Here’s one for all of you human calculators. A trader starts out with only $5,000 in his account, but is able to gain .5% each trading day. (That’s just ½ of 1% per day.) The first day he’d only make $25 profit, but how much would he have after 5 years?
Would you believe it’s over $3,000,000.00? Wow! I’d say that little things make a big difference!
Have you examined your habits lately? They can have a giant impact on your trading results, so it’s worth taking a closer look at them.
Obeying stops is one habit we can all be reminded to check. It’s easy to “just give it a little more room” and soon after realize that you’re in a spot where you feel it’s too late to exit (which is never true). Doing your homework is always a great habit to be in. Showing up with your game face is another one. Remember how small mistakes = small consequences? Habits like those can keep you on the right track as a trader and pay off nicely as time goes by. Making a habit just to show up prepared every day for whatever the market throws at you can have a tremendous impact on your progress and consistency as a trader….not to mention your P&L!
Eating a bowl of ice cream late tonight won’t make you fat, but make it a habit and soon your pants start getting tight! The little things you do can add up to big differences over time. Acorns grow into great big oaks…..and your trading account can be the same way. Take a look at your habits and how they’re affecting your trading results. Keep the ones that are helpful. But like the garage this time of year, clean out those which are hindering your progress!
President, The Stock Bandit, Inc.