Hello and welcome to my blog.
This is not a recommendation to buy or sell any of the stocks discussed on this blog. Due diligence is your responsibility. If you need professional investment advice then find a professional.
The table below is what I am going to use for tracking individual trades. It is very basic and easy to create. This one is for the recent foray into OCLS. The importance of using a table like this is that it eliminates the guess work. 'Plan the trade' is the easiest way to say it. All of the noise that accompanies the markets does not matter, what matters is your own personal ability to make a decision and follow it through. A simple yes/no decision at each step helps to achieve this goal. As long as the answer remains yes then you are on the right track, even if you lose money on the trade.
1. Yes the stock gave a buy signal that I am relatively confident about.
2. Yes a STOP can be set that fits the buy signal.
3. Yes the STOP is within risk parameters.
4. Yes the trade size is set by money management principles.
5. Yes I can afford to lose and accept the fact that I can lose.
6. Yes I will place the STOP at the time of entry and honor it.
7. Yes a loss is part of the game, move on if proven wrong.
Assume wrong until proven correct.
Thank you for your time.
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