Think and trade like a robot

Robots are taking over the world, and if we're going to compete with them, we need to start thinking like one. 




Gone are the days when we trade based on "gut feel". You must have a specific reason for every decision you make in the markets. There's no room for emotion; the market is like a robotic beast that feeds on emotion, the more you give it, the more money it'll take from your account. 



My email yesterday touched on the importance of having a trading plan and setting your goals based on the success of executing that plan (rather than growth). By doing this, you're making decisions based on logic, much like a robot. 



Your trading plan and trade journal are critical. You MUST perfectly articulate why you placed a trade and closed it at a specific level. 



It's ok to make mistakes; nobody's perfect. But if you want to correct these mistakes in the future you need to be able to evaluate them, and the only way to do that is to document why you did what you did. 



Thank you for reading, tomorrow I'll be sharing the most important question every trader should ask themselves. The answer to this question is what separates winners from losers.