Last Updated on May 2, 2022 by Chin Yi Xuan

Hey everyone!

First of all, I would like to take this opportunity to wish all of you Happy New Year! 2019 has been challenging yet really amazing for me. What’s more, the year was even better as I get to know everyone of you – your support and feedbacks have been tremendously motivating to me.

As I gather my takeaways as a developing trader, investor and, well, a person, I would like to share with you 3 MOST IMPORTANT mindsets that you must work on or cultivate in 2020.

From my personal experience and studies, these 3 mindsets are crucial for a person to develop and master in order to achieve any kind of significant breakthrough in his or her life & investing endeavors.

Now, it must be mentioned beforehand that building these mindsets would not promise immediate monetary returns. However, I am confident that having them will make your 2020 an extremely empowering year to live in.

#1 Mindset: Focus on Process over Outcome

A mistake that many beginning investors do is to anchor their investing performance to the return of their investments.

This mindset is what I call the ‘Outcome-based Mindset’, and it is THE BIGGEST mindset hurdle that an investor must overcome to stand a chance in the market.

Reason being, there is no 100% certainty that the market is going to give us what we want. When that happens, the confidence of a beginner investor will get shaken to the extent they may eventually develop a pessimistic view towards investing.

Hence, in 2020, focus on getting the process right. Aim to build a ‘Process-based Mindset’.

Focus on the process of learning. Focus on the process of executing your investing plan properly. Focus on the process of growing.

Amateur investors aim for the outcome, the successful ones focus on the process.

Focus on getting the process right in 2020 and the outcome will come.

#2 Mindset: Consistency is the Key

Now, when I mention consistency, I am not talking about the %/year that you can make consistently.

Rather, I am referring to one’s consistency in the execution of his or her processes.

You cannot control the market movement (external factor), but you can certainly take charge of how consistent you are in your process and effort (internal factor).

Be consistent in your routine to study financial reports & charts. Be consistent in your process to filter for quality investments. Be consistent in your risk management.

Ultimately, be consistent in your pursuit of mastery.

As cliché as it sounds, the consistency of ‘outcome’ that amateur investors dream of – they come from the consistency of ‘process’ that successful investors practice to heart.

Consistency in execution leads to consistency in outcome over the long run.

#3 Mindset: Relate to Challenges with Positivity

As the year goes by, it is for sure that there’ll be challenges in your life and investing journey.

In times like this, people with a mediocre attitude will look for someone or something to blame for their encounter.

On the other hand, people with a growth mindset will take charge of their life challenges and take it as an opportunity to improve.

Fear and challenges consume the people with a fixed mindset, but lift the people with a growth mindset.

Lady luck favors the positives.

Verdict

2020 is an exciting year. For the year and the decade ahead, things will evolve. The market will change. Some skillsets will become obsolete, and some will become high on demand.

However, a healthy mindset is timeless. No era of time will ever make a growth mindset irrelevant.

With that, I wish you the very best in your life and investing journey in 2020, and have a great, great year ahead! 🙂 

-Yi Xuan

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