The advent of a new year rekindles hopes and promises among people to start off with something new in their lives and find a way to excel in what they have been doing. For traders, it is going to be another year of ups and downs in their career. Have you as a trader still not sorted out few things that could drastically reduce the losses you face? There should be a way to resolve this! So, for all existing investors & newbies let’s kickstart 2018 by listing out few resolutions that could help you to reach new trading heights and enhance your career.
1. Limit Your Trading Time
An over-enthusiastic trader could end up having nothing by the end of the day. Traders are often driven by the concept of, ‘the more you trade, the more money you get’. It does not work that way! Markets are volatile and have an unpredictable nature. Instead of being impatient and impulsive while trading, restrict your trading activities by setting time limits so that you do not lose more than you can afford to.
2. Maintain a Trading Journal
Traders who fail to take the initiative to maintain a trading journal face dire consequences later. A trading journal helps you to take stock of your trading activities. You can figure out what kind of trades you have done in the past and how they have worked out. A trading journal helps you to improve your strategies by pointing out your mistakes. So, it is wise if you maintain a journal and look back every now & then if you are not sure of yourself.
3. Stick to Your Trading Method
Every trader has some unique way of trading and earning profits. Sometimes, the market trend changes and you tend to face losses. It does not mean that there is something wrong with your trading method, you just have to fine-tune your strategy so that it is in consonance with the market trend. Try not to shift back and forth between different trading methods. Sticking to a particular trading plan helps you gain confidence and experience.
4. Set Futuristic Goals
An ambitious trader who is able to understand what he needs and set goals accordingly will surely witness success at some point in his career. Set reasonable goals and start working towards achieving them. For example, have trading goals for the upcoming year and make sure you achieve them within the deadline.
A trading career involves lot of risks, lifelong learning & constant practice of the correct methods. There may be times where you might have faced huge losses, but there are also days ahead where success awaits you. So, start the coming year with hope and try to fulfill your resolutions. Turn them into your strengths and look forward to a new beginning.
