In the snip above, I reveal my own personal records of my own trades this past week in June and how much I have made so far (bottom right “Sum: 4631)”. You notice some are highlighted in red.
It’s a practice I only just started last week. Green highlights were for trades made good and well, basically trades that were entered and exited as planned. Those in red, even with profit, were trades where I “lost” money. Even if it seemed I made profit, I actually lost on them because I interfered with them, got greedy, or for some other reason, such as setting trailing stops at the wrong time, etc. What ever it was, I deemed those trades to be “bad” trades, as they would have reaped me more profit, if I had just left them alone.
To quote from University of Sheffield’s definition of reflective learning:
As part of the attributes of the Sheffield Graduate, our students should be able to demonstrate that they are: “well rounded, reflective, self aware and self motivated.”
It is also my aim as a coach to others who wish the trade forex on their own to have such attributes, because it is through reflective learning you adapt resilience to an ever-changing market environment.
Simply put, I will never consider myself to be successful because week after week, on reflection on my own trades, I am always discovering how imperfect my trading is, the constant mistakes I’ve made over and over, but also review how to reduce mistakes.
This is how I believe the Smart Casual Trader is the trader who has the resilience to survive through even the craziest of events, because he/she is constantly learning through reflection, and thus able to be nimble in today’s unpredictable market environment. (It has always been unpredictable, except on hindsight, only.)
If you’re trading without keeping records, you might just be playing or gambling, just like a student who comes to class and doesn’t take notes vs the student who takes notes, goes back, and reflects on the learning, which has evidence to prove it is the best way to learn.
So if you’re really keen to be making side income or even a full income from Smart Casual Trading, you need to be a reflective learner.