As a trader one of the most important things you can ever do it develop a trading identity.
• Are you a position trader?
• Are you a day trader?
• Do you analyze fundamentals?
• What is it that you do?
• What are your strengths?
Part of this choice will come from your own personality; part of this will come from coaching and education. Most will come from your own mental fortitude…
• Are you a winner?
• Do you overcome hardships?
• Do you have the discipline necessary to become a successful trader?
• Do you have the desire?
This morning I taught a webinar in which one of my students has been putting in the hours and work necessary to become a successful trader. She has surrounded herself with successful traders; she has access to education and every tool available.
In a sea of advice, in a world where you are told and taught what do to, a world where information is at your fingertips, she is still the one who must make all the decisions. She is the one who much chose a path. She must create a trading identity.
Choosing your own path, not getting lost in the endless advice and confusion is the only way to truly develop your own trading identity. What works for you might not work for someone else.
Look at your past trades, identify which ones have been most successful for you.
• Have you had more success with options or covered calls?
Identify which strategies have been most successful for you in the past and perfect them. Do the work. Practice and learn and implement these strategies and don’t let the ones you have struggled with in the past hold you back. If you haven’t narrowed down any strategy which has been successful don’t get discouraged. It only means you need more practice and experience. As your trading increases you will discover your strengths and your weaknesses. Your trading path will become clearer the more you trade. So trade. Trade every day.