Before Actioning Your Bigger Trading Plan

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When running a business, especially a traditional business, we need to know our niche or unique selling point (as some would call it). Once we have that, we can decide if we want to venture into that business. More importantly, before we even start any businesses, we need to have clarity of the direction and the bigger picture of what we want to achieve.

In case you don’t already know, trading the financial market is like running a business as well. In fact, it is a unique business where there are essentially only two parties involved – you and the market. And everything that we do from here on – whether it is in research, planning or execution – we need to be well aware of the bigger picture.

But, what does having the Bigger Picture mean to you?

Notice that as soon as I write the word Bigger Picture, some of you would have considered the idea of a trading timeframe, while others would be thinking of scalability of the business and etc. While I don’t really know what’s on your mind, I can share with you some of the key items that I use today. If you have anything in mind that you want to share, remember to post them at the end of this article.

A Matter of Time-frame

Yes, time-frame is crucial in any business and I’m not just talking about charting timeframes here. Instead, I’m talking about the time-frame that you set for yourself to achieve your trading goals.

Don’t get me wrong, for some, setting time-frames for their goals means nothing when they don’t know how to get there yet. While others would just stamp a date on their calendar and they will start moving towards it. I appreciate that everyone will have different expectations as well and, hence, some may find that time-frames are less relevant.

However, just to let you know, without setting a timely goal and a timeframe where you can work on and towards your goal, that is no difference from having nothing more than just a dream. And dreams by themselves are just that… dreams. They are imaginary. And they don’t produce tangible results. You need to turn your dreams into action. You need goals to make the visions of your dreams real.

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So, instead of just dreaming, why not take it a notch more seriously and have a better end game in mind? With a better end game in mind, setting timeframes for your goals will be much easier. For those of you who are struggling to set a timeframe, it might be worth paying extra attention to the reading below.

Can you Emotionalise Your Goals?

Do you have the end in mind? Do you already know what you are getting in return from trading before you start? Can you already see what you’ll get when it is happening?

Many traders have unrealistic dreams of becoming filthy rich. That is good except that they did it without putting any emotions in it.

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Why? Here are some possibilities:

1) They don’t want their goals enough.

2) Probably because they have set those goals for the sake of setting goals only. They did it without thinking through in details.

3) They do not know what they really want. They had a peep to see what their friends wanted and decided to copy them.

4) They do not believe in their own capabilities. Hence, while they know what they want, and they really want it, they lack the confidence and self-belief to achieve it. In NLP, we call this Limiting Believes.

The ability to emotionalise your goals means that you are able to give meaning to what you want. Imagine that you wanted a delicious pizza for dinner and you’ve been craving for it for awhile now. Do you think there is some sort of feeling attached to it when you think of the pizza? Of course there is.

Likewise, the same idea should be applied when creating your trading goals.

A Bump-Resistance Journey

Once you emotionalise your goals, the next thing is to create a bump-resistance drive. What does that mean?

For me, you want to be motivated and driven towards your goals at any instances. And the first thing to do in order to get there is to manage your expectations.

Because, in the past, many traders have been neglecting the fact that there are bumpy roads ahead, hence, many of them failed to reach their goals. That’s partly because some of these Bumps are not your average ones that you might meet in the business environment. In fact, in my trading experience, some of these bumps can swing you up and down the emotional roller coaster at a flip, and they can tear you apart before you even get there. On the other hand, there are also bumps can distort our experiences (and expectations) before it wires our emotions the wrong way too.

So what is the best way to manage your expectation?

My advice is this – and I’ll make this very simple – EXPECT TO FAIL MANY TIMES before you succeed.

For those of you who cannot to accept this, you are guaranteed to struggle before you get it. If you get the idea, then there really is nothing to worry about. In fact, I am very certain that your journey to becoming a successful trader is already within reach.

Of course, it also goes without saying that you need to constantly focus on the end goal and making sure that we are reminded of why we started this trading journey.

When you piece all of the above together, then we can proceed to systematise your trading process.

Putting the First Thing First

Importance-Vs-Urgency

Once we have the above sorted, we then start to break down what we need to do. This is a simple work break down structure (as my engineering tutor would call it) where you learn to identify what is needed to be successful. From that point onwards, you prioritise your work based on the idea of Importance Vs Urgent.

While many of you might have heard of this, many may not have had spent time putting this to work.

Note: This idea will not be covered here today (too much to cover if I did) you can find out more as it was given in depth explanation by Stephen Covey (author of 7 Habits of Highly Effective People) and it is also explained as given as an exercise in my self-coaching workbook designed for traders.

The True Value of the Bigger Picture

In my view, Putting the First Thing First is the true meaning and core to actioning your trading plans. If you can prioritise the things that are important to you, and you can do it even when circumstances changes, that means, you can always re-navigate your way to trading success even when the going gets tough.

However, this can be overlooked because traders often struggle to even get pass the Goal Setting stage. And if you set your goals without (1) emotionalising your goals and (2) managing your expectation, creating a detailed process plan can be pretty challenging.

With that, do make sure to work on your trading goals as much as you can. The more you can emotionalise your goals, the more you are able to action them.

Thank you for reading and make sure to check our your 30 Day Transformation Coaching self-help book here today!

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