Proper Planning In December of 2023 Will Set You Up For Success In 2024
Here are the questions you need to answer before 2024 begins.
Today at a glance:
Reviewing Your 2023 Performance
Key Questions For Meaningful Self-Reflection
Setting Challenging Yet Achievable Goals For 2024
Let’s dive in:
How you approach the next 22 days will shape your performance in 2024, no questions asked. It’s not enough for the calendar to flip to January 1, and then you start your review of the year. We all have the opportunity over the next 3 weeks to hit the ground running once ‘24 starts, and here’s my plan to get there (that you should take and make your own)…
Big Idea | Review Your 2023 Performance
This year has been a rollercoaster for me in trading. I've had my share of ups and downs, and it's time to look back. Reflecting on my own journey in 2023, I realized...
I’m capable of more than I ever thought I would be.
Drawdowns happen to everybody, what matters is staying in the game.
Daily commitment to studying and refining your own edge goes a long way.
Trading psychology is really the next step for me, it has nothing to do with X’s and O’s.
The reflections go on and on…
But, the only way to get to a spot where you’re able to reflect is if you sit down and have an honest conversation with yourself.
Head to the nearest coffee shop, put your headphones on, and dig deep by…
Asking yourself the following questions to reflect on 2023:
Question #1: What went well and what didn’t in your trading?
Question #2: Were you happy with your progress?
Question #3: What mistakes did you learn from?
Question #4: What areas did you grow the most? The least?
Question #5: What emotional factors influenced your trading this year? (Positive OR negative)
These are broad view questions created to get your mind flowing. The initial answers to these questions may change once you’ve taken a deeper look at…
Trading Specific Questions To Answer Heading Into 2024
The above questions are great to get your mind moving on self-reflection. The following questions will take you deeper into your own results, requiring in-depth analysis of your trades throughout the year:
Question #1: What is my YTD performance? Does this meet, miss, or exceed expectations?
Question #2: What was my biggest trade? My worst performing trade?
Question #3: What was my best performing edge? My worst performing edge?
Question #4: Did I consistently follow my trading plan, and if not, why?
Question #5: What were the specific mistakes I made that when avoided next year, will have a material impact on my results?
Setting Achievable Trading Goals for 2024
And finally, after you’ve done your self reflection as well as trade performance review, the last step to set up a successful year is creating clear, achievable goals for 2024.
I’ve found that setting a % gain goal doesn’t work well, as so many things are market/environment dependent. What I’ve shifted my goal setting to look like is the following:
Goal #1: Commit 30 Minutes Of Deep Study To The Market Per Day
Goal #2: Only Executing On 1 Setup (HVC) Risking 0.75% Of Capital
Goal #3: Approach New Day 1 EPs Risking Only 0.1% Of Capital
Goal #4: Ensure Drawdowns Do Not Exceed 5% Equity
Goal #5: Act On Your New & Improved Sell Rules
Goal #6: Journal Your Market Thoughts Daily
Goal #7: Review Trades Every Weekend
Goal #8: Adhere To The 3 Strikeout Rule
Goal #9: Never Miss A Weekend Of Prep
Goal #10: Only Trade The Plan In Place
Define what success looks like for you, be it financial goals, improving certain skills, or expanding your trading knowledge.
I know that if I execute on every single goal I have above, 2024 will be a phenomenal year trading for me.
And remember, trading success is an individual game. What works for me may not work for you. Either way, goal setting is one of the most important projects you can complete before 2024 begins.
That’s it!
As always, thanks for reading.
Hit reply and let me know what you found most helpful this week—I’d love to hear from you!
See you next week,
Greg
Other resources I’ve created to help your trading journey:
2020 Best Charts: https://gregduncan.gumroad.com/l/wmfsd
2021 Best Charts: https://gregduncan.gumroad.com/l/2021
2022 Best Charts: https://gregduncan.gumroad.com/l/2022
Earnings Gap Up Mastery Free Email Course: https://upsideunlimited.com/earnings-gap-course
Consider Becoming A Paid Upside Unlimited Subscriber: https://upsideunlimited.com/sub