Great post. Huge thanks for sharing. I am not Robinson Crusoe either. Same thing. Started 2 years ago with one stock in lithium. After 6 months I had tripled my money. Ahhh... how easy is this I said. Money for jam. I read you needed a plan. Tried to sit down and do one. It is like starting an essay. The first part is the hardest as it involves searching inside yourself for your motivations and ideas on how to achieve your goals. This is definately not my strength. So I did a half assed job and put it in a draw. Done.
So I started frantically trading everything that moved. No prizes for guessing what happened then. I became a teller machine for the market. Probably gave lots of you good people a great deal of money. I will put it down as education expenses. After I couldn't sit down for a few months because my butt hurt so much due to an unlubricated rogering from the market I realised I obviously had to change.
I then said no more trading until I have done a proper detailed plan that I stick to.
I have fallen off the wagon a few times and impulsively bought stock. Lost again. Evaluated why I did it. What was I thinking and what did I do wrong.
Its now been 6 month writing my plan inbetween living my life and for the past 2 months I have not bought anything!! I am up to the testing stage of the trading part of my plan. Backtesting, writing down my thoughts, entries and exits.
I am not sure when I will be confident to start again. I have kept my conviction hold shares, everything else went. Starting again. So far on paper its looking pretty good in theory. Just need to work on exits a bit more. Already I feel much more comfortable that at least if I lose some, it will not be due to lack of preparation.
So in summary,
Yes, get yourself a plan and practice sticking to it.
Research is critical. Limit your watchlists ( thanks PJ and HAC30). Test your trading plan. Dont be disheartened if you break your rules, learn from it and limit it. Keep a cunning kitty of cash ready for unexpected opportunity but use it very, very rarely and only if it conforms to you plan. Take the right trade and not almost good enough trades. Everyones plan is different, it has to suit you and be your work.
These are some of the things I will try and practice.
Have a good weekend all and thanks for your wisdom over the past few years (intended and unintended). This weekends music posts have been great and uplifting. Thank you all.
Peace and happiness. Its been real.
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