1. Have a regular trading review
Make it a habit to review your trading.
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.
2. 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 this year, 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.
3. 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.
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!