5 Trading Resolutions to Make in 2017

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As we are entering 2017, now is the best time to evaluate your trading performance and start thinking about trading resolutions for this new year.

Here are 5 trading resolutions you should adopt in 2017: 

Have a Sound Trading Plan and Follow It

When you’re working on your trading plan, you’re trying to build a comprehensive strategy. This is not the easiest thing to do and you need to find one that fits your risk tolerance, your trading style, your financial horizon and your financial situation.

Being able to profit consistently is not just about finding chart trading patterns, but rather it is about using a sound trading system that will help you to manage risk appropriately and to better control your emotions.

There are 3 types of market analysis to base your trading plan on: Technical Analysis, Fundamental Analysis, and Sentiment Analysis.

Learn from Your Mistakes

What distinguishes a good trader from a bad one is his ability to learn from his mistakes and improve his behaviour and choices. It doesn’t matter if you’re a beginner or an experienced trader, as even professional and experienced traders can lose money, everyone can learn from their mistakes.

Keeping a trading journal and documenting all the information relating to your positions is a great resource to reflect upon in future trades. You can then look back and analyse what you have been doing, why you opened or closed your positions, which money management techniques you applied, whether or not your trades were affected by your emotions, etc.

If you feel that you don’t have enough knowledge in the market you invested in, you should take the time to improve your financial and economical knowledge.

Be More Patient and More Disciplined

Being more patient and disciplined when trading shouldn’t be underestimated. Patience and discipline are both crucial characteristics that every trader must have in order to make money consistently. Without patience and discipline, traders are likely to over-trade.