Fortunately, I’ve achieved most of my resolutions over the last two decades.
(The biggest was my resolve to become a profitable trader ten years ago.)
At some point, I figured my income as a mechanic in New Jersey wouldn’t give my family the life I wanted for them or my kids, the financial security I owe them.
Thankfully, the gamble paid off, and I’m grateful to everyone who helped me.
Still, as you know, New Year’s resolutions aren’t necessarily easy.
However, inspiration from someone else’s journey often goes a long way.
So, in the spirit of New Year’s resolutions, I’d like to share insight that’s helped me along the way. Here they are (nine of them and in no particular order):
- Why are your New Year’s resolutions important to you?
What do you want to lose weight? Why do you want to learn a foreign language? Why do you want to move to a bigger house before December?
Why do you want to double the monthly returns in your trading account?
It sounds basic, but having a “strong why” keeps you going when challenges come. And trust me, there’ll always be challenges, no matter how small your New Year’s resolutions are. Challenges can — and will — be discouraging. Taking some time off to refuel or re-strategize is okay.
But ultimately, what keeps you going is your why.
Next… - Craft specific resolutions. Do you want to move to a bigger house? Great. But how big are we talking? A 3-bedroom with a pool, home theatre, and outdoor kitchen? Specific goals are easier to measure progress against.
- Share your New Year’s resolutions with trusted friends or family members. This can provide accountability and support when you need it.
- Look for communities (online or offline) with like-minded folks and similar resolutions. This can foster motivation and a sense of camaraderie.
- Recognize that setbacks are a natural part of progress. Rather than beat yourself up (which I’ve done several times over the last two decades), I encourage you to learn from all your setbacks. Each lesson you learn makes you a better person and ensures continuous improvement.
- It helps to be flexible and make necessary changes to your New Year’s resolutions should circumstances change. This can be anything from your finances, health, schedule, unforeseen circumstances at work, etc.
But whatever it is, making adjustments when possible (instead of giving up entirely) ensures continued momentum toward your desired outcomes.
I can’t even begin to tell you how many times I’ve adjusted my trading plan over the years as the markets served me one big surprise after another.
At the time, it was difficult because each time I did, the odds of losing went through the roof, and yes, I’ve had my fair share of losses. However, in hindsight, it was better than giving up and returning to being a mechanic. - And this — resolutions often involve establishing new habits or breaking old ones. Hence, understanding the psychology behind habit formation — repetition, cues, rewards, etc. — can facilitate lasting behavioral change.
- Adopt a growth mindset that values progress over perfection.
Do you want a Hollywood physique? I applaud you.
But please don’t compare your day one to Chris Hemworth’s day 4,390.
These things are the sum of regular efforts compounding over time. And you’ll probably not master the form of those new workouts immediately.
This is fine. But who can judge you if you show up frequently and do your part — moving one step closer to your desired physique one day at a time? - Finally, celebrate your small victories and practice self-compassion.
You’ll make mistakes along the way.
Your past will creep up on you.
And you’ll feel tempted to brood and engage in negative self-talk.
I’ve been there; we all have, and that’s a testament that mistakes are part of human nature. But the negative self-talk doesn’t have to be your norm.
That’s where embracing kindness towards yourself is vital. Especially during setbacks because it nurtures your resilience and self-worth.
I hope this helps.
And whatever happens over the next twelve months….
I pray you find the strength and willpower to achieve your goals.
Wishing you a blessed and prosperous 2024,
Anthony Speciale.
P.S.: If your New Year’s resolutions include becoming a more profitable trader… profitable enough to provide your family a better quality of life, support your community, and build substantial wealth to retire in comfort and style… I have information that can help you get there without taking unnecessary risks.
Learn more here and let me know if you have any questions.
Talk soon.