What you need is a new stock trading plan for 2010! Call it Trading Plan 2010. What worked in 2009, may not work in 2010. You need to take a fresh look at your performance in 2009.
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Start writing your trading plan. Take out a piece of paper and pencil and start writing step by step what are your goals for 2010. Start by making a clear financial goal for yourself. Do you want a 7 figure in 2010. Be clear! What are the financial resources at your disposal. Be realistic! What type of trading strategies are best suited to help you achieve your financial goals in 2010. Down down the details in a neat and clear format. Ponder over them, rethink and start again. This trading plan should be your blueprint of success in 2010!
You will learn those chart patterns that can help you in judging what is the best time to enter the market and what is the best time to get out of the market. Your motto should be you will only trade when you are dead sure that you are about to make a winning trade. No more confused and half hearted trades. You are going to stay out of the market if you are not sure!
You need to make it clear to yourself that you are not trading the stock market, you are only trading the stocks. This means that the market sentiment is irrelevant to you. Once you have identified a stock, think what will be the best strategy. Should you go long, for how long? Should you go short and for how long? Make a trading plan that does not depend on the market direction. This trading plan should work for both the bulls and the bears.
