Another pretty boring session faces us so its probably a good time to re-evaluate trading performance and try to improve. All of the big banks and hedge funds break analysis and trading into two separate departments. Certainly there are some top-class traders who can also be excellent analysts (mainly because of their ability to read market behaviour) but it doesn’t work as well the other way around (some excellent analysts are the world’s worst traders!).
Unfortunately us mere mortals in the retail space cannot afford the luxury of hiring help so we need to do both our own analysis and our own trading. The biggest mistake most traders make is that they concentrate too much of their efforts on the analysis part when its really the trading part which is most important.
Do your research, market, fundamental and/or technical, and settle on a trade with good risk-reward possibilities. Once done, leave the analysis behind and concentrate on trading.
Now pick your levels, set your stop-loss amount and get busy. Increase and decrease your risk as the market evolves and when you’re feeling confident, have a dig. A good trader will make a lot of money by getting 40% of their trades correct. A bad trader will lose all of their money even if they get 70% of their trades correct. That should tell you where to concentrate your efforts.