New Year Resolutions for Better Trading
Every time entering the new year, I always try to make resolutions. The goal is to prepare to do everything better than last year. Some resolutions made are personal, and others are special to improve the quality of my trading in the new year. These resolutions help me a lot in improving my trading skills, at least reminding me to trade carefully. Each person's resolutions should vary, according to their own individual needs. But in general there may be the same. Below, I've written some resolutions that will help you to improve trading quality until the end of the year.
Discipline to Trading Plan
Trading plan is a guide for daily trading. What we should do is to discipline on the trading plan. This is mainly to remind me that the concept of discipline needs to be done continuously.
Diligently Making Analysis
Diligently making analysis means constantly reviewing market conditions and finding the best opportunity to trade. The more dilligent you analyze, you can expect better opportunities for profit.
Patience is one of the most difficult things to master when trading. At the same time, it is also one of the most important. Patience in trading means not to hurry in every transaction. Patience in waiting the best time to buy or sell.
Not To Force Trading
Forcing trading is a dangerous strategy. Forcing trades is a result of loss of patience and essentially leads to overtrading. Try not to impose trading until it meets the guidelines in the trading plan, thus results in a greater chance of winning. Only trade if certain conditions meet
Let The Winners Run
This is true for trading with trend following strategy. This means holding back the trading position until the trend ends. The problem is many people close their trading positions faster, just to a little profit. While if they hold on a little bit more, the will get higher profits.
Cut Losses Short
Not all the trading positions will give profits. For that, we must cut losses to avoid greater losses. Cut loss should be done as soon as possible. Cut loss will make the overall trading quality better.
Above are some things we may want to improve in the new year. Most people who make new year resolutions fail to do so. But if you have a strong desire to improve the quality of trading, chances are you will try to keep the resolution and stick to it. Hopefully, our trading is better in the new year and results in more profits.