Trading Newsletter (27 Dec 08)

Hi traders,

I hope you've had a wonderful festive season so far and are enjoying a break from the markets.

As mentioned in my last newsletter, I'm taking a break from 20 Dec 08 to 4 Jan 09, so this edition goes out to you thanks to the magic of my autoresponder (automatic email delivery system).

It's just a quick one, but really important. The end of the calendar year is a great time to review your trading results from the past year and to plan for improvements the next year. So, I've decided to share some brief thoughts on how you can make this process most effective. You'll find the article down below today's trading quote.

Hope you enjoy it,

Cheers,

Lance.

Today's Trading Quote

"Psychological interferences with trading performance are the result, not just of problems, but of outdated coping with those problems."

... Brett N Steenbarger, Ph.D., Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology (Wiley Trading)

Improving Your Trading Results

Right now as I sit and write this article, it's coming up to the end of 2008 and I'll be shortly taking a well-deserved break from the markets and my website.

Of course, as an admission that I'm addicted to trading, this won't be a total break. I have some trading books to read and will be taking time out to conduct a review of my 2008 performance and to plan for 2009.

I highly recommend that you do the same.

Don't get me wrong, reviewing your trading performance is not just a 'once a year' event.

I actually conduct different types of review after each trade, after each session, after each week and then again monthly. And I also complete a six monthly review, one of those being now, at the end of the calendar year.

While I will be reviewing my P&L figures and drilling right down into the stats such as winning percentage and win/loss size ratio for each of the setups, my biannual review is not so much about that stuff. That gets taken care of on a monthly basis.

The biannual review is really a chance to reflect on your results, your plan and your goals from a much higher level. And the best way to do that is...

ASK YOURSELF QUESTIONS!!!

I know, you'd rather me just give you the answers, but that's not how life or trading works. (At least not in 2008. Maybe next year will be different?) The real insights in life come from questioning what is happening and allowing your inner-mentor to provide the answer.

Ideally, the questions will also be customised to your needs. If you relax into the process you'll know the questions to ask. But to get you started, maybe some of the following questions will help provide you with an insight which will make 2009 your best year yet.

• Am I enjoying myself?
   

• Have I achieved my trading goals? Why? Why not?
   

• Are my trading goals still relevant?
   

• Is my trading plan current? Does it accurately reflect how I trade?
   

• What is the strongest part of my trading plan? What can I do to improve it?
   

• What is the weakest part of my trading plan? What can I do to improve it? What can I do to minimise the risk or impact?
   

• What is the area of my trading plan that I haven’t really developed to its fullest potential?
   

• Do I really know whether my plan provides a positive expectancy? How do I know?
   

• What is one thing I could do right now to improve my pre-trading preparation?
   

• What is one thing I could do right now to improve my identification of setups?
   

• What is one thing I could do right now to improve my entries?
   

• What is one thing I could do right now to improve my trade management?
   

• What is one thing I could do right now to improve my exits?
   

• What is one thing I could do right now to improve my post-trade review process?
   

• What is one thing I could do right now to improve my record keeping?
   

• What is one thing I could do right now to improve my longer term reviews (weekly, monthly, biannually)?
   

• What is one thing I could do right now to improve my discipline?
   

• What is one thing I could do right now to improve my consistency?
   

• What is one thing I could do right now to improve my trading psychology?
   

• What is one thing I could do right now to improve my money management?
   

• What is one thing I could do right now to improve my risk management?
   

• What do I fear most in my trading?
   

• What am I embarrassed to talk to others about when discussing my trading?
   

• What was the low point of the last six months? What will I do to prevent that reoccurring?
   

• What was the high point of the last six months? What will I do to ensure that repeats again in future?
   

• How do I plan to improve in coming months?
   

• What are my current life goals? What are my current trading goals.

It's that simple. Hopefully there's one or two in the list that you really related to. If not, you'll need to find your own question. Relax, and ask yourself, 'What is the most important question I need to ask myself to improve my trading?' Then let the question go. The answer will come when it's ready.

Here's hoping 2009 is the best year of your life so far!

Cheers,

Lance Beggs.

Lance Beggs

Trading Website:           www.YourTradingCoach.com

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INO TV Review:             http://www.ino-tv-review.blogspot.com/
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DISCLAIMER:

Trading the financial markets WILL expose you to risk, and the potential loss of your money. Trading is difficult, and can take many years to master. In fact most people never master trading, quitting through frustration or loss of funds well before they achieve success.

If you are not yet achieving consistent profits, then we encourage you to continue educating yourself on the business aspects of trading, risk management, money management and trading psychology. And NEVER RISK MONEY THAT YOU CANNOT AFFORD TO LOSE.

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Unless specifically stated otherwise, all trade setups and trades shown within our articles and videos are to be considered hypothetical, selected after the fact in order to demonstrate a trading concept for the purposes of information and education only.

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This website, blog and newsletter may contain content by guest authors. Any web links, or URLs, within any guest articles or videos are included as professional courtesy, and in many cases is a publishing requirement. However, please understand that their article or video has been included in our newsletter, website or blog, simply because we believe that article or video provides educational value for all traders. In no way are we providing an endorsement of the author's website, newsletter, courses, or any other materiel, unless specifically stated. In addition, we are not liable for any loss, claims, or damage incurred by any person, due to any errors or omissions, or as a consequence of the use or reliance on any third-party website or products, or any information contained within.

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Commodity Futures Trading and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN