Monday, March 21, 2011

The Daily Note - Work Smart Trades

I work hard which will probably never change, but along with working hard, we all have to learn to work smart. It's true in any market situation, and no more than now. Working smart does not mean that you do shortcuts or that you work less, although it may lead to it, in a smart way. Working smart means figuring out what works for you and doing it over and over again.

Smart means knowing which strategy works best for your style. The one that no matter what the market does, you know how to trade. Some days less, other days more but it's one that you know will be successful a high majority of the time. You also have to know which symbols work best with your strategy and it's good to have a basket of them. I call mine "The Usual Suspects"

By tracking your trades, you can find out which stocks work best with your best strategy. Keep the daily log on each symbol separately and see which ones perform best on the average for you.
Weed out the ones that do not trade well daily first, then weed out the ones that work in the lower percentage of the time with a minimum of 60% preferably 70+% success.

Finally, remember that smart does not replace practice. Practice them until your percentage of success with each improves to be above 80% preferably to 90+%; by which time you're basket will be weeded down to about five traders.

Your Smart Trades can be the starters of your day or the ones you go to when others are not doing well. The ones that will boost your success and your confidence. The ones that allow you to - Work Smart Trade - them well.

Happy Trading, Living and Dancing

The Daily Pick - AAPL

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