Hey, it’s Terry Tran here from the FreedomTrader.com, the place to be if you’re looking at creating financial freedom safely for yourself and your family.
And today I wanna show you… how you can easily turn your portfolio performance around from say a current lump to finally getting back on track, profit wise.
This is in fact a question that was asked in our Freedom Trading Floor Facebook group. So here are a few pointers to help you out;
Firstly, is to make sure you always review your trading plan.
I have covered about how to create a trading plan in a previous video so make sure you check that video out.
And of course if you don’t have a trading plan, then definitely make sure you check out this video because it will help you heaps.
You need to ensure your trading plan has considered all aspects of the stock and the markets, and factor in as many potential issues as possible so there is always an exit strategy in place.
The reality is that many of these trades won’t deliver a significant profit. One or two will be incredible gainers; most will see good but not spectacular performance.
So first thing is to acknowledge this fact and accept it.
It’s usually the incorrect assumptions or expectations that get us into trouble.
Secondly, stop and review at least weekly your buys and your sells.
Then ask yourself;
Are you actually following your plan and rules of entry, hold and exit?
If not, why not?
If so, give yourself a pat on the back and celebrate.
It’s so common that we never take time out to celebrate a job well done, and here we’re celebrating you following your plan, not the amount of money you make.
Finally, never waste a mistake where a lesson is not learned.
When I talk about mistakes, I don’t necessarily mean a loss.
But a mistake if you have not followed your rules whether you profit or not.
Bad thing about profiting when you don’t follow the rules, is that you’ll repeat these mistakes and then one day you’ll suffer the mother of all losses.
So if you followed all the rules, and it’s still a loss, that is still a good trade.
So today we covered the 3 main keys on how to get out of a temporary trading slump;
1. Make sure you review your trading plan and if you don’t have one, create one.
2. Have a weekly review of all your buys and your sells.
3. Learn from your mistakes so they are not wasted and repeated.
I hope these 3 key points will help you turn around a temporary performance slump and restart your process to becoming a winning trader.
If it has, make sure you like this video and share it to help others.
Thanks for watching and leave a comment below about what you’ve learned and how you’re going to take action over the coming days with these key points.
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