How are your forex trading resolutions holding up? If you think you could use a little help sticking to your goals, here are three tips on sustaining changes.
1. Make sure you’re ready for changes.
The first step in successfully making changes is to make sure you’re ready for them. After all, how can you invest the necessary effort in implementing those changes if you don’t want them badly enough anyway?
List down the changes that you’re thinking of making and specify why you think you should make it. Let’s say you’re thinking of scaling down your positions. Is it because you were risking too much per trade? Or maybe you’re thinking of placing tighter stop losses. Is it because you’re letting your losers run?
Justifying why you have to make the change reminds you of the need to make them. Once you see the need for it, it will be easier for you to want those changes and be ready for them.
2. Tackle one change at a time.
One of the biggest enemies of change is attempting too many of them at the same time. Sure you have a lot to work on, but if you handle them all at the same time, you’ll most likely end up biting off more than you can chew. There is no sense in putting too much pressure on yourself that you won’t be able to sustain them.
Break up your goals into milestones (or mini-goals), and prioritize which goal you would like to work on and give it your full focus. Move on to the next goal only when you think you can sustain the one you’re working on.
3. Don’t let your guard down.
Just because you’ve made progress towards reaching your goals doesn’t mean you can sit back, chill, and have a margarita. In fact, the time when you’re making progress is the BEST time to work even HARDER to attain your goals.
Take for example boxing great Manny Pacquiao. He could have stopped when he won his first World Championship belt. Pacquiao could have eased on his training, fought a couple more fights and retire for the rest of his life. But Pacquiao didn’t stop there. He kept on training and diversifying his game. He didn’t settle for merely being a one-time world champion.
Letting your guard down and taking too much comfort in small victories increases your chances of having relapses. Just because you followed your new trading plan for a week doesn’t necessarily mean that you won’t go back to your old trading habits in the following weeks.
Don’t let yourself fall into the trap of mediocrity. Make sure that whatever your goal is, it becomes second nature to you before you move on to your next goal.
As the old cliché goes, sustaining change is much easier said than done. It is easy to say, “Okay, I’m going to change this part of my trading,” than it is to actually begin, follow through, and sustain the change. The key, as is in most things worth pursuing in life, is focus, dedication, and constant effort.
1. Make sure you’re ready for changes.
The first step in successfully making changes is to make sure you’re ready for them. After all, how can you invest the necessary effort in implementing those changes if you don’t want them badly enough anyway?
List down the changes that you’re thinking of making and specify why you think you should make it. Let’s say you’re thinking of scaling down your positions. Is it because you were risking too much per trade? Or maybe you’re thinking of placing tighter stop losses. Is it because you’re letting your losers run?
Justifying why you have to make the change reminds you of the need to make them. Once you see the need for it, it will be easier for you to want those changes and be ready for them.
2. Tackle one change at a time.
One of the biggest enemies of change is attempting too many of them at the same time. Sure you have a lot to work on, but if you handle them all at the same time, you’ll most likely end up biting off more than you can chew. There is no sense in putting too much pressure on yourself that you won’t be able to sustain them.
Break up your goals into milestones (or mini-goals), and prioritize which goal you would like to work on and give it your full focus. Move on to the next goal only when you think you can sustain the one you’re working on.
3. Don’t let your guard down.
Just because you’ve made progress towards reaching your goals doesn’t mean you can sit back, chill, and have a margarita. In fact, the time when you’re making progress is the BEST time to work even HARDER to attain your goals.
Take for example boxing great Manny Pacquiao. He could have stopped when he won his first World Championship belt. Pacquiao could have eased on his training, fought a couple more fights and retire for the rest of his life. But Pacquiao didn’t stop there. He kept on training and diversifying his game. He didn’t settle for merely being a one-time world champion.
Letting your guard down and taking too much comfort in small victories increases your chances of having relapses. Just because you followed your new trading plan for a week doesn’t necessarily mean that you won’t go back to your old trading habits in the following weeks.
Don’t let yourself fall into the trap of mediocrity. Make sure that whatever your goal is, it becomes second nature to you before you move on to your next goal.
As the old cliché goes, sustaining change is much easier said than done. It is easy to say, “Okay, I’m going to change this part of my trading,” than it is to actually begin, follow through, and sustain the change. The key, as is in most things worth pursuing in life, is focus, dedication, and constant effort.
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Japanese Yen trades just shy of 157.00 versus the USD
The Japanese Yen weakens across the board after BoJ announced its policy decision. A shortlived spike in the Yen may be testament to an attempt by the Japanese authorities to intervene. US PCE Price Index shows higher-than-expected inflation but does little to impact USD/JPY which almost touches 157.00.
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.
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