My email inbox is filled with some serious “bang my head against the wall” moments. People not making any progress after SO LONG. And yet they don’t have any serious review process in place.
There’s nothing anyone can do for these people.
They are like cannon fodder in the markets; for as long as they choose to subject themselves to this pain.
And then there are those people conducting some form of review, typically unstructured or unfocused. And completely ineffective.
When questioned as to what they’re trying to achieve with their review process, all I get is some vague response like “to be a profitable trader”.
That’s not good enough.
But at least these people can be helped.
They at least recognise the importance of review.
They at least have disciplined themselves to carry out some kind of review process.
It just needs to be improved.
So let’s drive your business forward.
(1) What is my current goal?
(2) What do I need to do to get there?
FOCUS YOUR EFFORTS.
Not on some vague idea of “I just want to be profitable”.
Specifically, next week, what do you want to achieve? And what do you need to do to get there?
Small incremental improvements. Stretching just slightly beyond your current levels of performance.
In the absence of anything better – aim for a combination of win rate and win:loss size ratio that improves upon recent levels of performance.
And push for it.
Everything else is a distraction.
Narrow your focus to something specific. And take massive action to actively drive your business forward.
You’ve got this. Go for it.
PS. The discussion above talks about the weekly review process. The same concept applies for those who conduct reviews upon “groups of trades”, such as 20-trade groupings or 50-trade groupings. Focus your review process on small, incremental improvements. And actively drive your growth and development. Unstructured reviews, or reviews with vague or poorly defined goals, are simply wasting your time and effort.