First of all, a very happy New Years to you.
Just being a part of Trading Tips, tells me you're included in that 1% of intellectuals who actually wants to make a difference and improve their financial situation.
So, how do we do that?
First, let's throw out the whole idea of New Year's resolutions.
Think about it. They're truly nothing more than extremely short-term attempts to take action to improve your life, health and wealth.
But you know how it actually goes.
o You write down your resolutions
o You follow them for a week or two and then
o You just go back to the old ways.
Now the way I see it with 2020… We're not just in a new year… We have, in fact, entered a new decade. And by the end of this decade, I want you to have made a fortune trading on the markets.
Maybe a fortune for you is R1 million and for others is R10 million, it all depends on how much you dedicate your time this year to trading.
To do this you'll need to forget about your trading resolutions for 2020, and rather make these essential trading lifestyle changes to ensure a prosperous and a profitable decade.
Let's start with the first three...
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Lifestyle change #1:
“I will follow my trading strategy based on what I see rather than what I believe."
Last year I shared my 18-year-old trading strategy with you, which works on any market and any time.
Whether you’ve decided to use my MATI Trader System or you have your own proven strategy, you need to keep at it.
In 2020 and beyond, make sure that you take every trade that lines up according to the system's criteria.
- Criteria to enter and exit a trade
- Strict money management rules to preserve and protect your portfolio
- Position sizing according to your portfolio and how much to deposit with each trade
Forget about any external news events and what you “believe”.
Forget about how you're feeling about the trade when the setup is right in front of your eyes.
Forget about what your friends, family, colleagues and even the experts are suggesting.
Keep at your strategy and nothing else. It's proven and profitable for a reason.
Lifestyle change #2:
“I will not micro-manage myself out of trades”
Great, so you entered your trade and followed your rules.
Now’s the hard part. You need to wait for the trade to play out.
I understand when you're in the money and you have ants in your pants wanting to exit to lock in a small profit.
The problem is not locking in the small profit once. The problem is it will set a precedent for you to keep going against your strategy in the future.
And eventually it will get to the point where you no longer follow a proven strategy.
This will just lead you to do what the majority of traders do - LOSE!
There is one exception though.
If you do have a rule incorporated in your trading strategy such as, the break-even rule, or my Ghost Rule which has proven to cut losses and increase winners - great. But if you are doing it out of what you ‘feel’ and ‘believe’ I guarantee you'll lose.
Don't micromanage yourself out of a trade.
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Lifestyle change #3:
“I will jot down every trade and emotion in a journal”
So far, you've followed the strategy, decided not to micromanage your position out of a trade and your trade has either hit your take profit or stop loss, what's next?
Next you need to go to your track record and fill in the trading details including:
1. Date entry
2. Date exit
3. Market traded
4. Buy / Sell
5. Reason for entry
6. Profit and loss
7. Accumulated p+l
This is normal and every successful trader I know, does this.
There is a new item, however, that I strongly suggest you should add into your trading journal. I call it...
My Feelings - Notes
Whenever you close a trade, write a short description as to how you're feeling.
I'm not talking about one line saying "Fine" "Good" etc... I'm talking about really expressing how you feel about taking a profit or loss.
Here are two examples.
Win - "I feel like quitting my job as trading is damn easy and I feel on top of the world."
Loss - "I feel like breaking my keyboard because I was in the money for two bladdy weeks and then Trump went and killed the Iran leader and the markets collapsed where I ended off taking a f*ing loss."
I know these are exaggerations (or not for some highly emotionally triggered traders), but you get the point.
Without the right mindset, you will find that you’ll interfere with your trading and go against your trading strategy which will end up blowing your portfolio.
And so, you might as well, jot down the progress of how you’re feeling with each trade you bank.
This is all part of the process of trading well and before you know it, you'll look back thinking how far you've come when the emotions start to subside.
Next week we'll continue with part two of.
“You need to forget about New Year resolutions – If you want a fortune”
Analyst, Red Hot Storm Trader
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