Happy New Year, Traders!
As we embark on 2020 let’s take a look at where you’ve been, how your trading has progressed, and where you want to head into the future.
The new year is a great time to review this and to look at desires and goals for the coming year.
When I work with traders on their goals for the new year, often their plan for the future is based on income and might look something like this:
-In the first month I want to earn $2000.
-In the second month, $3000.
-And by the sixth month, $5000.
Or, maybe they’re looking at increasing the percentage of winning trades they will make daily or weekly. Or, similar types of improvements.
In planning for the new year and scheduling out your desires, there is an assumption that you have some control over how much you are going to be earning each month into the future.
With a more traditional job you do have a good amount of control over this. And it makes sense to schedule and plan based on your income. With trading, however, most of us have very little to no control over our income.
So, when I work with clients on planning their future and creating intentions for what they want, it’s more along the lines of what commitments they will make to themselves. This includes behaviors and actions that they do have control over.
What actions can you take to heal and strengthen your mindset? Identifying and implementing these actions is what will eventually translate into success and income.
Let’s look at an example:
Step one – I commit three hours (or whatever works for you) a day to being in the office working on trading. And I commit to one hour a day to working on my meditation, tracking trades, and other activities to improve my mindset, structure, and discipline. (Notice, you can control these actions.)
Step two – I commit to creating and updating a trading plan that works for me and makes money when I follow it.
I commit to following my trading plan. And, when I don’t, finding out why I’m going off course or getting help to figure this out.
(If I go off course and don’t follow my plan or if I consistently lose money trading live, I go back to simulated trading.)
Step three – I implement my plan. My plan very clearly documents when I go live or when I simulate. This is not a decision I make on the fly or make because I’m feeling a certain way. It is a predetermined plan that I follow.
I am crystal clear in my mind and in my trading plan what circumstances or behaviors indicate that it’s time to shift to simulated training or conversely, indicate that it’s time to move forward again to live trading.
I move between simulated and live trading, as indicated, and I work on all the emotional and mindset issues that come up before me. I commit to working through these emotional issues inside of me, knowing that this will take care of most of my trading challenges.
My plan for the new year is based on things that I can control. It’s not based on my vision for how much money I want to earn, because I have no control over that.
Layer by layer, I intend to work through my behavioral issues.
As you do this you’ll see an improvement in your trading.
This is a totally different approach for most traders, but I believe is absolutely necessary and effective in the game of trading.
If this resonates with you, or you feel stuck and want support going into the new year, please email me for a complementary consultation.
Happy trading and Happy New Year!