Perseverance: My Keyword for the New Year

by | Jan 3, 2023

It takes serious perseverance to do any one thing for more than 10 years. 

Whether it’s a hobby, a skill, or a job … a decade of work on anything takes a lot of mental fortitude. (Spoiler alert: Trading is no different!)

Trust me, there have been many times throughout my 12-year career when I’ve questioned my discipline and overall mindset. (Several of those moments occurred in 2022.)

But I’m so happy that I never allowed any of these momentary blips to cloud my view of my long-term goals. 

When the going gets tough in the markets, remember why you’re doing this in the first place. Keep your mind on your goals and mental longevity should come naturally. 

It’s when traders get tunnel vision — focusing too much on near-term results or individual setups — that they get into trouble.

2022 was tough, but 2023 has incredible potential. And I think perseverance is the name of the game this year. 

If you stay confident and disciplined — and have the perseverance to stick with it — 2023 could potentially be the best trading year of your life!

Keep reading and I’ll show you how to persevere through anything the market throws at you this year…

Never Risk More Than You’re Willing to Lose

Quite literally, the costliest mistake you can make — ESPECIALLY as an options trader — is risking more than you’re willing to lose.

If you plan on persevering through tough markets, you MUST avoid oversizing your positions.

I was reminded of this back in March when I broke my rules, risked too much, and lost $60,000 on AMC Entertainment Holdings Inc. (NYSE: AMC) puts.

Then again, when I lost $100,000 holding Tesla Inc. (NASDAQ: TSLA) puts too far into the bear market rally (one of the most disappointing trades of my career).

So, I’m writing this as much for me as I am for you!

The bottom line is this…

Every great trader has to figure out how to strike a delicate balance between risk and reward.

This is a personal decision. It comes down to your personality, risk tolerance, and how much disposable income you’re willing to lose in the stock market.

But if you go over your boundaries and break your rules, it can ruin you.

Tim Bohen’s Discovered an All-New Way to Profit From Elon Musk…

Forget trading Twitter or Tesla — there’s another story unfolding…

And it could open the door for profits in one little-known stock…

It’s easy to fall into this trap. Tell me if you’ve ever had the following thoughts…

You only think about the gains. You feel invincible. You know this is gonna be the trade that shoots your account into the stratosphere…

But what if it isn’t? What if the trade goes south and your contracts are down 90%+ the next day? 

This is why I advocate for hitting singles, especially when you’re first starting. 

String a bunch of small wins together. It’ll help build your confidence while simultaneously fine-tuning your trading strategy.

And the best part? By sizing small, you’ll never lose more than you’re willing to.

Don’t Fear Losses … Learn from Them!

2022 wasn’t the first time I had disappointing runs in the market. 

I’ve taken tough losses before — but I always bounce back.

I think one key to my longevity in the markets is my willingness to feel the pain of losing. 

I don’t fear losses — I face them head-on and learn valuable lessons from them.

In other words … instead of numbing myself to the sting, I wallow in it. 

And this has helped me to persevere through thick and thin as a professional trader.

After all, when you’re winning, it can seem counterintuitive to examine your trading and pick out the weak points.

‘What weak points? I’m making money!’

Sure … but one day, you’ll lose money. 

What’s critical is how you react to that loss — the way you trade following a bad play says a lot about your overall ability to persevere in the markets. 

Don’t shove your losses under the rug. Be proactive about eliminating the problems that got you there in the first place.

In other words, check yourself before you wreck yourself!

Final Thoughts

If you hadn’t noticed, I’m on a mission to correct the mistakes I made in 2022.

Assessing your risk and handling your losses are crucial components to success as a trader…

And if we focus on these critical steps together, we can persevere through anything in 2023.

Meet Mark:

Mark Croock is a former accountant who after studying under Millionaire Trader Tim Sykes turned his small account into $3.19 Million in trading profits by applying Tim’s strategies to options trading.

He started Evolved Trader to pay it forward and help other traders learn how to leverage options

 

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