It’s 2017, the start of another year. For some, it symbolizes a fresh start, a reboot from the blunders they have made in the past year. For some, it is just a continuation of where they left off. How’s 2016 so far based on what you’ve achieved as a trader in the past year?
Since it’s the start of a new year, I’m sure you have your personal New Year resolutions and one of them is probably to become better as a trader this year as reflected by your trading performance.
If you wish for a better result, then you make some changes. If you keep doing what you were doing last year, then you should expect the same results you had. Sharing with you below some tips that might help you get going with your new year’s resolution.
If you ended up losing last year, have a goal to end the year with a gain this year. If you ended up losing last year, think about what must have caused this and why. Determine the areas where you need to improve; reflect and work on it.
If you had consistency issues last year, focus on having a trading system. Lack of consistency is usually a sign of not knowing what to do and not knowing what to do is usually a result of not having a trading system.
If you did quite well last year, then your goal should be to either maintain your performance or better yet, outdo your 2016 trading results. You may need to be very keen on detail and spot the flaws on how you trade.
Regardless of where you are, make 2017 a year of becoming better as a trader. How can you do that?
Develop a good relationship with your broker. Communicate with your stock brokerage firm often. Send emails, call your broker. Whether you have a traditional or an online account, choose a broker that provides good customer service and is easy to contact and reach. Your broker will play an important role in helping you achieve your goals.
Find a mentor. A mentor can be a stock broker or any experienced trader who can guide you and give you advice about trading. It’s hard to rise all by yourself. Mentors will make it easy for you. The good thing right now is the abundance of information in the internet. Even in social media, you can find potential mentors who will be willing to help and guide you.
Find a trading community. A trading community makes trading fun. It’s made up of people who share the same passion. The good thing is, trading communities are usually being led by mentors. Apart from mentors, being in a community is a great opportunity to meet other traders. Learning from other people is always fun.
Join seminars and lectures. Costly? Think of it as your ticket to becoming the best trader that you can be. Seminars and lectures aren’t expensive, they are valuable. And besides, stock brokerage firms conduct regular lectures. Take advantage of it.
Read books. In my years of trading, I have yet to meet a successful trader who never read a single book about stock market trading. Reading books is also learning from other people because it contains the inputs, opinions, beliefs and techniques of other very successful traders.
Lastly, take advantage of the internet. There is a lot of free material in the internet. Just be very diligent and patient. Spend more time learning.
Make 2017 a year of your trading breakthrough. You can only make it happen if you focus and make improvement a priority.
Article by Makoy Velasco, Certified Securities Representative
Any views or opinions represented in this blog are personal and belong solely to the columnist and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.