When January 1 comes around, most people find that a good time to set goals and make new resolutions. Resolutions to become better people or to become better at something. Or answers to learn something new, take on new tasks, or do new things. Traders can also stop, evaluate where they are, and consider where they want to be. As a trader with some experience under your belt, are you satisfied with your successes, or is there something you can do to improve your game? Don’t wait until January 1 to make better trading resolutions! Begin today!
Making Your Best Effort
By setting new resolutions or goals for yourself, you first acknowledge that there is room for improvement. There is room at the top for you, and you want to get there. Use new resolutions as the bridge that will lead you to a better outcome. How does that work with trading? A good place to start is your trading journal. Hopefully, you are making notations, tracking trades, and watching your successes and failures daily. But now, go back and try to find a pattern in your trading. What factors determine your wins, and how can you make those factors more a part of your trading? What was the trading environment like, and is there a way to identify patterns or traits that worked for you in the past? Please make a list of the positive outcomes and how you achieved them.
Motivation
What motivates you to sit at the computer and make your best forex deals? Is it the market’s excitement or a need for some extra cash at the end of the day? If you recognize what pushes you forward, you can capitalize on that by encouraging it. Set achievements that you want to accomplish and write them down. You can begin by making daily goals, monthly goals, and where you want to be in your trading a year from now. Whatever you do, good or bad, write it down. Monitor your progress as the year progresses to see if you need to make adjustments that will keep you on track.
Focusing on the Process
Besides watching your trading’s desired outcome, make a different list of goals focusing on your trading process. This can include following more successful traders to learn from them, taking courses to help you with your trading strategy and style, and trade-specific courses to teach you more about managing your risk. Make resolutions to study the act of executing orders or closing them more successfully. Those more experienced traders set monetary targets within reach but need that extra push.
Whether using a daily time frame, changing your strategies, or stepping up your trading frequency, study your trades to determine what steps you can take to become a more successful and satisfied trader.
