Market Analysis for Dec 24th, 2020

Looking back…..

This year has been a tremendous year of growth for me, my trading… and this room. Looking back at the start of the year, I do not think I could have even imagined how far we would come this year. The amount of refinement the system and our trading tools have undergone has been staggering and the growth in the room has been even more amazing. I would like to thank Jimmy and xhoosier for all the work that they do in the room. Without their contributions, this room would definitely not be what it is today. I also thank all the old timers for answering questions and contributing in whatever way they can. This room has changed leaps and bounds since the start. I see more ownership and lesser victim mentality - and if it is there, it is quickly put to rest once the new folk get into the culture of the room - Which is - Without taking ownership of your trades, you are never going to get anywhere. 

I expect 2021 to be another great year for trading. We may not get the wild swings of 2020 but we will still get a lot of good setups and swings to capitalize on. Both upside and downside. If you did not do that great this year, it is fine…… there are a lot of good trades coming our way. That is the good thing about the system - it works in all kinds of markets. Everyone makes money in a bull market - it is when the bear moves happen that you know who has got it - even if it is to just stand aside and wait for the next setup to show itself. 

The most important thing - mindset. Fix this first and everything will follow. Are you a victim or are you an owner? I remember 2018 was the toughest year for me… I was in a terrible place in my life and this carried over into my trading. I realized a lot of things about myself…. this self awareness and the resulting quest to fix my mindset/mental models began to carry over into my trading and system development. From there the NYHL model was born.. NYHL1M was born… the micro1, 2… the system… Odds…. so many iterations… to where we are today. What a ride! None of this would have been possible though without that initial quest for self improvement AND the start to take extreme ownership for my life that started back at the end of 2018. 

We all got to start somewhere…. and it is never too late…. So start… And remember it is never about any one trade.. or how much money you made.. but what you need to focus on is - Did you execute your process without deviation?… If you did this, profits will automatically follow.. 

I am thankful to be here… Thankful to Avi and Rich for building this place and giving me the opportunity to be part of it….And to have you all be part of this incredible journey that we have had over the past year(s)…Thank you!!… 2020 was great for our trading…. let us make 2021 even better! 

Wishing everyone a Merry Christmas and Happy Holidays!!  

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.