Every day is a new day.
And that’s the beauty of trading.
You can always start over.
But if you want to make a fresh start, you need a reality check.
Put your ego aside, and take a serious look at what you’re doing right, and what you’re doing wrong.
Most traders, especially when they’re losing money, can’t do that.
But if you’re ready to take control of your trading, you can start now.
Here’s how:
1) Break Down the Last Year
This is where the rubber meets the road.
Your first step to getting on track and stemming the bleeding is to know where you stand.
Take your last 12 months of trade data, and put it in a spreadsheet.
What was your P&L for each month?
What about each week?
And each day?
What was your average gain or loss per trade?
What were your 5 best and worst 5 days?
2) Connect the Dots
Start working your numbers and look for the common threads.
Did you let losers run too far?
Did you sell your winners too early?
Are you having trouble shorting stocks?
If you look deep enough, you’re going to see some really interesting things… especially if you think about your life outside of trading.
I’ve seen many traders post their worst results when they’re having family, career, or health problems.
Something big like a divorce or surgery can really set you back.
A lot of traders think they can fight their way through anything.
And you do need a little bit of that attitude to get ahead in life.
But if a major life event throws you off your mental game, take a break, regroup, and come back fresher.
Continue reading on T3 Live.