We're approaching the Labour Day weekend (yep I am Canadian) which signals the "back to school" "back to work" time of the year. Some view it with sadness as the summer draws to an end, others excitement as it signals the start of the new school year. I use it as a checkpoint to check in on how I'm tracking to my goals for the year and to set myself up for a strong finish. This year I used it to take the time to describe how I approached developing my plan for my trading business as I'm often asked what I think the key to long term success in trading is. For me, it is treating my trading like a business coupled with a success mindset.
There's a huge myth out there that trading is not a business. Many even go so far as to call day trading no different than gambling. And there are some that do approach their trading like they are gambling, but trading done well is just like any other business. To be successful in trading one must follow sound business principles. Trading is not a "get rich quick scheme". To succeed, you need to treat it seriously and professionally
Before investing a single dollar, I recommend one should develop a plan. In business, this is called a Business Plan. For traders, a Trading Plan, which often gets confused with just having a "trade setup".
I have customized the SMART acronym to define my 5 Keys to Trading Success. It guides me and provides the foundation I use to mentor others to develop their plans.
Key #1 - Self Discovery
Key# 2 - Mental Game
Key #3 - Analytics
Key #4 - Risk Management
Key #5 - Trade Methodology
For more details on each of these keys, grab your copy of the full report.
by Cindy Ryland - Trader | Mentor | Coach