Top Tactics For The First Trading Days Of 2017
Top Tactics For The First Trading Days of 2017: Once the tree is down, the last cracker pulled and Auld Lang Syne is a distant echo, our attention turns quickly back to our trading screens, as we are eager to get the year off to a profitable start, take a minute to review some our 2016 top tactics to help you successfully navigate the first few trading days of 2017.
1. Make Your Main Christmas Present To Yourself A New Trading Journal
Journal Journal Journal – is one of my core mantras in trading. It has been the tool that has done most to develop my trading over the past ten years. Treat yourself get a nice new journal and use it daily in 2016, it will pay dividends next year and every year after.
2. Digest The Turkey Don’t Rush To Trade
Another one of my core principles is not being in a rush to trade, this is particularly relevant after a prolonged break, be super wary of the itchy trigger finger, especially after the Turkey overdose.
3. Don’t dig yourself into a hole early on
Following on from resisting the need to trade day one back at the desk, is the notion of avoiding digging yourself into a hole early in the day, week, month and year. Take some time watch the markets, watch the the early rhythm and feel your way back into the action.
4. Review 2016 performance errors
Regardless of your performance metrics in 2016, take some time to review your trade log from the past year and anlayse your trades specifically look at the disasters and highlight the trading errors you made, and what you can do in the future to avoid repeating those errors in the New Year.
5. Review your trading plan
Take time out in the first week back at your desk to thoroughly review your trading plan, assess your execution versus your plan. Look for areas that you can improve your plan look for opportunities to streamline your decision-making process in trade execution and risk management.
6. Review your anchoring trading principles
Just last week I highlighted a core exercise I believe every trader of any experience level should undergo. Develop a bunch of anchoring principles that you review each time you run on your broker platform and each time you turn your broker platform off. Some core concepts to keep you grounded through the good times and the bad times in the year ahead.
7. Stand Back
Take a step back, often as traders we become too consumed with the short-term trading opportunities in the session, day or week ahead. Take a look at the yearly and monthly charts and work your way down to your execution charts, get a sense of the broader perspective take a look at the charts that the big slow moving money are using it will help give you better perspective on the markets.
8. Move About
If you have spent the holidays eating and drinking too much then make a point of making daily movement of some sort part of your daily trading routine. Even just 30mins of brisk walking will really help your concentration and mental alertness.
Often times the holidays incorporate some pretty late nights and early mornings that often involve a glass as opposed to a trading screen. It takes your body clock time to realign after disrupted sleep routines. Be sure to make your sleep a priority as you head back to your trading desk, even looking at incorporating a nap to your daily routine, will boost alertness and concentration levels.
10. Drink Water
Like many the holiday periods involves ALOT of festive spirits often in liquid form. Dehydration is one of the prinicple causes for a loss of mental focus and sharpness. As we head back to our trading desks post the New Year celebrations make sure you have a litre of water to hand: hydrate, hydrate, hydrate!