Trading plan for 2024?
Welocme to the 2nd trading week of 2024 after the first down week of 2024! Many of us ask is the market going up or going down? ![]()
The truth is no one really knows, we are all trying our best to make some intelligent guesses as the markets give bits and pieces of clues every day! So my approach to have a trading plan and follow the plans through the ups and downs of the market and make flexible changes along the way. 2023 was a great year for me up around 77% but past performances does not guarantee future success. We have to stay humble and keep learning to stay at the top of our game.
5 key points for my trading plan this year!
1. Set realistic and yet exciting goals that will motivate you to invest and trade better. setting s high goal for myself this year! 50% P/L
2. Do no over trade or invest what you have set aside to for this year - keep my excess liquid around 40% of my NLV as my risk tolerance
3. Risk manage every trade - trade small, trade often one thing I have learnt from Tastytrade
4. Do your home work daily - make it a point to read up on the markets and do your home on the stocks to invest or the trades you want to execute everyweek
5. Develop a strong mind set and learn to better managed your emontions - Do not FOMO. Learn to make each trade a better trade!
Have a great trading and invest year ahead in 2024! ![]()
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Over 20 years in the financial industry and a self taught retail trader. Focusing on income and growth strategies! 📈
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