I give up, it’s too hard. That’s what I hear a lit of retail traders telling themselves these days. It’s such a shame, particularly for people who have put in at least a couple of years worth of study, time and money into learning the craft that is options trading. It is a craft, and it does take a good amount of time to become successful. There will be many bumps along the road.
If you are thinking of giving up, how can you get yourself back on track? Firstly, I think you need to ask yourself these 3 questions:
- Where am I at with my trading?
- Where do I want to get to?
- How am I going to get there?
Where am I at with my trading?
When you ask yourself this question, take a step back for a minute and evaluate things. What have you achieved in the last 6 months? What have you learnt? What is the state of your trading plan? Are you making good decisions? Am I Making more money than I am losing? These are thing things you need to be asking yourself. Here’s a reader challenge – write 100 words on where you are at with your trading and be honest. Feel free to share your thoughts in the comment section below and I promise I will respond to e everyone.
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Where do I want to get to?
Once you have a clear picture of where You are at, decide where it is you want to be. Develop a clear picture in your mind of the type of trader you want to be. Picture yourself at your trading station. Imagine the markets and charts ticking away on the screens in front of you. Now tell me, how much money do you have in your account? What type of trades do you have open? What is your position size?
You can’t grow as a trader unless you know what you are trying to grow towards. Figure out where you want to be and then plan how you are going to get there.
How am I going to get there?
Now that you know where you are and where you want to be the hard part is over. Now you just need to figure out what you need to do to get there. Do you need to read more books to learn more about new strategies, economics or technical analysis? Do you need to find a mentor, someone who is already at the level you want to get to? Do you need to focus more? Do you need to network more with your peers and find people to bounce ideas of?
So there are three quick questions you can ask yourself and write down your thoughts. I guarantee it will make you a better trader.
Here’s to your success.
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