When it comes to New Year’s resolutions, most people have already fallen off the wagon by the end of January. Fitness clubs see a surge in memberships in the first week of the year, only to watch most members stop attending within a month or two. The truth is, most people simply lack the mental tools to make a plan and stick to it.
I want you to be different in 2019. Whatever goals you didn’t achieve in 2018, leave them in the past. The past is behind us, and all we can do is focus on the future, adjust our behavior, and commit to self-improvement in the year ahead.
As traders, we all have weaknesses we need to address. The New Year offers a clean slate—a chance to correct past mistakes. Take this lesson seriously and complete the exercises, because doing so (or not) could make a significant difference in your trading performance for 2019.
Below is a breakdown of common trading challenges and actionable steps to overcome them with daily and weekly goals:
1. Exiting Trades Too Early
Many traders exit trades prematurely, missing out on big moves. To fix this:
- Remember that strong moves often take longer to develop than expected. Be patient and resist the urge to check trades constantly—over-monitoring is a trader’s “kiss of death.”
- Predefine your exit strategy before entering a trade. Stick to it unless market conditions justify a change. A simple rule like a risk-to-reward ratio of 1:2 or higher can keep you disciplined and ahead.
2. Fear of Entering Trades / Missing Opportunities
Fear often prevents traders from taking high-probability trades. To reduce fear:
- Don’t overthink trades. If a price action signal meets your criteria, take the trade and step away. Remember, even the best trades can lose. You’re trading your edge, not perfection.
- Risk only what you can afford to lose per trade. Knowing your risk is manageable helps control emotional responses.
3. Unrealistic Expectations
Trading involves wins and losses—learn to accept it. Key points:
- Understand that wins and losses are randomly distributed. A losing streak doesn’t mean your strategy is broken.
- Avoid “get rich quick” thinking. Over-leveraging or chasing profits can wipe out gains. Be realistic about what’s possible.
4. Greed: Risking Too Much or Overtrading
Greed is a major cause of failure. Avoid it by:
- Controlling your risk per trade. Only risk what you can handle emotionally.
- Adopting a low-frequency trading approach. Even if risk is managed, trading too frequently is still a form of greed.
5. Giving Back Profits
Many traders lose gains shortly after making them. To prevent this:
- Step away from the charts after a winning trade. Avoid the temptation to immediately find another trade.
- Use a predefined exit strategy to secure profits rather than letting them slip away.
6. Not Having the Right Strategy
Random entries and lack of a method doom most traders. Focus on:
- Learning to read price action and follow a structured strategy. Avoid cluttering charts with indicators, which only complicate trading unnecessarily.
Conclusion
If your 2018 trading performance wasn’t what you wanted, the only thing you can do is learn from it and move on. Don’t dwell on what might have been. Big goals, like becoming a profitable trader, are achieved through many small, measurable steps completed consistently.
I hope these lessons give you the clarity and mindset needed to tackle 2019 successfully. Remember, trading success is built one small, disciplined step at a time.
Wishing you a happy and profitable New Year. Thank you for following along, and I look forward to helping you even more in 2019. — Nial Fuller
If you want, I can also condense this into a “2019 Trader’s Action Plan” checklist with all the steps in a simple, easy-to-follow format. That would make it perfect for daily use. Do you want me to do that?
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