Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Your Trading Journal (Market Sniper)

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In the past few days there has been a lot of discussion on The Slope about keeping a trading journal. Here is a very brief examination of the subject. I hope it helps!

I cannot over stress how important it is that the trader maintain a constantly up to date trading journal. Yet most traders do not even have one! A trading journal is NOT just a compilation of entry, exit and net profit or loss for each trade. That is what is in your brokerage statements . Of course, you should also include that information. There are many things that can go into your trading journal and each trader will do it differently. Here are just some ideas of what can be included and they are by no means exhaustive, far from it. Nobody but you will ever see your entries in your journal. Be brutally frank.  Use your journal as a vehicle for improving your trading. Here are just a few ideas to get you started.

  • – Did I follow my trading plan for the trade? If not, why not.
  • - At what point in the trade did I doubt the trade.  If so, why
  • - What  did I do right in the trade
  • - Where did I stumble in the trade?

 When  you make an error, make a statement of correction. An example: I did not honor my stop in the trade according to my trading plan. I moved it NOT according to plan…therefore, in my next trade,  I will adhere to my trading plan as to stops. I will place stops and manage my stops according to my trading plan. This will demonstrate that I am a patient and disciplined professional trader.

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Excursus on Willy Wonka and the Chocolate Factory

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I tend to have strong feelings about things. There's not a lot of grey in my world. Things are very black or very white.

Gene-wilderOne of the many areas in which this is true is the movie Willie Wonka and the Chocolate Factory. This has been a favorite of mine for my entire life. I take great umbrage at the fact that Johnny Depp created a new version of this story – with the notable exception of one cool song. I am loyal to the 1971 version to the bitter end (sort of like how I think the Alastair Sims version of Christmas Carol is the only one worth watching).

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