1. Laminate your rules
Having your rules in your mind is one thing. But by actually having them stuck on your wall is completely different.
Think of the laminated paper as your boss and the rules as your KPIs…
If you fail to follow your rules (KPIs), you’re going to not only lead your business (portfolio) into the doldrums but also you’ll end off on bad terms with your boss.
By having the rules in front of you, it will be easier to follow them as you should. Eventually, you’ll find that you’ll stop needing to look at them as they would have been embedded in your mind as actionable habits.
2. Track your trading results in a journal
Next you’ll need to have a journal where you can track each trade in terms of your:
• Date entry
• Date exit
• Market traded
• Market type: Buy or Sell
• Reason for entry
• Entry levels
• Stop loss levels
• Take profit levels
• Trading account value
When you track your performance in a journal, you’ll be able to look back to see on how your portfolio has performed, how it is performing and how it should perform going forward.
It will then come a time when you’ve plotted many trades in your journal, that it will become second nature to follow your strategy exactly as per what your rules dictate.
3. Illustrate each of your trades
I’ve saved the best one for last.
Every time you take a trade, make sure you screen shot your trade with your trading levels, both entry and exit levels. This way you’ll get a clear idea on how your trading strategy works visually and why it works.
These tips have been able to turn rules into habits, now you’ll need to find extra ways that suit your personality to do the same.
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Q. “Last week I heard that, former rugby boss and player Brian van Rooyen who’s head of the listed JSE company Labat wants to become the major player in the local dagga industry… Do you know anything about it and is it a good investment to look into right now?”
A. Yes, this seemed to be the story of the week for the JSE.
There are many new investors who are feeling the excitement to buy into Labat - this specific cannabis business - now due to three main reasons.
1. Labat is acquiring several pharmaceutical related businesses in order to become “a major player in the cannabis industry”.
2. They have secured the acquisition of a license to import, export, supply, hold, transit, cultivate and manufacture cannabis in Lesotho.
3. Last week Friday, the company announced it will buy buy a 70% stake in Zarenka (Lesotho’s dagga grower and manufacturer) for almost R58 million.
Is it a good investment to look into right now? Well as this information is new to the public, this is going to require a bit more digging and researching because I’ll need to analyse and assess the pros, cons and provide a full fundamental and charting analysis…
Make sure you set a reminder for MONDAY 23 September 2019 – 8:00 for the detailed analysis.
Analyst, Red Hot Storm Trader