Remember, this is just like the exercise you should be doing each week. It is an easy and safe way to refine your trading skills. Most, if not the vast majority of traders, are not willing to do this much work to achieve success. Are you? Is this too hard to do? Are you willing to invest an hour a week to do this? I was amazed how much it helped me.
It works because your mind doesn’t know the difference and therefore you can count it as real trading experience. By doing this exercise, you are building positive trading habits and skills.
Mental outlook is also important to your success. Have you thought about your trading six months from now? How about a year from now? Will you be successful? How do you know? You can’t know unless you measure.
For me, moving from a “must make money today” to a long-term plan was paramount. It helped me to see my trading as a business, manage my risk, and understand how every single day is just a small part of my future. What happens on any given day is not that important in the long run. Developing a three-year plan elevated me from a novice day trader into a professional career.
DealBook® 360 screen capture printed by permission. © 2008 by Global Forex Trading, Ada MI USA
FIGURE 17.3 Before 2
DealBook® 360 screen ...