This is the first week after Friday the 13th and I made 6 losing trades after a 30 pip win so I believe I need to be on PIP (Performance Improvement Plan).

Here are the details of my PIP:
  • Increase my Winning Ratio to 55%
  • Must only take position that has 30 pips or more profit potential
  • Get my balance back from $1,280 to $1,600 or up 25% in 2 weeks

To achieve my PIP, I need to do the following:
  • Do Not Think about money
  • Focus on trading my best setups
  • First, constantly define and confirm market direction
  • Check any potential reversed signals
  • Wait for my best setups, most likely at pullback
  • Get in with the trend with confirmation on my best setups
  • If missed, wait for another opportunity instead of tracing the market by jumping in
  • If stopped out or closed (win or loss), repeat the process again
  • Don't need to force a trade if no opportunities.
  • Review and wait these on my notebook every day before trading

I also need to review my trades before and after a trading session.

Building trading skills every day is the only way to make profits from the market and it's not easy but achievable with efforts.
9/7/2012 03:55:56 pm

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9/7/2012 06:22:19 pm

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10/3/2012 09:34:36 pm

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3/25/2013 04:09:50 pm

Thanks for valuable discussion on PIP. I like this blog post.

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