Campaign: April '90 Gold by Robert Miner Every trading action must be made in accordance with the trader's trading plan. Unfortunately, most traders are very disorganized. One of the most useful habits I have developed for trading is to keep a daily trading/analysis log for each market I am interested in trading. Every day I make (usually) brief comments about the position of the market, potential upcoming price and time zones to anticipate change in market activity, news events or reports upcoming that may have at least a temporary effect on price activity and any other comment that I think will be relevant to making a trading decision for that market. The comments include the parameters that must be met to take action (initiate a trade, adjust a stop, add positions, close a trade, and so on). By keeping a daily trading log with this important information, I will always have the most relevant and timely information at hand and will always have a written record of why I made a particular trade or took a particular trading action. This way, I can easily review my trading activity for what I did right and what I did wrong in order to constantly improve my trading performance. The following are comments from my trading log for a two-month period in early 1990. The comments have been expanded in some cases to provide more of the information that I keep in my time and price data books for each market. These are books of time and price relationships of past market activity and of the current market activity as it unfolds. |
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