≈ Data, data, data, I cannot make bricks without clay. ≈
Last week we had the good fortune of reading a post shared by one of our members in the Clubhouse, David Ciporkin. From that masterpiece of trading wisdom, we want to highlight 2 parts that stood out for us:
1) The use of words that every new trader needs to include in their personal trading dictionary right from the start:
– “Trading plan”
– “Baseline Reward/Risk Ratio”
– “Money Management”
– “Forward tested, backtested, and stress tested”
– “Trader Psychology”
2) “[…] if you want to get to the next level and improve and be consistent, then you have to have rules, and you have to keep statistics and record EVERYTHING you can in the beginning. Make a monster Excel sheet. Learn from your WINNERS. See what all the big winners had in common, and add that as a rule. […] This will maximize your “Reward”. Now, look at what your big LOSERS have in common, and add a rule to your trading plan which will eliminate those. Now you have optimized your “Risk.”
David is like Mr. Holmes: he wants to investigate all the details in his positions. He wants to discover what works and doesn’t. He wants to gather all the available evidence to explain why his winners are winners and losers are losers. He wants to build a story that makes sense. And for that, he needs data.
Data, data, data, you can’t make bricks without clay.
Read the full post here.
Chart of the Day
David Ciporkin spreadsheet
Last week, David Ciporkin, a member of our community, posted the screenshot above on the Clubhouse. We want all of our students to get inspired by David’s dedication to his trading data. Without journaling, breaking and analyzing your data, you will be building nothing more than castles made of sand. Read the full post here.
Video of the Day
Bear Market Survival Guide TONIGHT @ 8:30 PM EST
If you haven’t yet, sign up HERE for tonight’s special event and come learn how to survive Bear Markets
Today’s Lineup
Coaches Lounge 11am EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Replay
If you missed last night’s episode where Coach Gino Poore and Coach Greg Holmes talked about Sell signals versus retracement, and trend change or would like to watch it again, check it out here.
Halftime Report 12:30pm EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Market Recap 4:30pm EST
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
