It is the time for resolutions and the hope for a promising new year! While most of our resolutions are not kept, we tend to justify it by saying “but, resolutions are meant to be broken”. But what happens when something as serious as your profession is at stake? If you are a full time trader, you need to have an honest conversation with yourself about your how well you did this year. It is crucial to take a step back and review how well you have done. This allows you to look into how you can improve in the coming year.
Motivate yourself to stick to your resolutions and move forward with improving your traders. Here are a few handy resolutions we hope you follow, to see more profits in 2019.
I will plan my trade and trade my plan
This means that you will stick to whatever works for you in terms for target percentage, stop loss, entry and exit rules.
I will not be influenced by professional “calls” and general “drama”
If you are an investor, trust your fundamental analysis instead of falling prey to fake news and short term corrections.
I will refine my attitude and be more positive
Share market is more of a psychological game than a calculated game. But if you trade with the right attitude to not let your profits AND losses get to your head and heart, you can stay mentally healthy to trade for decades to come.
I will not over trade
While it might be tempting to ride on the success of your profitable trades, you can never predict when things can go wrong.
I will diversify my portfolio
While you might be comfortable for you to stick to the sectors you know, it is important to diversify into others as well. This way, if one of your favourite sectors doesn’t deliver profits, the other ones might.
I will keep my losses small
This, again, speaks about being more systematic and placing a robust risk management provision in place to cut your losses.
And MOST IMPORTANTLY…
I will ALWAYS keep learning
A good trader is someone who is constantly updating himself/herself with the latest developments in the trading landscape. Keep an eye out for newer indicators, strategies and software which can drastically make your life simpler.
While it can be hard to follow through with resolutions, ensure that you try to emulate a few of the points we have mentioned here. Trust your working strategy and let it do its work while you can work on learning more and taking bolder calls. Happy trading and Happy New Year!