You’ve probably heard me say that 90% of traders lose. But why?
I think many of these wannabe traders’ failures come down to a weak mindset. And make no mistake … your mindset starts on Monday morning.
So, ask yourself … How do you prepare for the trading week?
I don’t know any successful traders who wake up two minutes before the open on Monday and ask, “What should I trade today?” That’s a lazy recipe for disaster.
Every successful trader I know has their game plan prepared before the sun sets on Sunday. Then they wake up two or three hours before the market opens. Me included.
You might be able to get away with a lazy mindset in a hot market, but it won’t help you succeed over time.
Even worse, having brief success with a lazy mindset can trick your brain into thinking you’re doing the right things when you’re just getting lucky in the right market conditions.
To have long-term success as a trader, you must nurture daily habits that serve your goal of financial freedom.
And I think the best way to build those habits is to start focusing on them at the top of every week.
Here are the things I suggest you do to prepare for the trading week every Monday morning…
Build Your Weekly Watchlist
Every Monday, I send Evolvers an email detailing my thoughts around the names I’m watching for potential trades that week.
You may think this is just another part of my teaching service, but that’s not entirely true.
The truth is, I make the weekly watchlist as much for me as for you.
It helps enormously to have all of my top watches in one document for quick reference throughout the week.
Growing A Small Trading Account? Check this Out
When multi-millionaire trader Mark Croock first started trading, he was an overworked and underpaid accountant…
So he knows what it’s like to start small while wanting to massively grow your wealth as quickly as possible.
That’s why he just recorded a step-by-step training that reveals what he believes is the best options trading method for someone trading with a small account.
The key when writing your watchlists is to not just write the names down but to also detail why you’re intrigued by the setups.
That way, if news or sentiment shifts throughout the week (as they’re known to do), you can compare your original trade thesis to what’s changed by mid-week.
Set Realistic Goals
Once you’ve built your watchlist, ask yourself … what are your goals for the week?
Spoiler alert: Your motivation can’t always be to make the most money possible.
It may sound tantalizing, but if you only think about profits, you’re likely to get caught up in setups that don’t fit your strategy.
For example, back in February, I got ‘tunnel vision’ after Meta Platforms, Inc. (NASDAQ: META) lost $250 billion in market value — the biggest single-day wipeout in the history of the stock market.
I thought that if the stock bounced I could make a crazy profit on call options … so I tried to buy the dip and failed miserably.
Bottom line: I let my thirst for potential profits steer me into a bad trade. This setup was completely outside of my circle of competence and I never should’ve entered the trade in the first place.
All this to say, one of the best things you can do on Monday mornings is to write down your goals for the week and do your best to accomplish them.
So what’s my goal this week? To trade my small account extremely conservatively and not let it fall any further than it has.
I’ve had a similar Monday morning routine for years now and it’s helped me earn nearly $4 million in trading profits.
You’ll have to try different things to figure out what works for you. But I think the steps I outlined above are relatively safe bets for starting the week off the right way…
So get up early, get your mindset straight, and get your game plan ready!
Watch This BEFORE 9:30AM!
Have you seen what Tim Bohen has been up to EVERY morning between 9:29 and 9:30am?
Do NOT wait to see this.