Call it a brand-new year. Call it a New Year’s resolution. It does not really matter what you call it as long as you do something different from what you have tried before. What I am talking about is improving your options trading starting now. With 2022 almost out to pasture, it is time to make some changes and make 2023 your best trading year ever.
The Definition of Insanity
Doing something over and over in the same manner and expecting a change…we have all been there at some point. But the option traders who become disciplined and successful have figured out what changes they needed to make to do so. Here’s a hint: It is not done by repeating the same pattern over and over again. If you have struggled (all of us have at some point), you know or you should at least have an idea about what you need to do to get over the hump. Knowing and doing are two very different things, however. As I have said before, something about options trading makes many of us lazy even if we are not lazy in other facets of our lives. We have to push through, go the extra distance and make some changes.
It’s All About Discipline
It all boils down to discipline and you know it. Be more patient. Review those trades and finally start or finish writing the trading plan you have been putting off for quite some time now. These are just a few examples to get you started. Success as an option trader is never handed to anyone. It is earned. That is why most will never continually extract money from the market on a regular basis. You have to earn that success by going the extra distance.
Just Do It
Of course, you do not want to feel like 2023 was not your year in 2024, right? Then clearly you need to do something about it to change that trajectory, and the time to start is now. Sit down, hammer out a plan for change and then just do it. That Nike slogan goes much deeper than just sports. Happy New Year!
John Kmiecik
Senior Options Instructor
Market Taker Mentoring
