3 Forex Resolutions to Get this New Year Off to a Great Start

The Gregorian Calendar (due to its worldwide popularity) welcomes and honours each year with a riotous celebration, eager expectation, peaceful introspection and most pleasant wishes to all those on the receiving end, such enthusiasm.

For many of us, as we eagerly await the arrival of the new year, pondering what new developments we can expect, that will permit us to grow personally and professionally.

Let me state unequivocally that nothing can make us content if hard work is not involved and that I am entirely committed to this belief. Happiness isn’t solely a feeling; it’s also a way of appreciating the little joys in life that we are fortunate enough to come across.

Perhaps even more thrilling is the avalanche of New Year resolution attempts, that trigger such high yearnings but fall flat due to inadequate planning or timing.

Let us dive deeper into the following example for a moment!

One gentleman with extreme hardships enthusiastically revealed his New Year’s decision to quit smoking and cease cursing, which apparently thrilled his office acquaintances who were witnessing the announcement.

However, his joyful New Year took a turn for the worst when he left the party and saw his girlfriend waiting outside and staring with a frown, as she knew something that she’s well aware of, namely his inclination for lying and not being honest with himself.

Although we can smirk at how readily his resolution was wrecked in a moment by his partner — the lesson to be learned is that despite his intentions to quit smoking and cease cursing, his timing was terrible!

All of this is interesting, but what in the world does it have to do with trading Forex online? Those who have dabbled in forex trading can attest to the essence of time in this endeavour. Also, having objectives and plans is equally essential — we haven’t omitted that.

Perhaps some logical New Year goals for forex traders should be constructed, which won’t be as abandoned readily as his partner did.

With Forex trading, you need a multi-faceted strategy (psychology and discipline) that must be in sync for you to thrive.

Let’s dive deeper.

Let your profits accumulate instead of hoarding them.

Undoubtedly, one of the most common mistakes made by inexperienced forex traders is to cash out their positions too quickly, but firstly, having bought correctly is more than half the battle won! So, congrats! Make a conscious effort to “Never Ever Lose Money!” once you’ve made the right purchases you’ll be on your way to passive profits.

Witnessing profitscan be an exhilarating feeling, the natural impulse is to grab your yields right off the bat and move, especially if you splurged a bit too much over the holidays. Many traders who stop their positions within ’10’ pips might feel good about themselves, but it’s noteworthy to keep in mind that the trend could have persisted for an extra 20 or 50 pips and they could have earned much more cash-on-hand if they waited.

To that end, strive to become a bit more adventurous and show some boldness towards the market this new year.

Knowledge of the market is crucial.

The fact that you must be well-versed in the currency markets in order to be successful should go without saying. Considering this, why don’t you set an objective for the new year to provide assurance to yourself that you analyse every facet of the market from top to bottom and inside out?

Pick your preferred learning method and begin putting aside a specified allocated time each day to learn forex trading nuances and stick to it, whether through joining up for a forex trading school or reading up relevant web resources.

For this year’s trading, be honest and manage to recognise your flaws and exert yourself to improve them so that you can make the most educated, attainable profitable trading choices without having second thoughts.

Reduce your appetite for being too greedy.

Lucrative forex traders must battle greed, which maybe their greatest foe. To be more adventurous in your trading, we’ve already discussed the significance of understanding the contrast between risk and greed. See, we put a lot of thinking into this, and once you take #1 and #2 into action, you’ll make better judgements as these two emotions can drive your investment decisions.

Assuming you believe us, this year won’t be full of endless riches, of course. Contrary to popular belief, even the forex trader of the highest calibre suffers losses. The notion is to accept your losses rather than emotionally attempting to retrieve them by engaging in irrational decision-making, high-volume trading that often costs you dearly.

The Bottom Line

Due to the unpredictability and erratic nature of the Forex market, our expectations for the future are viable to be shifted in unexpected ways. Volatility, frightfulness, greediness, irrationality and algo’s often seem culprits of this but they can’t alter our pre-existing knowledge of the market. Get this year off to fantastic start by not allowing your forex trading be so complex and cluttered.

As a rule of thumb, it’s preferable to disregard the current trend and focus on developing an overarching strategy based on fundamentals. It’s crucial not to get dragged and open more high-volume positions even though you might be experiencing a winning streak since these behaviours may have devastating financial implications and prevent your trading from being safe and enjoyable.