3 New Year Resolutions to Kick Start Your Forex Trading

Each new year in the Gregorian Calendar, which begins as the first second of the first minute of the first day of January is welcomed and celebrated with a combination of drunken revelry, hopeful anticipation, quiet reflection and well wishes to everyone who happens to be on the receiving end of such excitement. Even more exciting appear to be the slew of new year resolutions that get made with such great intentions and then fail so easily because their timing was completely wrong.

One alpha male with anger management issues at a New Year’s party cheerfully announced that his New Year’s resolution would be to stop smoking and to stop swearing which clearly pleased his new girlfriend and mother who were celebrating with him. But his happy New Year got off to a bad start when he left the party at 2 am he found his car’s side mirror hanging by a wire with a large scratch down the driver’s door. Apparently, some street party hooligans were celebrating New Year too, by vandalizing half a dozen cars parked in the side street.

To make matters worse, the local parking ticket inspectors also got their New Year off to a good start by affixing a fine for long stay on his windshield. The neighbor’s say the cursing and swearing that followed the discovery of these events caused one old lady asleep in the house above to summon the police for noise disturbance, while the poor fellow chain smoked every cigarette the kindly passersby gave him in an attempt to calm him down. Now, no one is saying, he deserved what he got, and while we can snigger at how easily his New Year’s resolution was destroyed in a couple of hours – the lesson to be learned is that while his intentions to quit smoking and and to quit swearing were noble, his timing sucked!

Or the hostess of the New Year party who vowed to go on a diet. Great intentions but wrong timing while she cleaned up the next morning to find she was left with a house full of perfectly good food and tempting snacks left over to nibble on. Bad timing!

What does all this have to do with Forex trading? Well, those who have tried their hand at forex trading will know that timing is important. Having goals and plans are also important to forex trading. So surely there must be some sensible New Year resolutions that forex traders can make that won’t go down the drain as quickly as the swearing smoker and overweight party hostesses plans did?

Forex trading is a psychological, disciplined skill, that involves a multi functioned approach that needs to be in balance to be successful. If any factor goes wrong, or off key, then the chances are your trading resolutions will fail, almost as soon as they started.

So here are three easy resolutions a forex trader can live by in order to have a better year’s forex trading than the last one.

  • 1st Resolution – Stop trying to predict the future with certainty. You can’t. You have no idea whether the Euro will rise or fall by the end of the day, or what the spot price of Gold will be half an hour before the London markets close. Everyone can have a guess at what price action they predict will occur, but for that we bring out our jar of beans and get everyone to write their guesses down as to how many beans they think are in the jar.
  • 2nd Resolution – Stop trying to trade scientifically. Science is a discipline of certainty. Forex trading is not. The Law of Gravity has a very scientific meaning and can be predicted with certainty. Try this experiment. Take your new iphone to the top floor of an urban building and release it. Gravity says you will find it down below on the ground. It won’t be floating above your head. Science also says that if we know the Distance and Time an object travelled from point A to point B, we can calculate the object’s Speed. Forex trading is definitely not scientific. If the RSI is below 30 and a bullish engulfing candlestick forms on the EURUSD we cannot predict with scientific certainty that the Euro will rise in value against the Dollar.
  • 3rd Resolution –  Get aquainted with minimalist trading. At the Pip Asylum we have an entire website dedicated to making you a better forex trader with an entirely minimalist approach. If you are new to forex trading get started with our Forex Trading Course for Beginners and follow our training articles. Each article on the Pip Asylum website is easy to read, less than 1000 words, and comes loaded with useful concepts and trading ideas put together by active forex traders.

Trade With Confidence

If you know the Blind Date Strategy for Advanced Forex Traders, you will know that predicting the future is not part of the strategy therefore we don’t stress about it, and that risk management is very much a part of our successful trading strategy, whether you are a scalper, trend trader or contrarian by nature.

Don’t let your forex trading be so complicated and cluttered that you can’t find your sandwich under the truckload of paper charts you have printed over your desk. Get this year off to a great start by developing the right minimalist habits you need to be a good forex trader.

                                                            

The Blind Date Trading Strategy for Advanced Forex Traders

  • 134 pages

 

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