Make the letter "R" work for you

Sometime ago Linda Bradford Raschke wrote a great article about the "3 R's of trading" she uses. A link is at the end here. So I'll let LBR do most of the yakking here today. I guess the letter R is a popular one here because it is the first letter of many common Regimens. (Oh, there it is again) Here's how I use the letter R.

RECORDS....Call them statistics. I keep track of currently 5 things each day that are designed to beat into my head PROOF that certain beliefs I have are in fact valid beliefs. You can't just read about something in a book and automatically make it a belief of yours. Sometimes you have to see it play out, time after time after time, in real-life. It is like building up a belief system one brick at a time. I've kept many different stats over the years. Some have been "completed" so I no longer need to keep tracking them as I have all the proof I need. And when it seems worthwhile I will begin tracking others.

ROUTINE....Everyday (weekends too) I have a set daily schedule I follow. It includes such things as what time I will get out of bed. What I will drink while finishing my prep work (hot tea). What I will do in my prep work. What I will do over lunch. What I will do precisely at 4:00. Routine builds habit. Habit builds success.

REPITITION....I have three forms of trading homework I do. 1) Study my trading plan notes, 2) Do my S/R levels for the next day, and 3) study the screenshots I create each day as well as the ones I have archived. Some I have to do every day. But all three I do on the weekend. What am I doing this weekend? Answer: 1,2 & 3. What will I be doing next weekend? Answer 1,2 & 3. What will I be doing the 3rd weekend in May, 2011? Answer: 1,2 and 3.

OK, take it away Linda. http://www.lbrgroup.com/images/SFO_July04.pdf