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]
Author
Maud Gilson
Independent Analyst
After working as a journalism and communications consultant, she joined the FXStreet team where she now manages the live Webinars and the External Communications area of the company.
