Heading into my 19th year trading the one thing that continues to echo in my head is process…...continue to follow and trust your process.
That has continued to work exceptionally well for the TradeontheFly Trade Ledgers. The more actively traded Main ledger is up 102% YTD and 264% over the last 3 years. The Long Term Ledger continues to build on steady gains each year, up 20% YTD and up 76% since its inception in October 2016.
The 4th quarter had a great trend higher in the markets and we had several stand out trades. We went long CLVS at $4.50 and sold at $7.70 for a $12,800 gain. FULC was another nice long idea that we traded twice - once from $5.40 to $7.48 for a $6,240 gain and then again from $8.65 to $13.74 for a $15,270 gain.
What I also continue to realize is that every year, throughout the year, the market ebbs and flows. Just like every sector gets a turn during the year, so do trading styles. Sometimes it’s your turn, sometimes it’s not. The hard part is what we do when it’s not.
When the market is not working for our trading style (or maybe we are in a rut and not trading well) it is very easy to give back hard earned gains and then some. Some traders can make adjustments to their trading and adapt to the changes in the market. For example swing traders like trends - they make our jobs much easier. When the market spends time chopping around without a trend, we have to shorten our timeframe and book profits faster so they don't disappear. We can trade less and sit on our hands more. Of course, this is much easier said than done. It's a skill I continue to work at - and one I enjoy more as I get older.
In 2019, it has been great to see more members contributing to the chat room. We are getting a few nice intraday ideas in there most days and more members are sharing their swing ideas with the room. The thing I like most about running TradeontheFly is really seeing the lightbulbs start going off for members. I enjoy helping them find their paths and seeing them really have success with their own processes.
Looking forward to 2020, I will continue to trust my process. I always have a list of things I would like to improve on in my trading. Here are the highlights of things I will continue to work on:
- Patience - Not only for the trade in giving it room and time to work.......but also patience in letting things set up.
- Flexibility - Long/short it does not matter, take advantage of either direction and not forcing either direction.
- Awareness - Being aware of the overall markets and what can affect them but continue to work on not letting personal bias affect what I think should happen, follow price.
My goals for 2020 for TradeontheFly are to continue to provide high quality trade ideas, to add to the great content in the Webinar Library and continue to work with members to achieve success and longevity on their trading journey.
Want to Join TradeontheFly?
Want to join us at TradeontheFly? We're running a special promotion to kick off the new year. I've arranged a special deal for 30 people. Check it out here.