maintain correct process, reassessing the exit and considering re-entry should the premise remain valid.
Key words: “ACTION ORIENTED – prompting me to maintain correct process“.
Let’s take it even further, with TWO new changes.
(1) – Making it simpler and more concise.
A shout-out here to P.K. here for questioning why I left “stop filled” and “target filled” in the audio.
As he said, “Surely only the most relevant information & instruction are required in a very time sensitive scenario“.
I’m so impressed with this. P.K is absolutely 100% right and has further improved the solution.
A simple statement of “Reassess” implies that an exit order is filled. It doesn’t matter if it’s a stop or target; the followup action is the same. And typically I’ll know anyway, through having watched the trade.
So I’ve updated the system and now have one single audio file saying “Reassess”.
Clear and concise!
It’s amazing how the simplest solutions often hide in plain sight. All it requires is a deeper questioning of our current practice.
Let’s do one more…
(2) – Why just on trade exit? Why not trade entry?
This is the default notification on trade entry:
Suitable, I guess, if you’re happy with a simple notification of what has happened.
Better though, is a prompt to action.
The period immediately after entry is important. It’s not a time to sit back and relax and leave your fate in the hands of the Trading Gods. They gave you a brain. Use it.
And confirm your plan.
Now that you’re in a position, things can look and feel different.
So take a second or two to confirm:
- Confirm the trade premise is still valid
- Confirm expectations – how should price behave, given the current market conditions
- Confirm actions – how will you act if price action should differ from expectations
So here’s my new Call To Action:
YOUR WEEKEND ACTION ITEMS:
Check all the tools you currently use in your trading.
What notifications do they provide (audio, text etc)?
Are these notifications working for you in prompting action and helping to maintain process?
If not, see if there is a way to modify them.