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 holds firm near 1.1850 amid USD weakness
EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.
GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling
GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.
USD/JPY keeps the red below 157.00 on intervention risks
The Japanese Yen sticks to its modest intraday recovery gains against a broadly weaker US Dollar on the back of speculations that authorities will step in to stem weakness in the domestic currency. In fact, Japanese officials stepped up intervention warnings and confirmed close coordination with the US against disorderly FX moves. This, in turn, triggered an intraday USD/JPY turnaround from the 157.65 region, or a two-week top, touched in reaction to Prime Minister Sanae Takaichi's landslide win in Sunday's election.
Editors’ Picks
EUR/USD holds firm near 1.1850 amid USD weakness
EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.
USD/JPY keeps the red below 157.00 on intervention risks
The Japanese Yen sticks to its modest intraday recovery gains against a broadly weaker US Dollar on the back of speculations that authorities will step in to stem weakness in the domestic currency. In fact, Japanese officials stepped up intervention warnings and confirmed close coordination with the US against disorderly FX moves. This, in turn, triggered an intraday USD/JPY turnaround from the 157.65 region, or a two-week top, touched in reaction to Prime Minister Sanae Takaichi's landslide win in Sunday's election.
Gold remains supported by China's buying and USD weakness as traders eye US data
Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.
Cardano steadies as whale selling caps recovery
Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
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