Tackle Today: Organization is Key Part 1 – Trading Business
May 25, 2018
Last update: August 2021
You might’ve asked yourself at a certain point: “How should I start to make this trading activity a business?”
Begin by having a clear routine and well-defined procedures for everything.
- Organization is optimization.
- Organization is efficiency.
- Organization is key.
That is why we put together this 3-part series on Trading Business:
- Organization is Key Part 1 – Trading Business
- Organization is Key Part 2 – Business routine
- Organization is Key Part 3 – Trading Journal
Unless you’re a machine, you will need to be organized if you want to prosper beyond the threshold: that moment where you can’t do anything more than you’re doing without getting overwhelmingly smashed.
Invest a good amount of your time creating ways to get more efficient. Don’t be a fan of unnecessary tasks or redoing work just because. Prefer the no-brainer, easy-breezy, smooth way of processing information. A dose of organization will help you on that.
If you’re not organized, you won’t get practice time. Understand that practice is also key to develop a successful trading business. Here are some basic questions you should be able to easily answer:
- Is there any risk of assignment?
- Which positions show a profit?
- Which positions show a loss?
- Are there any contracts that must be rolled (up/down/in/out)?
- Is my system bias in accordance with the market bias?
If you are already placing trades, even if they are not part of a system, and you can’t answer with confidence any of these questions, we strongly recommend you to start thinking about organization.
Chart of the Day: Folders on TOS (Thinkorswim)
Have you ever thought about organizing your trades in folders on Thinkorswim? You can organize them by systems, by strategy types, by market bias, whatever way you see fit to make yourself and your trading business more organized.
As far as organization goes, simple things can operate miracles.
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very helpful. Maybe you could also explain where to go on Thinkorswim to organize the trades.
Thank you Jessica