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Show Notes

Tis the season of the year for family and friends and believing.

No matter your family background, heritage or culture this seems to be the time of year where people make decisions about what they believe.

Whether it is St. Nick, family relationships, a potential promotion, a foundation of personal faith any of the long list of topics, the end of the year brings about these thoughts.

As a trader, if we do not believe in our trading strategy, our processes and who we are as a person, then we need to be prepared for a lot of disappointment.

Great traders believe in the steps they use to execute trades. They believe in the concept of high probability and not expecting 100% successful trades. They have a strong belief in their ability to grow in discipline and commitment as they trade.

Most importantly, they believe in why they originally decided to begin to learn the skills of trading and they use that belief to become better each and every day.

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We have all heard that trading is not a sprint but instead a marathon due to the need to continue trading with perseverance.

However, the most successful traders invest a tremendous amount of time preparing and studying (marathon) so as to be ready when the trade is about to be executed (sprint).

A marathon of continuous preparation with many sprints in between as we execute trades. We each need to learn the many challenges as well as the many strengths that we possess in our trading experience and then trade with a confidence that each trade is a part of the entire process of our trading career.

Learn from the successes and also learn from the losses.

Run the race whether long or short with the same desire to be the best and no matter whether you are just beginning or a veteran, you will see growth and see rewards.

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If you do not have a plan for what you are going to do or where you want to go, you will absolutely get there because with no target and no plan, any destination can occur.

Technology has given us the ability to use space-age tools like a Global Positioning System (GPS). This allows us to know where we are going as we travel to a new place. Every trader needs the same tool.

By knowing what to do and how to get there before we launch off into a new trade, we will have a much smoother trip and also will be able to see more areas of the trade than someone who is so worried about what will happen next.

To become a better trader, we all need to have a plan (or a strategy), then launch (or execute) the trade and then trust that the trade was a good decision that will give us positive results. Whether the trade produces a profit or a loss, if we planned correctly, then the trade was a positive one.

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Show Notes

Every day we each experience situations that we were not expecting. Some times we handle them pretty well and other times we just crumble.

When we have an interruption on the TV or radio that says "This is the emergency broadcasting system, please stand by." most of us have a small pit in our stomach begin to form because we do not know what to expect.

Is it a major disaster, a warning or maybe just a test? If we are not prepared, this can cause us to make some serious decisions that might not be in our best interest.

Every day we trade, there will be interruptions in what we are expecting to happen. The market moves on its own and we cannot control it, yet we can control how we respond to it.

You need to have a trading strategy that truly fits who you are. If you prepare the steps needed to address any situation that arises before during or after you execute a trade, then you will be the one that makes the best decisions.

When your charts start to display that the marketplace is about to make a major change that announces. "The market is about ready to do something unbelievable, so please stand by.", you will be ready for whatever happens.