Showing posts with label success tips. Show all posts
Showing posts with label success tips. Show all posts

Sunday, 30 October 2022

A TRADER without these 3 PLANS will NOT succeed

 

I got a private message yesterday on Twitter @Timonr.

“I’m trying this trading thing out when ever I find a second in the week.

So far it’s hardly getting me anywhere. Any tips?”

Ye… Don’t try. DO!

Let me ask you something…

Do you own a business or have a job?

Do you know how to get by every month putting food on your table?

If YES, then you’ll know for a FACT that:

“trying” to do your job.

“Trying” to run a business.

“Trying” to eat every day.

Is going to lead to failure and a disaster.

You have a higher chance at making no/little sales, becoming an undesirable employee and physically becoming unhealthy and unattractive.

Same goes with trading.

Trading isn’t a trying business. It’s not something you do when you have a found a minute in your week or day.

You’re going to get nowhere by “trying” with such little effort.

If you really want to take this seriously and make an actual living, then you’ll need to have a PLAN. Scratch that!

You’ll need to have 3 PLANS.

A daily, weekly and yearly plan.

#1: SET YOUR

YEARLY PLAN

See this as the big game plan.

In one year what do you wish to achieve from your trading.

See your goals before you act on them, and you’ll find you’ll follow your path accordingly.

Here are some goals you should set for the year.

If you want to be more accurate with your yearly plan, make sure you have a proven and winning trading strategy to have a better expectation on what to achieve for your trading outcome and performance.

It’s not easy building one yourself.

If you want to get started right away, just know that the trial, error and level of optimization can take YEARS.

Once you’ve optimised your strategy and you find it works, then you’ll need to back test 20 trades, forward test (with paper money) 20 trades and then real test (live account) 20 trades.

I don’t want traders to feel discouraged with the process.

I understand fully, it’s not in everyone’s personality to take the time and effort like I have done over the last two decades to find, optimise and refine a trading strategy.

Which is why I offer my entire MATI Trader System Programme for those who want to speed up their trading performance from the get go. Click here to own the programme if you’re one of the few MATI Traders who haven’t downloaded it yet…

Once you have your yearly plan, you can move on…

#2: SET YOUR

WEEKLY PLAN

There are two objectives I have with a weekly plan. Analyse and report and identify major trends.

  1. Analyse and report

This is where you’ll log in to your live account.

Open your portfolio account and view your trading performance over the last week.

See what is in the green and what is in the red.

Answer these questions:

  • How many trades are winning and how many are losing?

  • Have I held onto my trades LONGER than I should i.e 7 weeks?

    (Write down which trades are over extended to close in the next week.)

  • Have I plotted all my trades in my trading journal and populated the portfolio chart so I can see how I’m progressing?

  1. Identify major trends

Once a week you can also quickly skim through the main indices and charts, to give you an idea on where the financial markets are trending.

I like to look the:

Main indices: ALSI40, SP500, CAC, DAX, NIKKEI, UK100 etc…

Main commodities: Gold, platinum and Brent Crude.

Main cryptos: Bitcoin, Ethereum, Tron etc…

Local indices: Resources, Property, Industrials etc…

This will prepare you for the week and will give light on where markets are MORE likely to head.

They can also give you an indication on whether you may expect a reversal due to your trading strategy signalling potential change.

#3: SET YOUR

DAILY PLAN

Ok, if you don’t want to look at the markets everyday – that is fine. I understand you have other priorities.

But I would urge you to have a daily plan for every 3 days or so.

And during this time, is where you’ll achieve 2 goals:

Trading analyses and trading execution.

  1. Trading analyses

This is vital to spot and identify high probability trades that are lining up according to your trading strategy. Write them down on a sticky note (which I still do) and then set your alerts for entry.

Or you can get a general idea on how much time will be needed, before a trade actually lines up.

  1. Trading execution

The trade has lined up, looks good and ready to go.

Set your entry, stop loss, take profit and volume (no. CFDs or spread betting value) and get into your trade.

So in closing… You’ll need to take this more seriously. Don’t blame me if your portfolio isn’t picking up because you didn’t follow the right steps you need to take.

This isn’t child’s play and all the responsibility to create your trading future is in your fingertips.

So remember:

SET YOUR YEARLY PLAN:

No. trades, No. winners, No. losers, Win rate, % Gain per year

SET YOUR WEEKLY PLAN:

Analyse, report and identify major trends

SET YOUR DAILY PLAN:

Trading analyses & execution

Set these three plans and work towards them and you stand a better chance at making it in the trading world.

What is stopping you from success?

 

We are living in completely different times.

In some ways they are good and others, well, rather sad.

In a global and capitalistic society, we aren’t going out as much anymore. Whether it is to our friendly butcher, hairdresser or even the local grocer.

Instead, we are going to the largest super markets for just about all of our groceries and household items.

This means, we don’t communicate and chat to our local community.

This has set off a chain reaction in many ways…

We depend less on people, we spend less time at the office, we are losing the human touch of society and what it means to be alive.

Instead, we are finding more excuses to just stay home, not get up in the mornings, not dress up as we used to. We also chill a lot more and procrastinate with just about everything.

Something major needs to change, if you want change.

You need to act right now, before the years continue to blink away.  

Whether you want to start a business, trade, invest, build a crypto portfolio or get into real-estate…

I’m going to go through 8 things that is stopping you from success…

I’m not going to give you any solutions. Instead, I’m going to help plant a seed, and maybe your subconscious will know exactly how to help you…

#1: Same old routine

You wake up each morning, knowing exactly how your day is going to go. No fireworks, no sparks, no changes…

Just plain routine…

Something needs to change.

#2: Self-doubt

You have many ideas to change your life around.

But knowing how the world works and how most people are just not on board – it is making you feel doubt for anything working in the future.

#3: Procrastination

You’re delaying the most important things you need to do.

Instead, you’re fixing this, cooking that, you’re watching this on Netflix, you’re catching up on hours of social media…

Then it’s too late to do what you planned to do, so you delay it until tomorrow…

#4: No big idea

You have ideas but no big idea to blow the socks off the world yet.

You’re thinking like the average joe when it comes to business and entrepreneurship.

When I started MATI Trader in 2018, I didn’t have billions of dollars of start up costs, major IT ideas or anything near developments as other companies – but my passion and commitment made me take my first step.

Just food for thought.

#5: No support

You’re at this alone. You’re doing everything without a strong team or partner.

And the people that have the skills just want cold cash NOT caring about whether you succeed or not.

Sometimes, one needs to be soul driver in what they create to build what they wish to succeed in.  

#6: Laziness

Ok this one is one I don’t fully believe in… I don’t think it’s laziness. I think it is more insecurity, self-doubt without a clear plan on execution.

We are all bloody perfectionists and if it’s not done 100% right, then we don’t want to do it right?

Mistakes and failures are major drivers to success.

#7: No money

How much money do you need to start what you want to do?

$10,000 or $1,000,000?

The most important aspect that it takes to start a company, venture, trading career etc… is not MONEY…

It is the work, time and effort to BUILD and have a clear strategy and plan for the get go.

It took me an entire year to start MATI Trader, even though I’ve traded since 2003.

It took me 5 years to get trading right, with a lot of trial and error.

It did NOT take a lot of money to start with anything…

#8: No skills & talent

You feel you’re not good enough to go at it.

You feel everyone is just so much better, smarter, richer and have higher energy…

I believe in one thing…

If it’s working for you, you love it and you KNOW you have value to share – people will come, people will listen and eventually people will pay.

And if it comes to investment, trading and real estate.

If you love it, you want to achieve it and you have the drive to keep at it – You will only get better. And you will ACHIEVE ANYTHING.

 If you enjoyed the article or found it a tad useful, let me know by emailing info@timonandmati.com