Here's How to Achieve Your Trading Goals in 2020
The New Year brings with it great hope for change and self-improvement. As a financial trader, it’s also a time to reflect on the year gone by and to put your best foot forward in improving your performance in the new-year. In this blog, we've put together essential tips to boost your motivation for achieving great trading results in 2020.
Set Goals You Can Control
Once you are done with revisiting your past year’s achievements and results, get down to outlining the goals for the new year. Should you stick with your current trading plan, or improve it? Developing a plan that works for you is necessary for gaining success. In fact, your wins and losses are a reflection of your ability to stick to your trading strategy. Just make sure you remember the key point: you’re 100% in control of your trading plan. What you cannot control is what the markets are going to do. So what happens after the trade is placed is beyond your control. Be sure you enter each trade with the mindset of “I have placed my trade, I have no control of the outcome, but I can control my losses”.
Forget about Money, Focus on the Process
Focus on the process instead of the outcome. As a trader, you want to be more on the defensive end. If you’re just focusing on how much money you can make each day, week or month, you are putting an emotional burden that causes you to force trades rather than waiting for the right opportunity that’s aligned with your trading strategy. In other words, focus on protecting your capital instead of attempting to gain additional money. Let making money become a natural byproduct of the process. The process includes your strategy, your self-analysis, your discipline and your execution. The best thing you can do is - focus on being the best trader you can be!
Whether you’ve been trading for years or
months, having clear trading goals is a must. All in all, having a disciplined
trading process, adapting to changes in the market and keeping track on your
progress are all steps towards becoming a successful trader.
We wish you all a successful trading in 2020.
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