FXStreet Expert Contributor
FXStreet
Some of you may have already begun the year with trading resolutions in mind. For those who haven't adopted any yet, it's not too late! Below are some resolutions that you may find suitable for your goals.
It's important to be completely honest with yourself when assessing your performance. Ask yourself questions such as:
What are my trading strengths?
What are my trading weaknesses?
Was I able to stick to my trading plan?
Have I achieved my past trading goals?
What are my new trading goals?
But keep in mind, to really make the most out of trading reviews, they must be conducted regularly and frequently. For this purpose, we recommend keeping a trade journal. You can make one yourself, or you can try MeetPips.com or use the BabyPips.com forum.
So no matter what your bottom line looked at the end of 2012, remember that you're starting the year off with a clean slate. Take advantage of this and the additional experience and insight that you have earned from the past year. They will allow you to learn and work better, which can possibly lead to consistent profits.
What's important is that you expand your trading skill set. Remember, to be a successful trader, you must constantly learn, adapt, and improve. You never know when the market environment will call for new trading methods!
To help with your resolutions, I recommend treating them as DAILY resolutions instead of yearly ones. It can be difficult creating and keeping this habit, but if you start with small changes and build on them as time goes on, you'll be surprised at how achievable your goals are. You might even develop good trading habits along the way!
Review Your Trading
Make it a habit to review your trading. What's great about this resolution is that you can start immediately. The start of the year is the perfect time to look back on your past trading performance.It's important to be completely honest with yourself when assessing your performance. Ask yourself questions such as:
What are my trading strengths?
What are my trading weaknesses?
Was I able to stick to my trading plan?
Have I achieved my past trading goals?
What are my new trading goals?
But keep in mind, to really make the most out of trading reviews, they must be conducted regularly and frequently. For this purpose, we recommend keeping a trade journal. You can make one yourself, or you can try MeetPips.com or use the BabyPips.com forum.
Believe in Yourself
Having a positive mindset can go a long way in helping you develop and grow as a trader. In fact, a whole new branch of psychology has emerged based on positive thinking. This new area, called "positive psychology," focuses on helping people achieve their full potential. It is very different from traditional psychology where the focus is curing mental illness.So no matter what your bottom line looked at the end of 2012, remember that you're starting the year off with a clean slate. Take advantage of this and the additional experience and insight that you have earned from the past year. They will allow you to learn and work better, which can possibly lead to consistent profits.
Learn Something New
While it's all well and good to stick to a trading system that works, it's also good for traders to learn new tricks. Read a book, follow a trader blogger with a different trading style, or read up on other trading strategies. Checking out the popular trading forums is a good place to start if you're looking for new trading books and strategies.What's important is that you expand your trading skill set. Remember, to be a successful trader, you must constantly learn, adapt, and improve. You never know when the market environment will call for new trading methods!
To help with your resolutions, I recommend treating them as DAILY resolutions instead of yearly ones. It can be difficult creating and keeping this habit, but if you start with small changes and build on them as time goes on, you'll be surprised at how achievable your goals are. You might even develop good trading habits along the way!
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Editors’ Picks
EUR/USD keeps the rangebound trade near 1.1850
EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.
GBP/USD flirts with daily lows near 1.3630
GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.
USD/JPY advances on weak Japanese GDP, holiday-thinned trading
USD/JPY rises while US and Japanese markets remain closed for holidays. Weak Japanese Gross Domestic Product figures curb tightening expectations. Investors await speeches from Federal Reserve Vice Chair for Supervision.
Editors’ Picks
AUD/USD retargets 0.7100 ahead of RBA Minutes
AUD/USD keeps the slightly bid bias around 0.7070 ahead of the opening bell in Asia. Indeed, the pair reverses two daily pullbacks in a row, meeting some initial contention around 0.7050 while investors gear up for the release of the RBA Minutes early on Tuesday.
EUR/USD keeps the rangebound trade near 1.1850
EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.
Gold battle around $5,000 continues
Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.
AI Crypto Update: Bittensor eyes breakout as AI tokens falter
The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.
The week ahead: Key inflation readings and why the AI trade could be overdone
It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.
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