Friday, 22 January 2016

The 3 Month Challenge

Hi,

I'm just copying one of my posts in our forum. Thought I'll share this in public.

The Three Month Challenge 

We are going through a three month challenge in our Skype Room.
This exercise involves sticking to our system for this period of time and keeping a record so that we can monitor our performance.

The Goal of The 3 month challenge is to achieve at least 90% discipline. We are NOT interested in how much money we make or lose. We are not interested in how many pips/points we make or lose. Our main objective is DS18/20. And we ought not do more than 1 T20 per week. so we are looking into 12 T20's.

[The T20 Principle eBook is available inside AIMSForum] 

Trading is like any other business. You need to know how to run a business. If you want to run a successful trading business. This is your 3 months Course to work on your skills of running that business. The prime skill we are working on is Discipline.

We use the mechanism of T20 to measure the achievement of our objective.

Before you think of leaving the system/challenge, I want you to understand the above. Some of us may have left the challenge or others may not even started it, because they lost focus or misunderstood the objective of this exercise.

It will be harder to remain disciplined and keep trading "error free" with a system that generates more signals than the system that generates lesser number of signals. AIMS The HUNT is a highly successful trading system with 66% win rate. But it generates less number signals per week. This is a good thing for our purposes.


Tools that will help achieve this goal.


1. Journal Writing. Keep a detailed Journal about every trade you take. Make use of the PEERCED analysis.
[Explained in our Trading Plan 2016]

2. Record your trades in your journal utilising the T20 principle. Evaluate the result of every trade from three dimensions. a. was the entry setup correct b. was the trade managed correctly and c. did you follow correct risk and money management rules.

3. Join a group of traders who are doing the same thing. A group working towards a common goal makes life easier and people find easier to remain in control and disciplined. Trading is a lonely game, being surrounded by like minded people really helps.

4. Create a myfxbook account and share it with your group so that your performance can be criticised. The next time you take a trade, you will be aware that you will look like a fool when others find out you broke your rules.

Have a great weekend

Join The 3 Month Challenge.