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!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
Discover how to make money in forex is easy if you know how the bankers trade!
5 Forex News Events You Need To Know
In the fast moving world of currency markets, it is extremely important for new traders to know the list of important forex news...
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and...
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.