Since I always like to start off on a positive foot, the first question I ask myself is: What did I do well this month?
Something that I felt I did a really good job of this past month was making confident decisions and not second guessing myself. In the past I have been really hesitant to make some moves and for that reason I have missed out on a few really profitable opportunities. Personally I think it hurts more to miss out on something knowing you would've been right, rather than get in something and have it lose. So making confident decisions and sticking to them is something that I was really proud of last month. Another thing was the fact that I was becoming more organized and robotic in the way I approach my business. I'll touch on this later but its includes everything from creating a morning routine that I follow everyday to re-wording my trading plan in a way that is easier for me to understand.
After thinking about what I did well at, I ask myself: How can I continue to improve upon what I did well?
Becoming more organized has done wonders for me. However, there are still sections in my plan that I would like to re-write. One of my goals for June will be to finish re-writing my trading plan and improving it by making it more reader friendly.
Next I go on to thinking about what I didn't do too hot at. Where do I think I can improve at?
After analyzing my end of the month journal I noticed that I still had a few impulse trades. Moves that I made because they looked good at the time, but didn't have a specific set of rules for. This is a big no no for me because if it becomes a habit it will no doubt take me right back to where I started 20 months ago.
How can I improve upon my faults for next month?
I can improve upon my faults by either forcing myself not to take impulse trades. Or my indentifying what types of impulse trades I took, create rules of engagement for them, and proceed to back-test them before trading them live.
Overall view of May
Overall May was a good month for me which puts me on a two and a half month hot streak. Just as I stated earlier I feel a lot more confident at what I'm doing and not having a client has freed up my mind a lot. No longer am I worried about impressing them, I'm simply trading for myself and the way I want to. There are a few things that I still need to fix but I just think "Kaizen" and that if I continue to improve day my day even if it's my small margins then I'm on the right path.