- Looking back at past resolutions
- Focusing on hold times for positions
- Excited to embrace more change
LOOKING BACK - It's that time of year and so naturally, I have started thinking about my New Year's resolutions. For the purposes of this blog, I will spare you all the personal stuff and stick with the resolutions on the trading side. As I look back at earlier years, it is clear there has been a healthy progression, and despite natural setbacks along the way (which I wouldn't trade for anything), I am very grateful for the way things have turned out and the way I have been able to grow as a trader. I can think back to that first resolution that I shouldn't blow up my account. It then moved on to resolutions of let me try and not lose a lot, and then...let me see if I can maybe turn a profit, etc etc. And so now, while all of these earlier resolutions still stick with me, I am focused on something else.
LOOKING AHEAD - Now that I have gained confidence in my abilities to isolate good trades and generate decent returns, I am going to try and focus on my hold times. It is never easy picking the exact moment to quickly get in and out of a trade for a nice profit, but I feel I can do better with this, and will be looking to see if I can limit my hold times on some of my trades. I am not sure how this exercise will turn out in 2016 and I don't want to mess with a good thing, but at the same time, I believe there is always room for improvement and optimization, and I have been tweaking some things that I believe will shorten up the hold time on many of my trades. I think it is important all of us take a look at what we have been doing and make sure to try and change things up a bit in areas where we see room for improvement.
LOOKING IN - Of course, this extends beyond trading and more importantly, into our lives. But as far as trading goes, this is a business that is not friendly to mistakes and we need to make sure we stay sharp and respect this fact. Albert Einstein defined 'insanity' as doing the same thing over and over and expecting a different result. This is probably one of the most important lessons I have learned in life. If we truly want change, then we have to change. Don't be afraid of this fact. Accept it and embrace it. Change is scary initially, as it takes us out of our comfort zone. But change is also a wonderful thing that pushes us forward in life and helps us grow. We have a new year coming up and when the saying 'there is no better time than the present' directly coincides with the New Year, what better time can there possibly be than right now? Let's all take the next week and a half to think about the things that are really important to us and focus on making the right changes so we can make our lives that much better.