Back to School: Take Your Trading to the Next Level
Summer is winding down. Labor Day is approaching. The temperatures will soon begin to cool, as the leaves change colors. Kids are loading their backpacks with books, fresh notebooks and #2 pencils.
Even if you or someone in your family isn't starting school this month, the back to school urge extends beyond the school yard, and spills over into all aspects of life.
Traders: it's time for a fresh start!
With Back to School season upon us, now is the perfect time to take your trading to the next level. Let's get started!
What are Your Goals in Trading?
People trade for many reasons. Are you looking for a reliable "side gig" with an additional income stream each month? Do you want trading income to fund a down payment for a house or for a bucket list trip? Do you want to become a full-time trader?
No matter what your motivations are, you can succeed! I'm not saying it won't take some dedication, hard work and discipline. No fear! That's why I founded SheCanTrade to help make your journey easier.
Your first homework assignment is to write out your goals for trading between now and the end of 2018. Make it specific.
"I want to generate an extra $1,000 per month in income from options trades"
"I want to up my game. I want to identify and put on 3 options trades per week with defined risk/reward."
"I want to gain confidence in reading stock charts and finding income-producing trade opportunities."
Learn Something New
No matter your skill level or knowledge base, all traders can benefit from learning new approaches.
If you are just starting out with options, a great choice for you is the: 6 Weeks To Options Mastery course. Already know the basics of options but are looking for something you can sink your teeth into? Check out Improving Trading Probabilities with the Options Chain course here. Or listen to my free podcast: How To Develop A New Options Trading Strategy (see episode 40).
What About When Volatility Hits?
We are entering a seasonally volatile time for the stock market. While October has a bad rap for market crashes (think 1929 and 1987), September has its share of market volatility. Get ready.
Plan your trade and trade your plan.
During dramatic sell-offs, flash crashes or any outsized market move, traders need to keep a cool head. Don't get frazzled by financial headlines. Even better? Turn the TV off. One of the toughest times to enter a position is when the world is panicking, yet that may offer you the greatest opportunity.
Get Help from the Teacher
One on one coaching may be the best way to help you move toward your trading goals. I offer personalized, private coaching sessions to help you master trading. How can you get the most of these sessions? Write down all your questions in advance. We can go through your points and I can help you take your trading to the next level.
Write It Down
Last but not least, keep a trading journal. Review your trades on a weekly or monthly basis. What went right? What went wrong? A review process can help keep you accountable and allow for adjustments as needed to help you reach your goals.
Return to Blog