Your Trading Solutions

Let me start by asking you a few questions…..tick the boxes that apply to you.

0       Do you lie awake at night worrying about your losing positions?

0       Do you cut your profits short and let your losses run?

0       Do you hang on to losing trades in hope that they will work out just so that you won’t have to admit you are wrong?

0       Do you buy a share and it starts to decline and you sell through panic only to see it end up a profitable trade?

0       Do you take losses personally causing your confidence to be depleted only to lead to more losses?

0       Do you tighten up your stop loss through fear of loss only to get stopped out of what could have been a profitable trade?

0       Have you ever become over confident with your trading and start to think you know better than your system only to get thumped by a string of losses?

0       Do you feel the need to prove yourself right in trading instead of following your plan?

Need I go on …….?

If you ticked any of the above boxes then I can help you as I have with many of my clients. I have been through many of the ups and downs with trading and have turned that experience into knowledge that I want to impart upon those who are wanting to succeed at trading.

If Tiger Woods needs a coach why don’t you?

Forget Tiger Woods. Even the under six soccer team needs a coach. Trading skills can be one of the most difficult skills to acquire, yet how many traders take on a coach to help them with their trading? If we were to talk about any sporting endeavour which you wanted to achieve your best in then you would hardly think twice about taking on someone to help make it work for us, but trading, no, that seems to be different. Of course trading coaches may not be cheap, but in most cases they are a lot cheaper than the losses which many make in the markets. A quote by Derek Bok sums it up nicely “If you think education is expensive, try ignorance”.

It all begins with You

To create a profitable trading plan you need to do a self assessment on a large range of different aspects about yourself. A list of things which will need to be covered to get a clearer picture on what direction to take with the design of your trading plan is :

Goals and objectives
What ideas do you have about the markets
Beliefs
Personality type
Your strengths and weaknesses
Your resources
Needs and values

When looking for or building a trading plan very few people consider matching up their goals with their trading plan. A big part of this is that most people don’t even have any goals that they are working towards. Most people might have some vague concept of what they would like to have but no clear specific goals that they can plan towards.

Working out what you want.

The first step is to work out what you want. The majority of the population are trying to cram their lifestyle into their income whereas living a full life is to determine what lifestyle you want to live and expand your income to suit. This is where trading can come into play by providing the extra income to create the lifestyle you want to live.

Some things to consider when creating your lifestyle are:
• Where do you want to live?
• Do you want to be working or live off your trading income?
• How many holidays do you want to have each year and to where?
• What sort of car would you like to own?
• What charities would you like to donate to?
• Would you like to buy your children a house?
• What toys would you like to own?
• What stores would you like to shop in?
• Etc…

These are just a few prompts to get you started but once you have completed that you can then look at what that sort of lifestyle would cost you annually. You can then set a time frame of when you would like to achieve that. This should be set at a time frame that is a stretch for you and is near enough to be tangible and not so far away that it doesn’t spur you into action. Aim at a time frame which both excites you and scares you at the same time.