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 hits two-day highs near 1.1820
EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.
GBP/USD reclaims 1.3600 and above
GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.
USD/JPY drops back below 157.00, as focus shifts to Japan snap election
USD/JPY is back in the red below 157.00 in the Asian session on Friday. The Japanese Yen recovers ground against the US Dollar amid some profit-taking ahead of Japan's snap general election on Sunday. The preliminary reading of the Michigan Consumer Sentiment Index report for February will be released later on Friday.
Editors’ Picks
EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates Premium
The EUR/USD pair lost additional ground in the first week of February, settling at around 1.1820. The reversal lost momentum after the pair peaked at 1.2082 in January, its highest since mid-2021.
Gold: Volatility persists in commodity space Premium
After losing more than 8% to end the previous week, Gold (XAU/USD) remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000.
GBP/USD: Pound Sterling tests key support ahead of a big week Premium
The Pound Sterling (GBP) changed course against the US Dollar (USD), with GBP/USD giving up nearly 200 pips in a dramatic correction.
Bitcoin: The worst may be behind us
Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.
Three scenarios for Japanese Yen ahead of snap election Premium
The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.
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