This is a guest post by Michael Lamothe from Mara Wealth on mindset, emotions, trading plans, and what it takes to be at your best. I met Mara several months ago and immediately knew that I wanted to get his message heard. While he has a passion for the stock market, his ability to communicate and discuss the mental and the emotional aspects of trading hit home. I am a firm believer that you cannot reach your full potential unless you can conquer both. Here's Michael posing some thoughtful questions for you to think about.
Ever ask yourself this question? Have you asked it about your trading?
Maybe you have!
Maybe you’ve even written out a trading plan.
But how often do you break it out and look at it? Do you look at it daily? Do you focus on it throughout the trading day?
Most traders who haven’t hit their full potential yet have not made this a daily practice, let alone something that is a consistent focus throughout the day.
Let’s think about this a different way:
- How often are you trading at a level that isn’t your ‘A’ game?
- How often are you taking trades outside of your trading plan?
- How about taking trades out of FOMO?
- Do you close trades too soon?
- Do you not enter trades because you fear you’ve ‘missed something?’
If any of this describes you, you’re not alone. Many traders are like this. This was my personal norm for years! ... And it held me back.
I was the person who had the journal. Logged all my trades. Took screen shots. Printed out charts. I even reviewed them at the end of the end of the week and still wondered why I wasn’t improving… at least not improving as quickly as I thought I should.
My progress floundered for years.
The problem wasn’t a lack of effort. Just like you, I worked my butt off trying to improve. Trying to get to that ‘next level.’
The problem wasn’t a lack of focus either! I was extremely focused…
The problem was I had focused on the wrong things!
I saw my old trading habits and the results they produced. I came up with plans to improve. But I did little to reinforce those plans throughout the week. Each day. Or multiple times throughout each day.
When we’re not focused on developing the new habits that will get us to the next level we want to get to, we keep the old ones that got us to where we are... The result?
We stay where we are.
So, if you’re really honest with yourself, what does your ‘A’ game look like?
- Do you have a clearly written trading objective?
- Do you know the kinds of trades you’ll take?
- When you’ll take them?
- How much you’ll risk?
- Have you planned out how you will continue to improve your trading?
- Have you developed a curriculum for yourself?
- What books will you read?
- What courses will you take?
- Will you hire a coach to help guide you?
- Have you given thought to other things that may help improve your performance?
- Things that will help you increase and sustain your energy throughout the day?
It’s worth considering!
Think about it. When are you more likely to make great trading decisions or stick with new habits? When you’re feeling vibrant and have a ton of energy? Or when you’re feeling sluggish?
I’ve given you a lot to think about in this relatively short blog post. My aim is to help you succeed and avoid the years of struggle that I faced. I’m not perfect. Far from it. But I continue to strive just like you. After 20+ years of doing this, I’ve learned that it's a heck of a lot easier to strive with others than it is to do it alone.
I’m thrilled to be partnered up with Felix. Like you, he’s helping me to level up my options game. I hope to help you develop the mindset, habits, and beliefs that will allow your trading to soar!
Comment below and feel free to reach out anytime at [email protected]
For more articles, CLICK HERE and head over to Michael's blog.