by Teeka Tiwari 08/21/08
One of the things I do is keep a trader's diary.
I use it to write my interpretations of global events and how they will affect the markets.
The more you do this, the better you will become at interpreting the impact of global events on the world's markets.
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You'll confidence will be bolstered when you're right and, more importantly, you will have a firm record of where you got it wrong. And knowing where and how you went wrong is the first step to getting it right.
I also use it to record my decision-making process for each trade and, of course, to keep track of my results.
Always write down the reason why you bought or sold a stock. Print a chart and staple it in your diary. Over time you will have an invaluable record of what winning and losing trades look like. You can't get this kind of knowledge out of a book.
If you are a self-directed trader, then you are the one that has to do this work. It's worth it, and it will take your trading to another level.
There is a beauty and a rhythm to market movements that transcends balance sheets and analyst reports. When I am at my very best it's almost as if I'm plugged into an external source. It's difficult to describe the feeling, but athletes call it being in the "flow." Those of you that have experienced it know exactly what I am talking about.
My trader's diary has been a big part of plugging me in to that "flow," and I am sure your own trader's diary can do the same for you.
Teeka Tiwari is the Chief Investment Officer for Tycoon Publishing's Point & Profit. To learn more about him, read his bio.
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