The Ten Tasks of Top Traders

The above chart is taken from The Ten Tasks of Top Trading 

Click on the Link to read in details. This is my summary of the Ten Tasks that should be used by traders to be successful.

Daily self analysis: My Guru used to tell me, Real Trading starts after market closes. During market hours you are just executing the plan which you made after the market closes based on various scenarios which can happen. The more you know about yourself, the better your trading will become. How you would react when your SL is Hit, Targets are achieved, etc.

Daily mental rehearsal: Ask any successful trader, they will always tell we are what we think of ourselves. In trading we also need to do lot of mental rehearsal, such as training our sub conscious mind on how to take trade, when not to take trade and when to stop trading.

Developing a low risk idea: Trade with the odds on your side with a defined risk based on your trading system.

Stalking: Wait for the entry. Utilize patience and don’t pull the trigger to soon. Just Like a Lion hunting for prey, wait till the right moment comes. Do not just enter because your gut feel says so.

Action: Take the entry when the signal is hit. Do not freeze up. Do not fail to pull the trigger based on your fears. It required lots of practices.

Monitoring: Keep an eye on what is happening with your position. Track your position till they are open especially when you have taken them on leverage.

Abort: Be ready to cut your losses, when you are wrong and hit your stop loss. Do not hesitate just cut and run.

Take profits: Use trailing stop or profit target when one is hit. Allow the market to take you out.

Daily briefing: Think through your trading & what you did right/wrong based on your trading plan.There is always a scope of improvement, that will only come when you do brainstorming

Periodic review: Is your trading working? Do adjustments need to be made?