Trader new year resolutions?

Ricex · (#1 (**permalink**))

Hi,

it's that time of year of course when we normally come up with some sort of out of reach resolution to improve our lives.... and normally it's abandoned before we see February but it doesn't matter it's all good fun!

I was wondering if any members had come up with some trading resolutions for 2010?

Mine is psychological and has always been for me the hardest part of learning trading right from the start. It may sound weird but I resolve to watch myself more closely when trading, and hopefully increase my self discipline and keep up that all important consistency.

mayo367 · (#2 (**permalink**))

consult a sports psychologist, might do you a world of good, it's unfortunate that you're not made of sterner stuff.

Ricex · (#3 (**permalink**))

It's unfortunate that you lack a sense of humour.

Pharaoh · (#4 (**permalink**))

Quote:

Originally Posted by Ricex

It's unfortunate that you lack a sense of humour.

We could all chip in and buy a sense of humor for him.

Forexwatchman · (#5 (**permalink**))

I just want to give my year end analysis and resolutions, since it's probably very familiar to a lot of others. This year brought a lot of money loss and torment to start off with, but looking back it was my resilience to stick with it and apply myself that got me the big surprises of the last 3 months. I went through the phase of absorbing everything I could and seeking to apply it ASAP then got overwhelmed and discouraged by letting my emotions rule my trading, and resolved to start all over again, and that is when the proverbial light came on finally! I went back to basics, restudied everything I thought I already knew, and in the process refined what it means to be a trader down to it's most basic parts. What I want to relay here is that you should not expect this line of work to be like anything else you've ever done. Humble yourself enough to admit it’s gonna take a while to learn how to trade, its not gonna get you rich quick, but it does have the potential to get you where you want to be over time. That’s the reality of it.

That said my Forex New Years Resolutions would be:
1) Be severely strict about my trading discipline (let trades come to you)
2) Never trade on emotion
3) Cut your losses short and let your profits run
4) Believe in myself and have fun

I honestly look forward to the next week every Saturday, its all I think about but not because of an obsession with it, more because its what I love to do. I'm even running my own website now, which is in its infancy stages, but I hope to use it as another platform along with sites like this one to spur more trader's confidence and success in this new market. Good luck Ricex and all those reading!

ernest8fingers · (#6 (**permalink**))

My resolution will be to stop sticking pins in my FXCM doll. I have traded a live Micro account since Oct 2009 and I hate to admit I dont hate it! For a beginner, I would would recommend it. I didnt experience ANY platform freezes-this was my #1 complaint in the past. Spreads were fairly steady(1.5 average for Eur/Usd) and I even saw negative spreads on several occasions. I still use MBT as "main" broker(since FxPro.com thru out all American traders) but I am very happy to report that FXCM's Micro trading enviornment is at least decent enough to turn a profit.Happy New Year!

Ricex · (#7 (**permalink**))

Nice one guys, ernest I have two accounts at FXCM one standard and recently one micro that I opened at the start of the summer, my findings are the same as yours, I'm pretty happy with them too.

Forexwatchman your resolutions are bang on, I wish you all the best and I'd be interested in visiting your site when it's ready.

Come on Pharaoh what's yours....... learn more chinese?

Pharaoh · (#8 (**permalink**))

I've achieved a 100% success rate on my resolutions, by resolving each year not to make any.

I guess in terms of plans for the coming year, I'd like to find ways to have more time for my forex trading while maintaining my current business interests.

I suppose I could always kick that bad habit I have of sleeping each night.

Ricex · (#9 (**permalink**))

sleep?....... oh yes I remember, that lie down thing with your eyes shut

marcus1rex · (#10 (**permalink**))

i personally think nw yr res's are a waste of time!