Are you frustrated as an option trader? Are you ready to make some changes? Do you know what changes you need to make? Clearly, these are all important questions. And if we are being honest, you don’t need a new calendar year to make you realize you need to change. So, here we are about a month into 2024. You need to do something, right? What I am talking about is improving your options trading starting now (yes, you should have done it before, but better late than never). With 2023 in the rear-view mirror, it is time to make those changes and make 2024 your most disciplined and best year ever.
Don’t Repeat the Same Pattern
One definition of insanity is to do something over and over again and expect different results. We have all been there at some point, but the option traders who work their way to being disciplined have figured out what changes to make to help them become successful. Here is a bit of advice: They do this by not repeating the same pattern.
If you have struggled (all of us have at some point), you know or you should know what you need to do to get over the hump. If you don’t know, we are here to help. However, knowing and doing are two very different things. As I have said many times before, something about options trading makes many of us lazy even though we are not usually lazy in other facets of our lives. We must push through mentally and make some positive changes.
Discipline Is Key
It comes down to this: Are you going to make some changes and force yourself to be disciplined? Make sure you review your trades, both good and bad ones, and finally start or finish writing that trading plan you have been putting off for quite some time now. These are just a few things to get you started. Being successful 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, and only you can do that.
Make It Your Year
You don’t want to feel like this was not your year again, right? Then you MUST do something to change that trajectory, and the time to start is now. No more excuses. Sit down, hammer out a plan for change, and get it done.
Senior Options Instructor