Traders ending 2023 green all do these 4 things
The 4 habits of profitable traders this year
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4 Habits of Profitable Traders
Ok here we are people, December 2023… Where the heck has that time gone?
It’s that time of year when all traders start to look at their performance in 2023 and either:
- Wish it hadn’t happened
- Admire their progress
- Count their money (until they realise the tax burden….)
Hosting the group trader calls each week in Traders Mastermind gives me a unique chance to talk directly to traders at various stages of the journey.
Including traders who have posted their first-ever profitable year. (A huge milestone that most traders never get to, I’m super proud of these guys.)
Some who are in the 2nd, 3rd, and 4th profitable years in a row.
There’s also a trader who is a few grand short of the big $100,000 milestone.
And yes there are a few weeks left, it’s tempting to push for the 6 digits, but pushing too hard in December can be damaging, I recommended he locks in the year and shoots for the quarter million in 2024.
And of course there are traders who are red, but have turned things around in H2 or Q4 and are now heading into 2024 feeling confident that the first profitable year is coming.
That’s all very well, but what’s the common theme amongst the winners?
- Simplicity – All these traders trade different markets and timeframes, but they all keep things incredibly simple. One or two strategies, one or two markets. Laser focus.
- Planning – A trading plan they trust and stick to is a common theme. Some like super detailed intricate documents. Others have a brief overview. (The almost 100k trader I mentioned has the most simple plan you ever saw in your life.)
- Discipline – I’m supposed to say that all of these profitable guys are super disciplined and never make mistakes. But that’s not true.
All of these traders admit to making errors, occasionally breaking a rule. But they accept they are human and don’t let one error or slip-up turn nasty.
That’s the difference. Not perfection, but good enough to get the job done.
Review – Some are proper data nerds, logging everything and anything. Market conditions, trade parameters, heart rate, blood pressure, daily semen samples (kidding), but you get the point…
Others throw their trades into a journal and look at the most important aspects.
The common theme is that they all review their performance, and then make small course corrections as needed.
Are any of those some special formula or secret sauce?
No.
Everyone knows these are the keys to profitable trading.
But perhaps the key lesson here is that everyone is different and it’s ok to make occasional mistakes.
Find your groove, accept you are human, and keep moving…