Trader Hugh’s New Year’s Resolutions
Why bother with New Year’s resolutions knowing we won’t keep them? My record is about a week. Last year, I tried to get off sugar, knowing how bad it is. That lasted about three days. Funny how we slip back into our old ways as soon as the effects of the New Year’s libations wear off.
This year, it will be different.
Hi, my name is Hugh. Humble Hugh, they call me. My wife calls me Hubristic Hugh. I don’t think I am but I will make an attempt to remain humble for 2025. Let’s see how that works out.
It will be a year to sit back and not cause any waves, now that we’re in a transition away from some of the craziest times of late in this mixed-up world. We have a new administration taking over in January with President Donald Trump, Vice President Vance and Elon Musk at the helm. The cabinet choices are described as valuing loyalty over experience and having a range of conflicting ideologies and eclectic personalities, but also being the wealthiest administration in modern history with over 13 billionaires chosen to take government posts. Instead of career politicians, we will have the very best businessmen leading the country. It will be very interesting, to say the least.
My objective is to stay focused with my trading and see how this will all shake out. For that reason, I propose the following resolutions:
- I resolve to be cognizant of my emotions while trading, and not act impulsively on them. Fear, greed, ego, “fear of missing out” (FOMO) and “you only live once” (YOLO) are sentiments that can only hurt me.
- I resolve to ensure the proper setups present themselves before embarking on a trade.
- I resolve to exercise patience and discipline when needed, and not jump in too early or exit too late.
- I resolve to check upcoming news for any potential conflicts of interest with my technical indicators.
- I resolve to stay healthy physically, emotionally and spiritually. Only then can I balance it off to stay wealthy and hopefully, be able to help others.
- I resolve to stay true to my proven strategies and not veer into uncharted territory with either methodologies or stock symbols.
- I resolve to celebrate my winners but review and learn from my losers so as to avoid making the same mistakes in the future.
- I resolve to not overtrade but quit when I hit my daily targets, as prescribed in my trading log.
- I resolve to plan the trade and trade the plan so I can reach my goals in a systematic, relatively effortless way.
- I resolve to keep trading and training with as much fun as I can, and to ensure the same for those who partake with us at DayTradeSPY. Trading needs to be enjoyable.
There, I have them in print, and therefore, am committed to bringing you the very best we can in the coming new year.
My plan is to put them on paper, place them in front of my computer and consciously adhere to them for four weeks. After that, I am trusting that my behavior will have become habit-forming. Imagine how much further I would be if I can only abide by these amazing rules!
This year, I resolve to make an honest attempt at keep these resolutions. And if I fail, at least I have a head start on next year’s.
As for our services, I cannot stress enough the importance of having a mentor guide and protect you in this confusing, tangled world of options trading. You can make a lot of money but you can lose it just as quickly.
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Wishing you the very best for 2025!
Hugh
