1. TAKE RESPONSIBILITY\u00a0<\/strong><\/h3>\nOne of the key things we all need to begin doing this year is to take responsibility for ALL of our outcomes. This includes all the mistakes, difficult periods, and setbacks. There\u2019s always one common phrase we hear whether it\u2019s from our trader friends or on social media, \u201cHirap ng market eh!\u201d<\/em> That\u2019s a phrase we need to stop saying in order to truly take responsibility.<\/p>\nBlaming the market for a drawdown is an excuse. We do not control what the market does, so what we should focus on are the factors we have control over. We have control over our entry, stop loss, position size, strategy, work ethic, discipline, and the like. It\u2019s time to begin focusing on those and taking full responsibility for all our results and outcomes.<\/p>\n
2. JOURNAL RELIGIOUSLY<\/strong><\/h3>\nIn his book, Think and Trade Like a Champion<\/a>, Mark Minervini mentions how conducting regular post-performance reviews made him a market wizard. It doesn\u2019t take much to journal every trade you make, all it takes is the discipline to turn this into a habit. Even summarizing all your trade logs doesn\u2019t take much time since everything is automated these days.<\/p>\nIf you\u2019re an InvestaPrime+<\/a> subscriber and have access to the InvestaJournal<\/a>, all the fancy graphs and advanced analytics are automatically computed and shown after every trade log is entered. The same goes if you have a handy excel sheet. Most of the effort happens when you actually analyze all the numbers and statistics. As Mark Ritchie, famously known Momentum Master, said, \u201cYou find some of the best \u2018Aha\u2019 moments when you study your previous trades.\u201d<\/em><\/p>\n3. RISK MANAGEMENT<\/strong><\/h3>\nYou\u2019ve probably heard this over and over: \u201cCut your losses and let your winners run.\u201d<\/em> It\u2019s also most likely in almost all trading books just simply rephrased to avoid boredom. Well, it\u2019s said again and again for a reason: IT\u2019S FACTS.<\/strong> There\u2019s a reason why the importance of risk management is in most trading books and interviews with some of the best traders.<\/p>\nEd Seykota, world-known market wizards, said that three key things you need to do to have a CHANCE of being a successful trader is: 1. Cut your losses 2. Cut your losses 3. Cut your losses.<\/strong> Ask any market wizard or successful trader you know, they will always mention that risk management is key to becoming profitable.<\/p>\n4. PREPAREDNESS<\/strong><\/h3>\nHere\u2019s another thing we hear all the time, \u201cHave a trading plan.\u201d<\/em> It\u2019s also probably something most of us do religiously already. But there are still some out there who trade on impulsive behavior, which may work in some cases but for the most part, will not benefit you in the long run. Trading out of sheer impulse may get you a winner or two, but do this on a consistent basis and you\u2019ll eventually run into a stock that goes up 15% in three minutes just to go down another -20% the next. If you want to trade better this 2020, you need to have a plan for all scenarios.<\/p>\n5. COMMITMENT<\/strong><\/h3>\nYou don\u2019t lose when you lose all your money, you lose when you QUIT.<\/strong> Any trader can make one winning trade that can change their life, but to make money consistently from the markets over a long period of time requires a deep-rooted commitment to becoming the best trader you can be. In the words of Javi Medina<\/a> during InspirePH<\/a>, \u201cYou have to COMMIT to MASTERY!\u201d<\/em> Without that undying commitment for the game, small bumps on the road will bring you down instantly. If you want to trade better this 2020, you NEED to have that undying commitment.<\/p>\nAlso, only those who commit to mastery put in the work required to become great. Always remember, anything great won\u2019t come easy. You have to dedicate a tremendous amount of time to be one of the best at this craft, you have to become a perpetual learner. When the going gets rough, when your back is against the wall, and all odds are against you, the only thing that will keep you up is your undying commitment to become the trader you always BELIEVED you can become.<\/p>\n
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Blaming the market for a drawdown is an excuse. We do not control what the market does, so what we should focus on are the factors we have control over. We have control over our entry, stop loss, position size, strategy, work ethic, discipline, and the like. It\u2019s time to begin focusing on those and taking full responsibility for all our results and outcomes.<\/p>\n
2. JOURNAL RELIGIOUSLY<\/strong><\/h3>\nIn his book, Think and Trade Like a Champion<\/a>, Mark Minervini mentions how conducting regular post-performance reviews made him a market wizard. It doesn\u2019t take much to journal every trade you make, all it takes is the discipline to turn this into a habit. Even summarizing all your trade logs doesn\u2019t take much time since everything is automated these days.<\/p>\nIf you\u2019re an InvestaPrime+<\/a> subscriber and have access to the InvestaJournal<\/a>, all the fancy graphs and advanced analytics are automatically computed and shown after every trade log is entered. The same goes if you have a handy excel sheet. Most of the effort happens when you actually analyze all the numbers and statistics. As Mark Ritchie, famously known Momentum Master, said, \u201cYou find some of the best \u2018Aha\u2019 moments when you study your previous trades.\u201d<\/em><\/p>\n3. RISK MANAGEMENT<\/strong><\/h3>\nYou\u2019ve probably heard this over and over: \u201cCut your losses and let your winners run.\u201d<\/em> It\u2019s also most likely in almost all trading books just simply rephrased to avoid boredom. Well, it\u2019s said again and again for a reason: IT\u2019S FACTS.<\/strong> There\u2019s a reason why the importance of risk management is in most trading books and interviews with some of the best traders.<\/p>\nEd Seykota, world-known market wizards, said that three key things you need to do to have a CHANCE of being a successful trader is: 1. Cut your losses 2. Cut your losses 3. Cut your losses.<\/strong> Ask any market wizard or successful trader you know, they will always mention that risk management is key to becoming profitable.<\/p>\n4. PREPAREDNESS<\/strong><\/h3>\nHere\u2019s another thing we hear all the time, \u201cHave a trading plan.\u201d<\/em> It\u2019s also probably something most of us do religiously already. But there are still some out there who trade on impulsive behavior, which may work in some cases but for the most part, will not benefit you in the long run. Trading out of sheer impulse may get you a winner or two, but do this on a consistent basis and you\u2019ll eventually run into a stock that goes up 15% in three minutes just to go down another -20% the next. If you want to trade better this 2020, you need to have a plan for all scenarios.<\/p>\n5. COMMITMENT<\/strong><\/h3>\nYou don\u2019t lose when you lose all your money, you lose when you QUIT.<\/strong> Any trader can make one winning trade that can change their life, but to make money consistently from the markets over a long period of time requires a deep-rooted commitment to becoming the best trader you can be. In the words of Javi Medina<\/a> during InspirePH<\/a>, \u201cYou have to COMMIT to MASTERY!\u201d<\/em> Without that undying commitment for the game, small bumps on the road will bring you down instantly. If you want to trade better this 2020, you NEED to have that undying commitment.<\/p>\nAlso, only those who commit to mastery put in the work required to become great. Always remember, anything great won\u2019t come easy. You have to dedicate a tremendous amount of time to be one of the best at this craft, you have to become a perpetual learner. When the going gets rough, when your back is against the wall, and all odds are against you, the only thing that will keep you up is your undying commitment to become the trader you always BELIEVED you can become.<\/p>\n
\n
If you\u2019re an InvestaPrime+<\/a> subscriber and have access to the InvestaJournal<\/a>, all the fancy graphs and advanced analytics are automatically computed and shown after every trade log is entered. The same goes if you have a handy excel sheet. Most of the effort happens when you actually analyze all the numbers and statistics. As Mark Ritchie, famously known Momentum Master, said, \u201cYou find some of the best \u2018Aha\u2019 moments when you study your previous trades.\u201d<\/em><\/p>\n You\u2019ve probably heard this over and over: \u201cCut your losses and let your winners run.\u201d<\/em> It\u2019s also most likely in almost all trading books just simply rephrased to avoid boredom. Well, it\u2019s said again and again for a reason: IT\u2019S FACTS.<\/strong> There\u2019s a reason why the importance of risk management is in most trading books and interviews with some of the best traders.<\/p>\n Ed Seykota, world-known market wizards, said that three key things you need to do to have a CHANCE of being a successful trader is: 1. Cut your losses 2. Cut your losses 3. Cut your losses.<\/strong> Ask any market wizard or successful trader you know, they will always mention that risk management is key to becoming profitable.<\/p>\n Here\u2019s another thing we hear all the time, \u201cHave a trading plan.\u201d<\/em> It\u2019s also probably something most of us do religiously already. But there are still some out there who trade on impulsive behavior, which may work in some cases but for the most part, will not benefit you in the long run. Trading out of sheer impulse may get you a winner or two, but do this on a consistent basis and you\u2019ll eventually run into a stock that goes up 15% in three minutes just to go down another -20% the next. If you want to trade better this 2020, you need to have a plan for all scenarios.<\/p>\n You don\u2019t lose when you lose all your money, you lose when you QUIT.<\/strong> Any trader can make one winning trade that can change their life, but to make money consistently from the markets over a long period of time requires a deep-rooted commitment to becoming the best trader you can be. In the words of Javi Medina<\/a> during InspirePH<\/a>, \u201cYou have to COMMIT to MASTERY!\u201d<\/em> Without that undying commitment for the game, small bumps on the road will bring you down instantly. If you want to trade better this 2020, you NEED to have that undying commitment.<\/p>\n Also, only those who commit to mastery put in the work required to become great. Always remember, anything great won\u2019t come easy. You have to dedicate a tremendous amount of time to be one of the best at this craft, you have to become a perpetual learner. When the going gets rough, when your back is against the wall, and all odds are against you, the only thing that will keep you up is your undying commitment to become the trader you always BELIEVED you can become.<\/p>\n3. RISK MANAGEMENT<\/strong><\/h3>\n
4. PREPAREDNESS<\/strong><\/h3>\n
5. COMMITMENT<\/strong><\/h3>\n
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