A new year always excites everyone.It’s probably pretty safe to say that there is no such thing as the perfect trader. It’s time for the TRADERS to make TRADIN GOALS
With the Hindu NEW YEAR , or Samwat 2077 around the corner, many people begin to think of ways they can improve themselves in the coming year.
I’ve always loved NEW YEAR and enjoyed making plans for the next year. This time also I’ve made a few resolutions. Professionally, this year I’m planning to expand my team, become more active on Youtube and continue growing my trading account repeating the sucess of last year.
In this post, we are going to discuss seven powerful new year resolutions for TRADERS. All these resolutions are designed to make you a better TRADERS
Invest on Trading Education:
To become Doctor Engineer CA or master any other profession you need to study and master the concept.But trading is only profession in world where traders enter without any knowledge with small amount of money in account, lose money due to lack of knowledge and than blame market for their loss. “Trader should be responsible for his/her losses.” Be accountable to yourself and do not give excuses. So If you feel you are not having proper knowledge,invest money on your trading education and stop getting fleeced by market.
Have defined loss limits
Losses are a fact of trading. Unfortunately, those losses can come in a string for any number of reasons. Maybe the market just has been going against you, or maybe it is time to reevaluate your trading strategy. In any case, knowing when to step away from the trading desk sometimes can be the best thing for your trading account. Having defined daily, weekly and monthly loss limits can help to keep you trading for another day.
Impatience and Anger:
Wait, take your entry signal when it is time and not based on your emotions. Do not get mad at yourself. Learn from your mistakes and move on. Every mistake gets you closer to learning what you need to do to become consistently profitable. Unsuccessful traders lack self-discipline and patience. These are two qualities that I believe are essential to becoming a successful trader — especially a successful day trader.
Maintaining Trading Journal:
Trading is a business and like a good businessman we should keep all records related to it and all the more so because a successful trader has to first know himself better to trade better and he/she can do so only by keeping records like a trading journal, a psychological journal recording thought process, taking screenshots of traded charts, etc.
Enjoy the process
When you take out the chase of money in the process, trading is quite enjoyable. And interestingly, those who manage to enjoy this process, they end up becoming succesful trader.
So, instead of blindly chasing money, which would inevitably leave you stressed, burned out and fatigued, shift your gear to enjoy trading.
So, instead of stressing over them for years to come, focus on enjoying the experience. It would automatically make your new year so much easier and less hectic.
A trader can hugely benefit by keeping all or even one of the above resolutions. So let’s see how many of us can keep the above resolutions, and more importantly, for how long!
Wishing You All A Very Happy And Profitable New Year !