Listen up, Evolvers…
I’m going through one of my worst periods of trading in recent memory…
After taking 50%+ losses on Palantir Technologies Inc (NYSE: PLTR), Shopify Inc. (NYSE: SHOP), and C3.ai Inc (NYSE: AI) — then totally missing a five-star short setup in Nvidia Corporation (NASDAQ: NVDA) — I’m trying to determine what I need to fix and how I can improve my trading moving forward.
It seems like every move I’m making is turning against me.
If you’ve ever felt like this, take a few minutes to check this out…
When you face difficult periods in your trading, don’t curl up in the corner and feel sorry for yourself.
It’s important to remember that there are ways to overcome even the most difficult obstacles. Be proactive and start making changes.
With that in mind, I’d like to share with you a few steps I’m personally taking to fix my mistakes.
By implementing these techniques, you too can potentially regain confidence, enhance productivity, and make a positive impact on your trading performance.
Keep reading and I’ll show you seven ways to fix your trading mistakes…
Set Clear Goals
One of the key steps to improving trading performance is to set clear and specific goals.
Identify what you want to accomplish as a trader. Establish realistic and measurable objectives.
Break down your goals into smaller, manageable tasks, and create a timeline to track your progress.
Example: Every trader wants to become a millionaire, but few have the foresight to lay out a realistic timeline for accomplishing it.
By having a clear direction, you can stay focused, organized, and geared toward your ultimate goals.
Manage Your Time Wisely
Effective time management is essential for optimal performance.
After all, the market’s only open from 6:30 a.m. to 4 p.m. Eastern each weekday…
There are only so many hours in the day to chart, trade, and evaluate your plays.
Start by analyzing your daily tasks and prioritizing them based on importance and urgency.
Example: If you currently have an open position, you must deal with that before scanning the market for new opportunities.
Create a daily trading routine that works for you and stick to it.
Develop New Skills
Continuous learning is essential for professional growth and improved performance in the stock market.
Identify areas where you can enhance your skills and knowledge, both within your current role and beyond.
And don’t think you have to do it all on your own…
Seek out professional development opportunities such as workshops, seminars, online courses, or mentoring programs…
Example: Joining Tim Sykes’ Trading Challenge, and then learning his 7-step Pennystocking Framework, were the two more important steps I took toward trading success. But it wasn’t until I applied Sykes’ teachings to a new skill — options trading — that I really hit my stride in the markets.
Be open to learning new trading techniques and you may be amazed at the outcome.
Constructive feedback is priceless for personal and professional development as a trader.
Sometimes, it’s hard to be objective about your own trading. You can easily get wrapped up in emotions that cloud your unbiased viewpoint.
This is why, when you’re struggling, you should actively seek feedback from your trading peers and colleagues.
A friend may point out one aspect of the setup you didn’t notice that completely changes your view of the trade.
Consider embracing the idea of team trading — and checking out my Discord channel — to gather constructive advice about your performance.
Learn from Losses and Mistakes
Taking losses hurts, there’s no denying that…
But the truth is, losing in the stock market can be a positive catalyst for growth. It’s about honesty…
If you aren’t honest with yourself about your mistakes, it’s nearly impossible to avoid those errors in the future.
I suggest every Evolver does the same thing I’m doing now…
Go over your recent losses and zero in on the worst aspects of the trades.
Take detailed notes of what you find, and then make a promise to yourself … to never make the same mistakes again!
Cultivate a Positive Mindset
A positive mindset can significantly impact your work performance.
On the other hand, a negative mindset can ruin any chance of success…
So, work to cultivate a positive attitude by focusing on solutions rather than problems.
I’m having to remind myself of this recently as I face some brutal losses. I could easily allow my poor performance to destroy my mindset…
How to find 3x, 5x, and 10x price explosions before they happen
But, instead, I’m practicing gratitude and acknowledging my accomplishments. I’ve gotta remember that this poor run of trades is simply a bump in the road
By maintaining a positive mindset, I can overcome bad trades with resilience and enthusiasm.
And so can you.
Nurture Your Mind and Body
Maintaining physical and mental well-being is vital for optimal performance. Your mind and body are more linked than most people think…
Prioritize self-care by getting enough sleep, engaging in regular exercise, and adopting healthy eating habits.
It can be easy for traders to find themselves sitting in a chair staring at a screen for 9 hours a day…
But you should take short breaks during market hours to relax and recharge. Go outside and get some fresh air!
Additionally, develop techniques to manage stress effectively, such as deep breathing exercises, meditation, or engaging in hobbies outside of work.
Example: I love to play basketball and tennis. I find that hitting some balls or shooting some hoops is an amazing natural stress reliever that allows me to disconnect from the markets for a short while.
By taking care of your mind and body … you can potentially improve your focus, productivity, and overall performance.
Take it from me … it’s no fun when you’re not trading well.
But when you face periods of poor performance, you must ask yourself an important question:
Are you going to let your losses ruin your mindset, or use your mistakes as motivators to improve?
I know I’m choosing the latter (and I hope you do as well).