[EDU]Doing this will Massively improve your Trading!Hello fellow traders , my regular and new friends!
Welcome and thanks for dropping by my post.
DRC stands for Daily Report Card
To be all transparent I adopted this from smb capital. Credits and Kudos to them.
I used it and did some modifications to suit my purpose. So you can do the same to what I have over here and modify according to your requirements.
The purpose of the daily report card is to help you keep track of your whole trading day. If you do have a day job or what not, you can adjust the DRC to be cater for a week or few days. It's up to the individuals.
So, this Daily report card of mine basically looks something like this as shown above in the charting space. And let me give some details on each of this sections.
Daily Analysis
In this section, you should start off with how you have felt in the morning. Do you feel refreshed and pumped up, or grouchy as you have had not enough sleep? Or are you feeling miserable or unhappy over the big lost you had yesterday? You can put it down over here.
Then continue on for how you would prepare your trading day by first analysing the market that you are trading on.
Goal
This will be link with the goals that you have set fore for yourself. Try to put a goal that you wanted to achieve by end of the week, month or quarter. This doesn’t necessarily be the big goal you have. It can be subset of the big goal you have.
Some examples can be, to increase my position size from 1% to 2%. Or to be able to hold my trades longer, sticking to pre-defined exit strategies and improving my risk to reward ratio etc. This goals does not necessarily needs to be monetary.
Reminders / general truth or principle
You can put some reminders and principles for yourself here. You can start off with things like focus on your goals and not the PNL, focus on your trading as required and remove any distractions (e.g. social media). These are just some examples of the many and I will leave that for you to fill them up.
What I learned/improved upon today?
To this, you can write something that you find interesting or learn about the market. For example, if you are day trading, GBP could have a particular time that you have observed where it reverses it trend. OR it could just be that you come to realize some interesting trading setups using a particular indicator etc.
Important trade, if any
Over here, you should document down trades you find it important for your to remember or refer back to later on in the week or future. This can be trade that you have did well or a trade that you performed badly. Jot it down so that in the future you can revisit and learn from it again.
Change need to be made from today?
Here are some things that you felt that you should act on it immediately for example, if you lost yourself and be emotional on losses. Put it over here and evaluate what has happened and act upon it. Or you have entered a trade haphazardly ,in fear of FOMO etc.
Overview
Just a 1-2 sentence to sum up your day.Nothing in particular but jotting down your thoughts of the day.
Finally take a look at the top left hand corner of the table I had for you. There is a X /5 which denotes the score you gave yourself on that day (if you are doing it on a daily basis).
Over here, have your own scoring system to give yourself score and hold yourself accountable for it. You can do something like, giving a score of 1 for daily analysis section, 2 for goal and 1 or important trade etc. Just to evaluate how you have done for each of these section is a quick way.
It's the year end and if you have yet to evaluate your trading performance and not sure how to go about starting, do check out the link i provided below for the post i have put up recently.
Do Like and Boost if you have learnt something and enjoyed the content, thank you!
-- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! --
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Disclaimers:
The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes.
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