It is not something you should take lightly, into your life.
This is a forever business where you can either screw it up or you can make a success from trading.
Before the year is up, I’m going to share with you my 5 top trades, you’ll need to take in order to achieve your trading goals for 2020 starting with…
Trade #1: Heavy nights out
Have you ever gone out in the week, downed a couple of beers and shots with your friends and then regretted it the next morning?
The next day, feel groggy, tired and you probably will feel like writing the day off to recover.
As a trader, you have got to be more responsible.
It can take just of those day’s where you miss out on that trade that could’ve taken your portfolio into a positive portfolio territory for the month.
Take this trade.
“I will trade nights out in the week and instead, I will prepare for the next trading day”
Trade #2: Netflix and chill
How many hours do you spend on social media and TV?
3, 4, maybe even 5 hours a day?
I’m asking you to just cut out just half an hour out of those 5 hours to spend it on trading instead.
Just take half an hour to back test and forward test your trading strategy on other markets.
You might just find the one extra profitable market, to add onto your watch list which could help you boost your win rate.
Take this trade.
“I will trade out, of the time spent on social media and TV, just half an hour a day to focus on trading for my financial future”
Trade #3: Revenge trades
This next one, is quite common for a new trader.
A trade lines up, the trader follows the rules and gets into the trade as they should.
Next day, the trade goes against them, taking them out for a loss.
The new trader then feels that this situation is unacceptable.
“Nobody takes my money and runs.”
Without thinking twice, they punch in a couple of buttons on their trading platform, to get into another trade.
At this point, they want nothing more than to just take revenge and make up for that small trading loss.
However, this time, he doesn’t follow his strategy and forgets to put in a stop loss.
The result: Another loss is taken, but this time it’s bigger.
Losing comes with the territory. Your historical track record should tell you that. When you take an impulsive trade, you’re doing two things.
1. You’re setting a precedent to take impulsive trades for the future. It’s these type of trades, that will cause you to blow your account.
2. You’re fooling yourself with this present oriented way of thinking.
So, take this trade…
“I will trade revenge trades and instead, I will step away, get a drink, calm down and I will wait for my next trading signal to kick in.”
Trade #4: Listening to others
Look up any trading group on Facebook or on Skype.
You’ll see similar comments such as,
“I just bought Old Mutual, what price should I get out at?.”
“Dude I would get out of your trade, if I were you.”
“You must buy Bitcoin now, it’s going to $50,000 this year.”
I don’t know about you but, I’ve never heard of a trader who’s made a success from listening to a whole lot of random people.
The only thing you should ever listen to is your historical track record based on your proven trading strategy.
In fact, I only base my decisions on my 18 year traded and tested MATI Trader System and that’s it!
Everything else is noise that is detrimental to your trading.
Nobody cares about your money more than you, so make sure you be wary with who you listen to.
Here’s a trade I want you to take.
“I will trade listening to random people and instead, I will only listen to my winning trading strategy which tells me when to get in, hold and out of my trade.”
Trade #5: Wasting money
Richard Branson said it best at one of the summit’s I attended.
Here was his analogy.
“If I’m given R1,000,000, and I spend it on luxuries the money will go. If I invest the money wisely, I’ll have the opportunity to grow it.”
The same goes with every time you get a pay cheque. Before you spend it on restaurants, gifts and holidays – make sure you invest in yourself first.
As soon as you get paid, deposit a portion of your money into different investment streams.
Maybe 5% of your savings can go into trading, while 10% goes into investing. Whatever you can afford to risk, make sure you pay yourself first
Here’s the trade I want you to take.
“I will trade spending on unnecessary things and instead, will deposit a portion of the funds into my trading account each month.”
You can read more ways to save money to trade by downloading my free e-book “27 Ways To Save Money To Trade” by clicking here…
These 5 trades, should help you prioritise what it takes to succeed as a trader in 2020 and beyond…
Founder, MATI Trader