Whether you are an Explosive Options member or have been following me for some time, you know I’m all about learning, continual self-improvement, and trading with eyes wide open and ears perked up. The reason is simple: I have learned the hard way (and seen firsthand) that traders who work diligently to become better are those who see new opportunities at every turn, obstacles or walls be damned.
If you are eager to make 2017 a more profitable year and really grow your portfolio, here’s how to improve your trading in 2017.
Remember that trading is not a game of perfect.
However, if you trade with self-awareness, humility and an open mind, you will be a better trader.
Reflect upon your performance for the year.
What worked and what didn’t work? How did you behave under various conditions? This analysis is a fairly straight forward process. I look at my winning and losing trades, how my profits/losses moved around, and whether I was in the right trades at the right time. Then I look at where I can make adjustments – maybe take some more time with my trades or put on less risk.
Look closely at how emotions got in your way.
I always read through my trading journal to learn about how my emotions affected my trades. For instance, how was I feeling during the Brexit and election when volatility was starting to soar? Was I fearful and nervous, or bold and ready to step in? It is during times of market stress that we find ourselves either at our best or worst.
Now that you have taken the time to learn from your past behavior and understanding more about yourself, you are ready to improve your trading for 2017 and enjoy continued success as a trader. Here’s to a fabulous new year!
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