Hello Tackle Traders
Is it just me or is time flying? January was just here and some of us are still writing our New Years’ resolution, yet we are halfway through the year already. We are all guilty of making resolutions and never starting them or starting them and not completing them. Whatever those goals are, putting them on paper and keeping them in a visible place where you are constantly reminding yourself of what needs to get done might be the thing you need to do to stay on track and or even get started. Trading goals are no exception and trading when treated as a business needs to have a business plan in place with measurable goals and expectations. If you work for or own a company, you know each year the company performs an annual employee review and an annual budget for tracking income and expenses. Your trading business requires the same level of attention especially because you are the CEO and employee of your company.
You must assess yourself as a trader and in how you are running your business. I look at it like a halftime report of my trading. Check the scoreboard and decide if any halftime adjustments are needed. What goals did you set out to do? Maybe journaling was one goal. Journaling is vital to your trading BUSINESS and if you have mastered the art of journaling then great! If you are struggling to incorporate journaling like I sometimes do, we still have half a year left. It is mid-season and as the saying goes, “it is not how you start but how you finish”.
It may not be a bad idea to do an overall performance and check to see if any halftime adjustments are warranted aside from your trading journal. You may have played great offense in the first half but it may be time to play defense in case the second half turns out to be a different ball game from the first half. Here are some tips to help with your mid-year review that I wrote a few years ago that are still relevant.
How well did you stick to your daily routine? Did you have a daily routine? When did you work on your routine morning, noon, evening, or night? Do you need to adjust the time frame of your routine based on schedule changes? Consider changing it to when your brain functions the best and when do you have the least distractions.
How well did you manage your trades? Did you stick to your rules? Did you take profit too soon and not allow your winners to run or did you find yourself trying to put a Band-Aid on a bullet wound? (I’m talking to myself here as I remember my Amazon trade). LOL
Are you adjusting your trading strategies to reflect the current market conditions? Remember the trend is your friend so make adjustments if you find yourself too heavily weighted on the bullish or bearish side until the market picks a direction and stick with it.
What were your core strategies and have they been working? Has it become easier to trade them and manage them? How about your watchlist? I have found that the more you trade the same companies over and over again the more you learn the behavior of the stock. It may be a good time to check and update that watch list and it may mean throwing out those that aren’t working and adding the ones that could be potential keepers. Keep an eye on those sector rotations and seasonality trends.
Learn new tricks
You may be a new trader and may not be accustom to trading in this market condition. It may be a good time to learn strategies and paper trade them. Be sure to join our webinars like Trade Masters or The Halftime Report with Coach Tyler on Wednesdays for Jedi Options or The Trading Labs and join one or all three teams.
How engaged were you with our trading community in the first half? Our coaches and contributors dish out quite a bit of content daily and you may not be able to digest all of it but be sure you are getting a daily dose of what you need for your trading business. From the webinars, blogs, reports, podcasts, YouTube channels, posts in our clubhouse, and social media outlets that go out daily there is something for you somewhere. Trading requires a community you get it all here at Tackle. The level of support you get from our coaches and students is like no another so please do yourself a favor and plugin and engage. Share your success story and also your failures. Ask for help and help those who need it. We are a no-judgment community. We are here to help and uplift one another.
If you had a great first half, Congratulations! If you were off to a rough start, remember you still have time to finish strong but make the necessary adjustments and keep trading. Here’s to a great 2nd half of our trading in 2021. Ladies tonight at 8:30 pm est is our monthly Women In Trading Webinar so I’ll see you there and invite a girlfriend or two.
Until next time!
Emily Muiruri was born and raised in Nairobi, Kenya before her family moved to the US and settled in Maryland, Emily began her trading journey in January 2015 after 17 years of Property Management in the Self-Storage Industry. Like many new traders, Emily started off with directional trading strategies such as long calls, long puts and very little in cash flow strategies. Over time that has changed and now her core trading strategies are cash flow based such as are Covered Calls, Naked Puts, and Iron Condors. Though she is still a student learning and enhancing her trading skills, she has a strong desire to teach women to take control of their finances and become traders. Writing blogs is one of the ways she’s is looking to spread the word and get more women involved. Emily knows that with the right education and trading system women can be successful traders.
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