My friend “Dewi” was telling me, she has been reading a lot of other “beginner” books like “Trading for Dummies” etc and realized that she doesn’t find what she reads here in those books. HEHEHE What does that tell you? My guess is that they don’t really Trade, they are not written for women or they need to read this blog! 😛
I’ve written about Trading the way I did because I found that the way to approach Trading is mighty important to the results you get or much-hoped-for success. It really should be part of Trading education. I learned this the harrrrdddd way. Seriously.
I remember when I first started, I devoured books/CDs on “basic terminologies”, strategies, researched about companies. I even went on “personal finance” seminars trumpeting “how to get started”, paper traded ( I thought that was a good practice), opened an account and traded for the first time. $15,000 and 4 months later, I found a hole in my pocket among other things. 😮
OK, still I stand here at this point with the reflection, that if I hadn’t done what I did, I wouldn’t be here today. So I am grateful, but I felt if I learned the way to start correctly, I could have better results. I hope YOU don’t make the same mistakes. (So go back to the start of this blog! See For Newbabes for the outline)
Here’s what I’ve written so far that I think is important before actually plunging in Trading “How-Tos” :
1) Know the nature of the business
- What really is Trading (Why Trade, The Need to Be Right)
- Success factors (Self-Mastery – It’s not me, it’s YOU, The Right Foundation)
- Trading environment and dynamics ie. Markets (Oceans of Opportunities, Buy 1 Take 1)
2) Money principles – that consciously or unconsciously guide your decision making.
3) Lifestyle considerations – this can be a source of help or stress, hence, it affects your performance. IN A BIG WAY.
Walk in my (High-Heeled) Shoes
Yes. I’m going to tell you HOW I trade. What steps I follow, the concepts, system I use. The whole Trading process I do. I had a blast from the past with my Business Analyst blood returning and came up with 15 steps. (I’ve been using the whole thing but just broke it down further for more clarity here). Excited? Scared? Don’t worry. This is just to “show and tell” what I do, hoping that, other women who may be in similar situation can learn from it.
My High Heeled Trading Process
| Step | Process Step Description |
| 1 | Prayer and Preparation |
| 2 | Ready to Trade? |
| 3 | Position Sizing |
| 4 | Market Understanding |
| 5 | Stalking Price + Opportunity Summary |
| 6 | Considering a Trade/ Position |
| 7 | Identify Position |
| 8 | Mental Preparation |
| 9 | Action |
| 10 | Update Diary |
| 11 | Capture Chart/Funds |
| 12 | Monitor |
| 13 | Closing |
| 14 | Update OPEN Trades List |
| 15 | Update Trade Transaction List |
What I’d like to do is to discuss some more Trading concepts and show how they are applied in the process. I believe this makes it both simple and effective. So next articles will be on these processes.
You’ve come a long way girl, but the journey is just beginning.
May the Fierce be with you!
Sipalay Beach, Philippines - photo by Fr. Noi Azupardo
