Ray Allen, former NBA basketball great and UConn alumn, penned a letter to his younger self with the advice: stick to your boring old habits. He wrote movingly:
You’ll win a championship in Boston.
You’ll win another in Miami.
The personalities on those two teams will be different, but both teams will have the same thing in common: habits.
Boring old habits.
I know you want me to let you in on some big secret to success in the NBA.
The secret is there is no secret.
It’s just boring old habits.
What would boring old habits be for your trading?
That list might include:
- Get to bed before 9:30PM
- Get your workouts in
- Stick to your diet. Better said: Eat well!
- Get to the office early to prepare
- Review after the close
- Practice mindfulness
- Read
- Check overseas market before bed
- Work on your relationships
- Make some time for fun
- PlayBook Trade of the setup that made the most sense to you this trading session
- Book of Charts Chart of a chart pattern that looked beautiful to you
- Rip through daily charts for technical setups
- Scan for Stocks In Play
- Tweak and build filters to spot your best setups
- Backtest new trading ideas
- Talk to like-minded traders about trading
- Take steps to build your trading network
- Step outside of your comfort zone with your best setups
- Be grateful for 3 things today
- Watch video of the best trading opportunities from today’s trading session
Rinse and repeat.
This is not meant to be an exhaustive list. This certainly is not meant to be your list.
But what would your boring old habits be?
Ray Allen challenges that completing them daily will change you as a person and trader.
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You cannot do this and be a successful trader
*no relevant positions
