The new year will undoubtedly draw on our past year of trading performance. This is an opportunity to develop new targets for improvement and excellence in the new trade year in 2020.
You should try to become your master, own it and make it yours. You can only master a further market action signal/price action pattern if you master the setup you have chosen to trade and achieve great success over a broader number of trade events.
You must at any cost battle the temptation of chopping and changing trading strategies. Commit yourself to this single concept, concentrate religiously on it, and see it through.
Reduce your trading time and improve your learning of trading time.
Unfortunately, most traders spend all night and day glued around to exchange screens or telephone screens, like an addict on the route through a casino, watching the cards and dice on the table games.
Do not assume that, regardless of your intelligence, training, or achievement elsewhere in life, you can not be traders-addicted, anyone can. If you spend your entirely spare time looking at the next best business or watching open business tick by tick, your trading and trading account balance will be destroyed. Best performing forex managed accounts uk can help for more information about trading.
Correct your confirmation of the trade and the economy in general.
Traders make mistakes because they have a preference over what is or will be happening. Now ask yourself: did gold start or fall, or the news of war beginning or end have any influence on your initial entry into trade and the pricing measures you used to justify your entry??
The response is no, but 95% of traders still develop a tendency, because these "confirmatory factors" develop.
Financial markets have been invented by people, they are not part of our biological evolution. We must learn the rules of the game and master our emotions to play it
Know and stop recycling prejudice.
The receptivity bias is when an individual or community believes that what is going on now or what is going on in the recent past will continue in the future. The reward bias in trading will be better defined when traders and investors see the bursary trend upwards for several years and fully believe that the upward trend for the next couple of years will continue. We are in love with classical human nature now, believing that it will proceed without ever finding contrary facts from our point of view or even contemplating another version of the events.
If they are close to your mark, exit trades.
The second major issue I constantly hear about on my email helpline is that traders miss profit goals and OR winners become losers, as their profit goal was missed and the trade was reversed soon afterward.
This dilemma has 3 potential solutions:
First Leave the business a few tubes every time before your expected profit goal stage. That way, for hours you do not have a panic about the market coming close to your exit, but you do not hit the stage yet.
Secondly, In the future, try not to be so flawless when you choose a benefit goal, and instead do 10 pipes less than your original level for the exit. This allows you to see more profit goal orders filled out and fulfilled as scheduled.
Thirdly You may also search for several lower R benefits to create confidence. Check every trade on how far you have gone after your departure so that you can understand how far you can increase your numerous goals for the future. It is not always sustainable to take smaller profits like this, but you can certainly create greater trust and gain a lot during that period, so it is good to do the exercise.
Set up an improvement plan.
In trade and life, you must make progress. Ensure that you know that repeated trade errors can be remedied; errors such as trade with no legitimate trademark, the risk far exceeding that you know it should be, joining and leaving trades for fear or greed, and the utter lack of emotion and self-control. These common errors usually lead to a trader crashing and burning.
I hope this lesson today will inspire you to begin the process of reviewing what you have done right and wrong over the last year to draw up a list of priorities and statements for the coming 2020 New Year. Hopefully, this exercise will be what you need to make your trade this year the right path.