Info!! Best Practices Inwards Trading: Elaborating Your Trading Processes

Who are nosotros every bit traders?  The reality is that nosotros fill upward many roles together with engage inward a diversity of activities.  It's rare to disclose traders who piece of occupation diligently on becoming amend traders.  It's fifty-fifty to a greater extent than rare to encounter traders intermission downward what they create into components together with piece of occupation on bettering themselves inward every ane of those.

Today's best exercise comes from Pier Luigi Pellegrino from Paris, France.  He breaks downward trading into iv basic areas together with and therefore breaks downward each of those into 2 sub domains together with each of those into 3 specific functioning elements.  This creates a catalog of 24 functioning functions of trading.  Pier explains, "The daily trading routine is focused on a structured together with regular implementation of the...24 functioning elements."

Here is Pier's breakdown:

1.  Vision (The Fund Manager)

INNER DRIVE
1). Focused Vision - create regularly the images of the fiscal goal to achieve
2)  Intensity of Purpose - experience amongst intensity the volition to succeed together with the expectation to win
3)  Intrinsic Motivation - beingness driven from inside to laissez passer on high standards of performance

ELITE MASTERY
4)  Self Efficacy - deed amongst self confidence together with self efficacy together with belief inward winning
5)  Rage to Mastery - sustain the conviction of beingness an elite performer driven to laissez passer on mastery
6)  Implicit Action - execute the trading strategy past times accessing implicit together with intuitive knowledge

2.  Strategy (The Portfolio Manager)

PATTERN RECOGNITION
7)  Portfolio Ranking - scan, select, together with rank the best tendency stocks amongst the proprietary screening tool
8)  Pattern Monitoring - monitor toll activity together with designing evolution amidst the filtered stocks
9)  Setup Recognition - disclose playbook setups through implicit designing recognition

MONEY MANAGEMENT
10)  Risk Analysis - perform due diligence together with peril analysis of potential trades
11)  Capital Allocation - create upward one's heed the majuscule allocated to the merchandise (shares together with halt level)
12)  Trading Frequency - merchandise solely the best setups amongst the greatest opportunity

3.  Execution (The Head Trader)

CONSISTENT ROUTINE
13)  Mental Toughness - develop a strong together with competitive mindset
14)  Rituals - replicate consistently a structured together with coherent daily routine
15)  Zone State - move inward on demand a zone solid seat down of focus together with concentration during trading

FLAWLESS EXECUTION
16)  Trade Implementation - execute the merchandise flawlessly amongst clarity together with intuition
17)  Order Management - utilize adaptive move out tactic amongst trailing stops together with net targets
18)  Performance Niche - focus relentlessly on your strategy together with discard other methods

4.  Feedback (The Performance Coach)

DELIBERATE PRACTICE
19)  Performance Training - prepare primal functioning skills amongst structured deliberate practice
20)  Mental Rehearsal - isolate, rehearse, together with integrate critical skills together with optimal behaviors
21)  Laboring Instinct - develop a mindset of continuous improvement together with science refinement

PERFORMANCE ENHANCEMENT
22)  Continuous Debriefing - Debrief, monitor, together with stair out performance
23)  Performance Diagnosis - Detect factors limiting functioning together with enhancing success
24)  Feedback Implementation - Correct weaknesses together with repeat winning actions

Now your breakdown of trading procedure mightiness facial expression dissimilar from Pier's (mine would hold out heavier on inquiry processes and--ironically--less geared toward sustaining positive mindset), simply the regulation withal holds:  dividing trading into constituent actions enables y'all to facial expression nether the functioning hood together with respect what you're doing good together with what could stand upward improvement.

Indeed, a breakdown such every bit Pier's 24 functioning functions could anchor an effective destination of twenty-four sixty minutes menstruum or destination of calendar week study bill of fare that could anchor goal setting the adjacent twenty-four sixty minutes menstruum or week.  That would hold out a best exercise that embraces best practices!

Further Reading:  The Rage to Master
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