The 21 day plan

I did not trade the last 3 days due to the day job requiring me to travel. I am looking forward to resuming my 21 day plan...

Before starting this blog I found myself in an all to familiar position of many aspiring traders...a position of overtrading and chasing markets! This had been going on for awhile and I reasoned it was something that just needed to be worked through. Then I met Anthony over at http://adelaidespitraders.blogspot.com/ and we started conversing during market hours. Anthony showed me how a patient trader trades while I continued down my errant ways but now exposed to a fellow trader. This hit me hard after a particularly bad day of trading and I decided right then and there that serious action was needed if I was ever going to be successful.

I had read in several places that 21 days can make or break a habit so I decided to take the next 21 trading days and use them for observation only....NO TRADING. I needed to learn how to be able to watch the market action and not feel the need to trade. I have 16 days under my belt and I find myself rather enjoying the experience. Without the anxiety of placing trades I can see patterns in the market appear on a regular basis. I am also developing discipline by following this rather simple plan. My next step, after the 21 observation days are complete, will be to add ONE trade (or none) to each day for another 21 days. That will be the only goal, 1 or less trade a day, another simple plan to build discipline. Stay tuned for more....