Go into 2020 with the proper foundation to succeed as a trader, It all starts with YOU
Go into 2020 with the correct mindset
Start off 2020 with the correct mindset, 2020 is the year you lose the get rich quick mentality and start working towards becoming a profitable trader but that starts with YOU! In trading its you vs the world and if you have a negative mindset or approach trading with a false set of beliefs you are destined to fail.
To succeed you will need the following mindset:
Positive set of beliefs
Ability to deal with draw downs
The skills to keep you in the "zone" during trading hours
To become a successful trader you must treat trading as a business and you are the owner & employee. As an owner you must know what works and what doesn't, as an employee you will need to know what you should and shouldn't be doing during trading hours. This is where a journal comes in and will help you grow.
A journal is what the trader will use to document what is working and what isn't. This is where he/she can go back to see what has worked in the past and what hasn't. Not only that but the trader will be able to evaluate there progress. By doing this he/she will know what areas require more attention then others.
If you are going to be successful you should have one journal broken down into a few different parts.
Calendar for monthly P&L (Profit & Loss)
Daily Goals and whether they have been achieved
Break down of each trade
Consistency, this is what will define great traders from subpar traders. The consistent trader will always follow his/her system and will always follow the rules they have set for themselves. Be consistent in everything you do whether it be taking trades, journaling or practicing having the correct mindset. Consistency in trading is a never ending journey, one that is only defined by the work you do or don't do.
Set yourself up for a positive 2020!
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