New Year is round the corner. For most of us it is time to take new resolutions and start chasing goals only to flame out soon. Why?
We are doing it wrong. We are just chasing dreams. We never cared to define a process to achieve the goal. Discipline or will power is not going to work here. Committing to the process is what makes the difference.
While cooking, we need to follow a recipe. Even for making a cup of coffee, there are certain well defined steps to be followed. In the beginning we may not get the desired results but still we need to finish the process. Stopping the process half way is not going to give us any results.
Coming to trading, we do not need level 3 data, costly computers or the latest version of charting software to trade successfully. These are all excuses we find to procrastinate and delay taking action. We are afraid of failure. Preparations to get something done should end somewhere. It is high time that we stop searching and start doing.
First step is to select a suitable method and commit to it. Before risking money in the market ensure the selected method is working well. There are so many methods in public domain that we can use as a template to develop our own thing. Do not waste your hard earned money unless you trust the structure and tactics completely. Once you select the method trust it and commit to it completely.
Then eliminate all the unwanted things and stay out from distractions. Trading forums and chartrooms are doing more harm than good. These can be helpful in acquiring some basic knowledge at the initial stages but becomes a distraction later. Too much of conflicting information is too bad for our trading. So called discussions will drain our emotional capital.
Knowing something is not enough. We must act on it. It is not a secret that 90% of the people you find on our trading forums have not executed a single trade in their life time. They will read the trade and will never trade the trade. Remember trading is a skill you can learn only by doing. Just start doing it. There will be road blocks and hindrances. Don’t worry about it. We can deal with it as we move along.
As traders we must always be concerned about two things, Time and Capital. Capital includes our emotional capital. Are we making efficient use of our time and capital? We are wasting too much of time on things that make little difference. Still we are searching for new tactics and debating unrelated topics at the forums wasting time and emotional capital.
Now let us focus on the execution. Trading consistency always follows execution consistency. Let 2014 be the “Year of Trading Consistency”. Let us commit to the process. Let us follow the recipe. Let us take massive action to achieve this goal.
Commit, Eliminate and Act
Commit, Eliminate and Act
I wish all the readers of “Nifty Nirvana” a Happy and Prosperous New Year