Happy New Year! 2024 New Year Resolutions...
Let's get straight to the big question... What Are Your Trading Goals for the New Year?
Traditionally, many people make New Year's resolutions. Some promise themselves that they'll eat better, lose weight, behave nicer, stop bad habits, start new habits... You've probably been there done that.
But what about your trading? Have you made resolutions before? Like have more discipline? More patience? Stop chasing trades? Some may have even considered giving up trading and quitting altogether?
We've heard many of them but likely not all...
Have you ever asked yourself why is it that 95% of retail traders fail? If there's a silver lining in that, it's that they tend to fail fast, like on average within 3 months and never trade again.
So what do the 5% of long term successful traders do that is so different? Is there some "secret" that they know that others don't? Hardly.... They simply have better risk and trade management principles than most.
I was once taught that if trading isn't boring to you than you're probably not trading properly.
Boring? Hmmmm... at that point I had never thought that trading could or should be boring. I mean it never looked boring in all those really cool Wall St. movies.
Done properly, trading can be extremely boring and until you experience this phenomenon it's really difficult to explain.
If you've ever hunted for wildlife or fished there are many similarities to trading. You have to be in a certain area, with proper training/credentials/equipment, you have to actually know what it looks like you're hunting or fishing for, you have to stake out an area that you essentially sit and wait for the right opportunity to make your shot or hook-set a fish. And yes, the sit and wait can be boring.
If you look at what traders do vs hunters do you ever see a hunter that's been in the field start shooting at nothing or do they wait for the hunted to come into sight for a shot? If they miss do they keep shooting into thin air? Or how often does a hunter sit and wait hours for "the shot" but then doesn’t take the shot when the prey is in clear shot?
In trading these characteristics often translate to:
- Entering Trades Early or Late
- Chasing Trades
- Fear of Missing Out (FOMO)
- Trading Too Big
- Taking Profit Too Early
- Over Trading
- Revenge Trading
- Not Having a Plan...
And the list goes on.
So many times we hear that trading takes patience and discipline and in a sense it does. But more so, what trading takes is a process of steps and rigid requirements to adhere to the process. In this case "rigid requirements" often looks like patience to unsuccessful traders. But in reality it's simply requirements necessary to be successful ie. consistent, confident, wins > losses.
ChartPros New Year Resolutions
This year we'd like to continue building on our past accomplishments and success stories of Changing Lives One Trader at a Time!
We're confident we can do that by offering more free price action trading education courses, resources, and overall value for traders with ambitious income goals.
In the coming weeks you'll begin to see exactly more of that...
You'll see us offer the most incredible amount of more FREE education and training because realistically, at the end of the day trading is a series of educated guesses so why not obtain the best and most possible education there is?
Ultimately, our goal is to create a dynamic and engaging trader focused community where success comes on the heels of your hard work, determination, collaboration with like-minded people, and laser focused trade plan execution!
So if you're ready to continue on your trading journey and tighten the buckles another notch this year share your New Year's Trading resolutions with us!
And oh, be on the lookout for our big announcements coming soon for 2024!