What I've found works best for me instead, is to pick a color palette and stick with it. The genius thing about doing things this way is that you can mix and match to your hearts content and still look pulled together every day.
A good way to get started in this is to pick a base neutral, such as black or brown, then choose your accessories and outerwear in it. Next pick a couple of colors that compliment one another and mix them in.
An example: this holiday season I started with basic black accessories and outerwear then mixed in white, gray and soft shades of pink for an easy monochromatic look. It's not a hard and fast kind of rule, but thinking in terms of a simple, defined palette has streamlined the process for me immensely.
If you aren't quite sure how to put together a color palette on your own, this site is the place to look: Design Seeds
(Image: Design Seeds)