Good morning, tradersโฆ
Ben here.
I just finished the latest roundup of high-level performance evaluations for my Smart Money trading strategyโฆ
Here are my 2024 results:
369 Trades*
312 Wins*
56 Losses*
1 Breakeven*
Win Rate = 84.6%*
Average Trade Result = 65.1%*
Average Gain of Winning Trades = 88%*
Today, Iโd like to challenge you to do your own year-end reviewโฆ
But maybe youโre thinking, โWhy should I take the time to evaluate my trades from the past year?โ
If I had to pick one trait that separates the incredible traders I know (like Tim Sykes and Tim Bohen) from the 90% who lose money โ it would be their ability to identify their mistakes.
Thatโs step one.
Step two? Eliminate those errors from your trading.
This is easier said than done, but itโs crucial if you want to become a consistently profitable trader.
If youโre honest with yourself about identifying the aspects of your trading that need improvement, you can systematically work on bettering your performance.
But if you simply barrel forward without any hindsight, youโll keep making the same mistakes.
With that in mind, let me show you how to evaluate your 2024 trading performanceโฆ
Step #1: Go Through Your Trading Journal
The first step is easy: Go through your trading journal.
Doing this will remind you of trades from months ago that you barely even remember now.
Itโll also help you see your overall trajectory from the beginning of the year to the end.
After all, if you arenโt examining your trading journal for ways to improve โฆ Why are you keeping it in the first place?
As youโre going through your trades, ask yourself: Was your performance improving or declining throughout the year? And more importantly, why?
Step #2: Highlight Important Trades
After re-visiting your trades, go back through and highlight the crucial plays that made (or broke) your year.
Think about it โฆ Why were these trades so monumental (or detrimental) to your performance this year?
Make notes. Next year, put on less of the trades that donโt work and more of the ones that do.
And I know itโs tempting, but donโt only highlight the trades with the biggest gains and losses.
This is a common mistake, when, in fact, mid-sized trades can also provide great insight into your performance.
Step #3: Identify Your Strengths and Weaknesses
If youโve been consistent with journaling your trades, youโll be able to see trends in your successes โฆ and your failures.
Over time youโll get a better understanding of how different factors affect the ultimate outcomes of your trade decisions.
The end of the year is the perfect time to recap the things you did well (and the things youโd like to improve upon).
Ask yourself:
- Were you more successful in swing trading or day trading? Puts or calls?
- How did your choice of strike prices and expiration dates correlate with your performance?
- What stocks did you trade regularly? Did they help (or hurt) your overall gains?
- Was trading at a particular time of day advantageous (or detrimental) to your returns?
Then, itโs your job to maximize your strengths and minimize your weaknesses in 2025โฆ
Step #4: Apply What You Learn to the Future
Thereโs no purpose in evaluating your performance if you donโt use that information to improve in the futureโฆ
If you donโt know your history, youโre doomed to repeat it.
And even if you had a killer year, you can always sharpen up one area or another.
Complacency is the enemy of successful traders. If you get too comfortable or overly confident, youโll never improve.
There you have it, tradersโฆ
Everything you need to conduct a comprehensive review of your 2024 trading performance.
I urge everyone reading this to take the steps Iโve outlined above.
That way, you can come to the market on day one of next year by maximizing your strengths and eliminating your weaknesses.
Happy trading,
Ben Sturgill
P.S. TODAY, December 26 at 12 p.m. EST โ the great Danny Phee is hosting a LIVE WORKSHOP to go over the biggest Smart Money setups of the day.
The recent market volatility is setting up huge opportunities โ Click here so you donโt miss the next big move.
*Past performance does not indicate future results
