October - A Fresh Start

The first day of the new month brings a clean slate for many traders around the world. Allot of hedge funds and individual traders provide monthly reported results to round out the months trading. This provides them with a measure so they can start to review how they traded in September and then take any lessons learnt forward into October.   

At the end of the month it’s important to start out by reviewing your trading performance for the prior month. This could be as simple as looking at how many trades you placed, what was your win rate, what was your average win and how much money did you make or lose in total for that monthly period. Further, if you wanted to go into more depth you could analyse the screenshots of every trade you took to make sure you are executing your trading strategy correctly or you could look into your trading processes including your scanning routine and trading psychology.  

The next step is to take the key learning’s and lessons from that months trading review and correct these aspects of your trading for the new month. Without a desire to complete this step, there’s no point in even reviewing your previous months results as the point of a review is to find areas in which you can improve. Set yourself out some key goals to take away from the previous months trading and focus on these throughout the new month, print them out and stick them on your office wall if you have to!

For other traders out there, the start of a new month could mean getting back into trading. Many traders get caught up in everyday life and find themselves getting out of touch with the markets. If this is you and you have a desire to get back into trading, why not start now? Make it your mission to get back into a regular trading routine throughout October. Set aside a block of time each day to trade the markets and stick to it... simple.

Happy reflecting!

The TWP Team