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10 Disciplined Strategies for a Prosperous Start to 2024

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Written by Timothy Sykes
Updated 1/2/2024 6 min read
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And we’re off… The first trading day of 2024 is in the books, and let me tell you, it’s wild out there.

You’ve got people shouting bullish prophecies and others painting doomsday scenarios.

But you know what? That’s just noise to me. As a trader, I trade what’s in front of me—I don’t try to play oracle. If you really want this year to be your breakout year in trading, focus on what YOU can control.

It’s easy to get swept up in the frenzy of a new year, but discipline is what separates the dreamers from the doers.

So, let me break down the tenets of discipline that have kept me in the game for over two decades…made me millions…and have helped my best students do the same.

#1: Respect the Dangers of Indiscipline

Hey, listen up! Being undisciplined in trading is like walking a tightrope without a safety net. In my video, “The 5 Worst Trading Habits You Need To Stop,” I make it clear – even a tiny lapse in discipline can snowball into a full-blown disaster. So, treat discipline not as a choice, but as an essential part of your trading arsenal.

#2: Duty to Discipline

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It’s not just about knowing the tricks of the trade; it’s about the mindset. In “The Hard Truth About Stock Trading You Need To Learn,“ I emphasize how critical it is to instill strong discipline habits. This isn’t just for show – it’s about making smart, calculated moves.

#3: Bounce Back with Discipline

Mistakes? We all make ’em. But in “20 Lessons From Two 20+ Year Trading Veterans Pt. 3,” I talk about getting back on track with discipline. Remember, it’s not about never falling; it’s about rising with a plan and sticking to it.

#4: Choose Knowledge Over Impulse

In “The Truth About Morons In Trading,” I lay it down straight – impulse is your enemy, education is your ally. Discipline means making informed decisions, not just shooting from the hip.

#5:  Seek Consistency, Not Miracles

Hunting for that one big win? Slow down, champ. Watch “How to Maximize Profits in the Stock Market? Take Singles Over and Over Again” it’s where I highlight the power of consistent, small wins. It’s a long game, and discipline is about playing it smart.

#6:  Discipline Trumps Brains

Here’s a kicker from “6 SIMPLE Rules I Wish I’d Known When I First Started Trading” – you don’t need to be a genius, but you absolutely need to be disciplined. It’s the great equalizer in the trading world.

#7:  Embrace the Breakdowns

Sounds weird, but hear me out. Knowing when and why your discipline wavers is key. It’s about self-awareness and tweaking your strategy to stay on point.

Whenever I have a bad lapse of discipline I like to spend some time going over what happened. I will write a blog post about it, make a video for my students, and talk about it.

What I won’t do is sweep it under the rug and pretend it never happened.

#8:  Set Realistic Goals

Don’t set yourself up for failure.

Be realistic about your discipline levels, just like you wouldn’t overdo it at the gym. Start where you are, and build from there.

Add layers to your game slowly. The reason why most new year’s resolutions fail is because people try to change too many things at once.

Do you struggle with following your trading plan? Overtrading? Whatever it is, focus on the biggest pain point, then move on to the next.

#9:  Lifestyle Influences Trading

Your life outside trading has a huge impact on your trading discipline. A chaotic lifestyle leads to poor decisions.

I know, that sounds funny coming from me. I’m one of those rare exceptions where being sleep deprived and tired actually helps my trading. I have the natural tendency to want to overtrade and be aggressive. But I’m able to avoid that because of my hectic travel schedule.

I do believe in having a balanced life, and a life outside of trading. When you put all your focus on trading it could create too much pressure causing your performance to suffer.

#10:  Stay Positive, Stay Disciplined

Finally, ditch the negativity. In “What Is The Proper Trader Mindset,” I talk about how a positive mindset can fuel your discipline. Every step forward is progress, no matter how small.

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So, there you have it – my blueprint for disciplined trading in 2024.

Remember, it’s not about the flashy moves… It’s about smart, disciplined steps.

Stick with these principles, and watch how they transform your trading game.

Let’s make this year count!

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”