Today I found myself reading one of those thin ‘Personal Development’ paperbacks (Which I managed to read in a day or so – quite fast for me!) and one of the ‘exercises’ was the ‘wheel of life’ which is a common theme in these sort of books.
Pick eight facets of your life eg. health; wealth; money; relationship; friendship etc. and score them 0 to 10. I thought this would be a good exercise for a trader, to list eight trading related facets and see where any improvements could be made.
The idea is that you will like to improve the ones which already have a high score, but you should concentrate more on those that have lower scores, for an all-round ‘healthy’ life as a trader.
Some of the areas I thought of were: record keeping/Admin; entry/exit strategies, trading plan, goals, routine etc. To be a good trader, you need to be good in all areas of trading, so this exercise can only be tremendously useful – give it a go!