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.
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!
How about you? What trading goals have you set for yourself 2013? Is it something big like earning 20% in a year or something small like increasing the time you spend on the charts? Don’t be shy to share!