What I learned in 2013
Here’s what I learned and the areas of opportunity moving into 2014:
1. Models models models 2013 was the year I started developing and incorporating models into my trading. This new evolving tool led to a banner year for me. In 2014 I am looking to expand on my programming skills. But remember “The skill of the trader is far more important than any model (at this time)”. Trading is still more Art than Science.
2. Subscription service is not for me. I tested this avenue but realized I’d rather focus on my trading. It was an invaluable learning experience and I am grateful to @StevenPlace for his partnership and mentor-ship. I still offer my trades, expertise and day trading model to a select few members but will not be actively marketing a dedicated service.
3. Optimism as a Default Setting. HT @ReformedBroker Unfortunately I have always gravitated towards the negativity/downside/darkside/risk mainly because of my conservative upbringing. So I’ve had to work hard these past few years to rewire my brain to first look to the positive/upside/theforce/reward in everything If you lose on a trade… next. I lost over $20000 on 1 bad trade alone and over $4000 this year on order mis-entry mistakes. Lesson learned, safeguards built, Next!
4. Trading as a living is still a marathon. The longer I trade (3-4 years now) the more I realize it probably takes at least 1 decade to become proficient at trading assets. This is mostly due to all the nuances in every stage of an economic cycle. If you don’t plan on dedicating yourself to at least 5-10 years of learning curve you shouldn’t expect to doing this for a living. You will need to well capitalized to survive the 5+ years of tuition you’re going to be paying Mr Market.
5. Still looking for the home run. 2013 was a year of double digit returns for both equity and stock portfolios. It’s great for wealth building but I’m still hunting for the next next wealth creation opportunity. Hopefully I’ll get that pitch in 2014. Patience and perseverance are key.
Best of luck in 2014!