Hello, Team Tackle. Here we are: The last Friday of 2019. I hope everyone had a happy holiday. It is now time to start thinking about a new year as well as a new decade.

There’s always something about a new year that gives people the sense of a “new beginning.” It’s like something clicks in our heads that gets us motivated to say “out with the old, and in with the new.” That’s why you get the “resolution rush” into the gyms come January and February. I have no problem with that, as long as you have the willpower to hold on to that mindset. I personally like to reflect on the previous year and try to make it a goal to make the next year better in all areas of my life. Change starts with yourself though. So I look at how I could change to be a better husband, father, friend, worker, and even a trader. Some things I’d like to share in this blog are some of the concepts I’ve learned over the course of almost 2 years of trading that can hopefully help someone that is new to trading or help someone just wanting to make 2020 a better year than 2019.

Lesson One: Stop trying to get rich quick.

One of the things I’ve heard the coaches say at Tackle Trading is that “get rich quick” usually means “get poorer quicker.”

Lesson Two: Learn one system at a time.

Stop trying to master trading in your first year. Or even the first two years. I’ve been trading for almost two years and I still wouldn’t consider myself a “veteran trader.” I feel like I’m still learning every day just like I did when I was brand new. I’m still building my portfolio design one system at a time. My problem at the beginning was I tried to master everything at one time. You end up being a jack of all trades but a master of none which only gives you mediocre results at best.

Lesson Three: Patience is a powerful trading skill.

Whether you are learning a new system or watching a trade unfold, patience is extremely beneficial. When learning a new system, give yourself 3-6 months to master it before taking it to live or designating a lot of portfolio capital to that system.

Lesson Four: Create rules that take YOU out of the equation.

Humans are horrible traders. My next blog will actually be on this topic. We have these annoying little things called emotions that are a trader’s worst enemy. Create rules for your systems that take your emotions out. IF this happens, THEN I will react this way.

Lesson Five: Assume every trade you make will be a loser.

This concept will help you keep your position sizes consistent. The first thing I do when analyzing a trade is to see how much money I will lose before I even look at how much I could gain.

Lesson Six: Know your system’s expectancy.

This kind of goes along with lesson two. What I mean by this is that you should know what a normal drawdown looks like in your system. This also helps keep your emotions out of the equation. If you have a directional trading system that has a 40% win rate, then a six trade losing streak shouldn’t be seen as abnormal.

Lesson Seven: Just keep trading.

This goes along with lesson six. The hardest part mentally for me in trading is being on a losing streak and trusting that it is normal and to keep trading that system. Or even on the flip side, being on a long winning streak and getting that feeling that the next trade will be a loser. If you’ve seen the movie Finding Nemo, you know who Dory is. When she is in a tough spot, she just starts singing “Just keep swimming.” I need to get me a picture of Dory and caption it, “Just Keep Trading”.

Lesson Eight: Never stop learning.

I hope no one reading this will get to a point where they believe they know it all. This makes me think of the old quote by William Shakespeare, “A fool thinks himself to be wise, but a wise man knows himself to be a fool.”

Lesson Nine: Reach out for help.

There is plenty of support at Tackle Trading through the Clubhouse, Coaches Show, Halftime Report, or the Traders Lounge. Ask for help when you need clarity.

Lesson Ten: Teach others to trade.

This lesson goes along with my previous blog. Prove to yourself that you understand what you’ve learned by trying to teach someone else the concepts. I like to tell my wife how to trade certain systems (even though she has zero desire to trade) just because it helps me understand the concepts better and helps me find gaps in my understanding.

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I do hope you can take these lessons and use them to improve your own trading. I’m guilty of ignoring the concepts of all these lessons which has led me to tell you just how important they are.

I hope everyone has a happy New Year and may 2020 bring you the success you desire.

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Justin Driskell

Justin started his trading journey during a 3-day workshop with Tim Justice in April of 2018. He has always been interested in the financial markets and the opportunity it potentially provides. He likes trading stocks and options. Outside the markets, he’s a husband, father of two boys, and full-time automotive technician.

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