Often familiarilty with exact methods of handling situations or opportunities is achieved through practice.
One good way to practice is through a simulator.
However many practice sessions with a simulator won't result in much progress unless you are actively working to apply a trading plan or strategy.
A pilot using a simulator may go through a series of drills or a sequence of steps to take in order to learn some part of flying the plane that is vital for him to know *without thinking*.
Using that approach I have a series of such drills or exercises for traders to do to knock out bad habits and to learn exact steps to apply a trading plan.
Some drills can also be remedial and fit exactly what the trader needs to handle to become more profitable.
The following are a couple of quick examples of such simulation drills: (conversation with a trader excerpts)
To be clear I was looking for more repetitive situations, and I am assuming the patience or lack of it is such a thing. I wouldn't want to get into every mistake or error and try to correct them one by one.
Once initial training is done on all you trading weaknesses, then individual trading review can be done.
If it's not possible to summarize weaknesses or you don't know what they are, then I will just put together common ones
Regarding any error type situation where you find yourself feeling as if you are wrong to trade that way:
1) Define the error - in this case it was jumping in before a signal had actually occurred -
2) Using the same indicators/reasons rewind your daily chart and use playback in esignal or whatever you have available.
3) instead of waiting for the signal as you feel you should do, every time possible intentionally jump in just prior and anticipate the signal
4) note the results
5) repeat 2) and this time intentionally wait until the signal is there at the end of the bar (in your case this was the complaint)
6)take note what happened after each entry
then:
1) review the blog entry on speed drills and speed up the process :
(
http://www.eminiblog.com/neato_more.php?id=490_0_14_10_M )
Repeat this until u no longer feel compelled to falsely enter early before a signal actually is there.
add to that drill I just sent you:
1) make a list of everything that's right about not waiting for the signal
2) make a list of everything that's right about waiting for the signal
then:
3)intentionally wait beyond the signal and then enter and note what happened
then:
4)enter at random unrelated to the signal and note what happens
there is another approach to it just on patience in general
in general its:
1) wait for a set up
2) enter a trade (or simulated)
3) wait for - a) stop to be hit b) partial tgt
if partial hit c) wait for next tgt
then
repeat 1-3 only *dont wait*
note results
use days you don't immediately recall
Another drill is:
when ahead on a trade and looking for more but the trade is moving back towards your stop:
1) Wait for the flag to end
2) exit at stop
3) then:
don't wait and exit the trade as it approaches but does not hit your stop
And another drill is:
when the trade is going your way : do nothing, practice doing nothing during a brief flag
say to yourself: the trade is going my way, do nothing
try those out
