Friday, January 18, 2013

My Time

Need to focus on my own psychology more and time management.

1) Spend less time on Stocktwits

I realize this is mostly a waste of time.  Most posters have nothing of value to add.  Trading is boring and many have no other way to be social and connect with others.  Most of the posts are to boost people's own egos, share wins, or to bitch about politics or whatever.  There's very little trade ideas and the ones that are good are usually way too late.

2) Spend more time focusing on process and trade set-ups.

Goes without saying.

3) Spend more time reviewing daily charts.

I am doing this more with this blog.

4) Spend less time watching charts.

This may seem counterintuitive but I can't watch the market for 8 hours straight.  Focus is lost.  On some days, like a strong trend day - it probably pays to stay in the chair, but in the ideal day - I would find a trade, hit a trend and be done. 

You gotta work hard to make it but 'long hours' does not mean working harder.  It's the quality of the time.

5) Less time 'promoting' this blog.

These posts and charts are for me only.  I don't care if anyone reads them.  Almost no one does anyway.  It's a diary that's public.  That's all it is.  It keeps me focused on my work, helps me review and improve.

6) More time on Emotion Management.

I'm struggling because of emotional issues -- trading with a plan and then letting the profit/loss dictate actions instead of just following the process I've developed / am developing.  Every day should be spent being more mindful of my emotions.

7) Determining what days and what markets are offering the best opportunity.

On slow days, with low volatility,  increase size , decrease targets.  On volatile days, scale back and acknowledge the wide range.

These are just a few thoughts.

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