Many of you would have already started the year with trading resolutions in mind. For those who have not adopted any yet, it’s not too late for them.
Below are some suggestions that you may find useful
1. HAVE A REGULAR TRADING REVIEW
Make it a habit to review your trading. What’s great about this resolution is that you can start quickly. The starting of the year is the perfect time to look back on your past trading performance.
It’s important to be honest with yourself when evaluating 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?
Keep in mind, to get the most out of trading reviews; they must be conducted regularly and frequently. For this purpose, I recommend keeping a trade journal.
2. BELIEVE IN YOURSELF
Having a positive mindset can go a long way in helping you to develop and grow as a trader. In fact, a whole new branch of psychology has emerged based on the positive thinking.
This new area, called “positive psychology”, focuses on helping people achieve their full potential. It is somewhat different from traditional psychology where the focus is curing mental illness.
So no matter what your bottom line looked like at the end of last year, remember that you are starting the year off with a clean slate. Take advantage of this and the extra experience and insight that you have earned from the past year. They will allow you to learn and work better, which can lead to consistent profits.
3. LEARN SOMETHING NEW
While it is all well and good to stick to a trading system that works, it’s also good for traders to learn new tricks. Read the 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 are 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 will be surprised at how achievable your goals are.