#TradeStories
1. Analyze the Deviation:
Was the trade setup as expected? Review the entry point, stop-loss, and profit targets to see if they aligned with the plan.
Did you follow your risk management rules? This includes position sizing and risk allocation.
Were there any unexpected market events or developments? External factors can influence trade performance, so it's important to be aware of them.
2. Identify the Root Cause:
Lack of discipline: Did you deviate from your plan due to emotional reactions or fear of missing out?
Insufficient knowledge: Were you unfamiliar with the market or trading instrument?
Poor risk management: Did you take on too much risk or set your stop-loss incorrectly?
3. Learn from the Outcome:
Keep a trade log:
Document your trades, including entry points, exit points, reasons for entering and exiting, and any deviations from your plan. This helps you identify patterns and recurring mistakes.
Review your trading plan:
Adjust your plan based on the lessons learned from the trade, especially if there were deviations from your strategy.
Seek feedback:
Talk to other traders or mentors to gain insights and perspectives on your trade and your overall strategy.