Year End Pep Talk
Year End pep-talk
Sometimes I am an optimist, sometimes I am a pessimist, but at the end of the day I’m a realist.
As a Trader and analyst, we must be. I always strive to get better. Each month, quarter and year. If I do not reflect pessimistically at myself during bad streaks trading and analysis how do I expect to get better? If I don’t adequately reflect optimistically on my great trades or windows of analysis I will look right through them and not appreciate the good that has been achieved.
As 2018 comes to a conclusion, I always like to look at my year in review personally, analytically, trading, mentally and endurance wise. Trading is a journey, it’s a marathon. But sometimes we get wrapped up so much in the 100 yd dashes or sprints.
Perspective is an incredible thing and sometimes offers but of a cold bath and others a welcomed pat on the back or satisfaction feeling. 2018 was one for the books. It had a bit of everything for everyone.
Now as many whom have been here long enough know I struggled badly for years and years and years before turning myself into a more consistent trader. It was times like this (year end reflections) that I got cold bath after cold bath. And you know what I used to do? I used to pretend, ignore, stick my head in the sdand to the true writing on the wall. The true problem…not Mr Market, nope as much as I blamed him time and time again….he was not at fault.
I was. Me. Nobody else.
Once I fully accepted the fact I alone was responsible for my trades, my entries, my exits, and therefore my P/L, I was able to take the first step at becoming a better trader.
Nobody can control the great beast, the Tape himself, nobody. The best we can expect is to tame him for periods of time, through our analysis, and therefore positioning. We get great windows of opportunity where we can make profits, through repeating patterns, our hard work and analysis and putting ourselves on the right side. Now we of course better capitalize in those windows and periods of times. This is where profits are achieved. For some of us its daily as scalpers in and outs….others its maybe a trade a week. For others its 1 or 2 a month….and others its catching the multi week or month swing trade. Our styles are all different. We all have different time-frames, objectives, risk tolerances and expectations. We all have different experience, expertise, skill, and trading plans.
But at the end of the day, you know what each and every one of us profitable traders have? We have a plan for losing streaks. We have a plan for the slow, bad, dreadful times. After-all we make profits in good times…..But the Pros, the consistent year in and year out traders whom profit, they HOLD onto those PROFITS from the good times. They whether the storm. They don’t disproportionately throw away hard earned profits in bad times. They don’t gamble and tilt. They know when to lay in the weeds, when to hold back, when to reign in the ropes….
And I'm guessing if you where like me when I began this journey and had a poor 2018 and lost money this year….that is the major reason why. Im looking in the mirror of my younger self because it happens to all of us who have gone through the brutal grind of turning ourselves into better traders.
Don’t blame the market. Blame yourself, take accountability, if you don’t you will never truly turn it around year after year. Own up to the bad self as much as you want to take credit for the good trader. The Bad trader is your Alter Ego….he/she must be accounted for, and harnessed. He/She is what gets the best of you.
Be optimistic about the good trader inside you for next year. But be even More pessimistic about the bad trader inside you. don't let the bad trader eat, starve him....
And ultimately be a Realist that as long as you can control your said bad trader and keep him/her where he/she needs to be, you CAN and WILL BE WILDLY SUCCESSFUL. 2019 will be a good if not great year for you.
Here’s to allowing us to all fulfill our untapped potential in 2019. I truly believe that If I can do it after all the years of struggling, losing, being terrible and truly not being wired for trading….that anyone can do it. Anyone can turn themselves around. But the key ingredient is accountability and risk management. Nobody is going to do it for you. It is within your control and control alone. commit to it. work on it. You can do it, but it takes work. If you don’t have a plan or have thought about this entering the new year, my advice would be to get one before putting on 1 single trade.
Happy new year to the WolfPack! I look forward to trading with you all in '19.....
