Just like the beginning of any sports season with teams at 0 wins and 0 losses, there is optimism among option traders right now that this will be “the year.” Of course, if a sports team is not any good, we usually know what will happen.
As an option trader who may have been struggling for a while, you might have made the promise to yourself that this will be the year things turn around. It certainly could be, but you obviously need to change what you have been doing if it hasn’t worked thus far.
Make That Commitment
With 2022 just getting under way, you have plenty of time to make it your breakout year. You need to make a commitment and have a plan in place to get there. Just saying you are committed is not close to enough.
To me, it all starts with creating your trading plan, which is your blueprint for success. Without it, you will most likely continue to flounder or worse. This blog is not meant to be a guide to writing a plan, but it does all start with a plan that can be executed successfully.
Go the Extra Distance
As I always like to say, work smarter and not harder. Just reading more option trading books, watching more videos and studying more charts, for example, will not necessarily get you where you want to be.
Figure out what really is important and what you are wasting your time doing because it has not helped thus far. Trading makes people lazy with too much of the plan being in one’s head, which rarely ever works. Attack that written trading plan with vigor and really make a committed effort to follow it.
I know it took me a long time to get over the hump to write my option trading plan and almost as long to finally follow it. But when I did, changes slowly and surely took place like I had wanted to see for years.
Have a Talk With Yourself
If this blog hits home in some shape or fashion, take a seat and think about what you are going to do to make this “the year.” Are you going to make promises you cannot keep again or are you going to go the extra distance to make it to where you want to be?
Clearly you have the control to do as you please but what a truly wonderful life a disciplined and profitable option trader enjoys. Don’t you want to be part of that exclusive club too?
Senior Options Instructor
Market Taker Mentoring, Inc.