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Based on some feedback from our community members, we will use the first few weeks of the year to talk about day trading strategies. In this week’s episode, the Topstep coaches discuss the importance of having a sound strategy and sticking to it and share some of their favorite tools and indicators to help identify trade setups.
While the Nasdaq-100 futures aren’t off to the most impressive start this year, there is one trader in particular who recognized that the tech-heavy index has been trading sideways since November and took advantage of the early volatility.
So, how about we put our hands together for Christopher Y., who rode out a trade on the short side of fast-moving Nasdaq to start the year with a massive $4,500 trading day. Let’s all play off Christopher’s positive momentum and make 2022 a year to reach new milestones!
Have you taken the time to reflect on your trading performance over the last year and make the necessary adjustments? If not, I can only say that it’s never too late. One of the critical components to finding long-term success as a trader is being brutally honest with yourself about what type of trader you are. Remember, trading is a lifestyle. Therefore, assessing your strengths and weaknesses to build stronger and more sustainable habits will benefit you in all aspects of your life, not just trading.
Once you have taken inventory of your trading results and identified the key drivers to your overall success or failure, you can start to break them down and separate the positives from the negatives. From there, you should have a significantly more transparent picture of the path in front of you and start to trim the fat off anything that does not positively impact your bottom line.
Here’s another reminder; the purpose of a trading strategy is to remove all emotion from your trading. So, if you’ve taken the time to reflect and develop a plan that plays to your strengths, don’t stray too far from it. Give your hard work a chance to pay off.
