Q&A by Rob Friesen
BAKING A BETTER COOKIE: MORE ON THE 80/20 RULE
Last month, we talked about the concept of making the strategies within your trading business your own. We examined similarities between opening a restaurant and beginning a trading career. One of the main points we focused on was the Pareto principle, also known as the 80/20 rule. A pattern weve observed within our circle of trader relationships is that 80% of time and effort is spent on trading ideas, often from a review of charts, which invariably become one-offs, rather than a well-defined systematic and repeatable process. The last part of that statement is key. Traders need to make an intentional and persistent effort to adopt a process they can personalize over time...