For more educational articles visit our Trading Education Center
"15 minutes a day will make you a better trader"
We get it: you’re a busy person. Whether it's your full time job, kids, family, or other obligations, it can be difficult to find the time to devote to trading. But here is something quick and actionable that you can start doing now so that you will have more time in front of charts to work on your trading any time of the day.
Step 1: Use Market Replay with NinjaTrader
I’m constantly in awe at how many traders don’t utilize this tool. Market Replay is a critical component to your trading success. If you only practice your trading during live trading hours, don’t expect to be a successful trader. I know using Market Replay can be a pain in the A$$ when it comes to downloading data for many days and instruments. But thanks to services like Market Replay Data Downloader, you can download months of data for multiple instruments with just a few clicks rather than day-by-day. If you ever need assistance with Market Replay please send me an email! Conner@TheIntentionalTrader.com
Step 2: Dedicate just 15 minutes to practicing your trading every day
Start here: practice just 15 minutes a day. You can afford 15 minutes a day. Now this is not 15 minutes of searching through forums, watching YouTube videos, and spending time in a trade room. This happens AFTER trading hours: devote at least 15 minutes a day to using Market Replay and practice your trade rules per your trade plan. (If you don't have a trade plan, this is the perfect time to create one!) Do this EVERY DAY for at least 2 weeks. After 2 weeks it will become habit--a good habit! At first, you will find yourself trying to justify not spending 15 minutes practicing, but if you can get past this initial 2 week period, it will become automatic. You will often find that you spend much more than 15 minutes a day. The hardest part is starting, but once you sit down and dedicate the time you will discover that it is much easier than you thought.
Step 3: Take screenshots of your trades, analyze them, save them for later.
Every single trade you take--whether in replay or during live trading hours--should be analyzed. Don’t tell yourself: “Oh, I was in SIM mode so I don’t need to analyze that.” When you analyze every trade you take you start to recognize the patterns of what is working and what is not working for your trade plan. Reviewing these trades later on is a helpful practice for your trading career. Here is an example of an analyzed trade from one of our members:
As you can see, that this is something to do with intention and not just go through the motions. Take a couple of minutes to break the trade down and make sure to have the following in your analysis:
- Trade setup, instrument, time taken
- Risk level
- Good conditions
- Bad conditions
- Order type
- Price movement
- Screenshot of trade
It really is so easy to do. It takes no more than 1-2 minutes per trade and its benefits are immeasurable. If you make these changes and follow this simple guideline for 2 weeks, I have no doubt that you will start to notice improvements in your trading.
Related article: How to Use NinjaTrader for Free