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 resolutions to learn something new, take on new tasks or do new things. Traders can also take time to 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 are first of all acknowledging the fact 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 as well as your failures on a daily basis. But now go back and try to find a pattern in your trading. What were the factors determining 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 you can identify patterns or traits that worked for you in the past? Make a list of the positive outcomes and how you achieved them.
What motivates you to sit down at the computer and make your best forex deals? Is it the excitement of the market, or a need for some extra cash at the end of the day? If you can 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 moves along to see if you need to make little adjustments that will keep you on track.
Focusing on the Process
Besides watching the desired outcome of your trading, make a different list of goals that focus on your trading process. This can include items like following more successful traders to learn from them, taking courses that will help you with your trading strategy and style and trade-specific courses that will teach you more about how to manage your risk. Make resolutions to study the act of executing orders or closing them in a more successful way. For those traders who are more experienced, set monetary targets that are within reach, but need that extra little push.
Whether you are using a daily time frame, changing your strategies or stepping up your trading frequency, study your own trades to determine what steps you can take to become a more successful and satisfied trader.