Ryan O'Keefe's New Year Resolutions
|
- Improve my efficiency adding to a winning trade.
I've never been very good at adding to a winning trade or "stacking" as some traders call it. Traditionally I've been a risk-to-reward based trader, but I see the value in starting a position small and adding to it as the market confirms your hypothesis.
- Maintain a consistent trading journal In 2009 my personal record keeping was horrible.
I slacked off from keeping a regular trading journal, and I feel the lack of discipline crept into other areas of my trading. Trading journals are important tools that every trader should utilize because they offer a wealth of information about your performance beyond profit and loss.
- Diversify to other markets, and go longer term The only market.
I have traded is the spot currency market. In 2010, I'd like to branch out, and trade other markets in addition to spot currency. Specifically, I'm interested in options on currencies and perhaps some stocks. I'd also plan to focus on trading from weekly and monthly charts. This year I spent most of my trading time on daily charts, but in 2010 I'd like to go even longer term. The longer I trade, the less time I like to spend looking at charts.
Ryan O'Keefe is Blogger at FXstreet.com. He is a private retail trader focused on the spot currency market. Ryan is focused on helping aspiring traders who currently work full-time jobs find a way to trade successfully around their busy schedules. [More about Ryan]
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.