Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
“If we don’t change, we don’t grow. If we don’t grow, we aren’t really living.” Gail Sheehy
As we approach the end of one year, and the beginning of another, countless persons are no doubt in a reflective mood. We get ready to make resolutions to make significant changes in our lives. Although New Year’s resolutions get a bad rap for lack of follow-through, it is non-the-less important to aim to improve our lives on an ongoing basis. This means that we shouldn’t just wait for the end of the year to do it, as per the commercial norm. As traders, we sometimes struggle a lot with bad habits that need to be eliminated in order for us to grow and progress into the type of traders we want, and know we can be. It is easy to get locked into a set of bad trading habits that do nothing but keep us from our goals and encourage disappointment and, eventual failure.
So then, how do we make our resolution and stick to it? Write it down, and place it somewhere that will make it impossible to miss on a regular basis. It is important to get really specific. For instance, instead of saying, “I will be successful at Forex trading this year” we could break it down into tasks that need to be accomplished in order for that dream to be fulfilled. How about “I will write a set of trading rules according to my trading strategy and ensure that I stick to them” The idea is to not overwhelm yourself, because this could prevent follow-through on any of the goals you are trying to accomplish. Assessment is an important step that should also be don after a period of time, say three months, to see how different your results are in comparison to before you made your resolution. Positive feedback will encourage further follow-through, and eventually the formation of new, healthier habits.
After you have accomplished this first goal, reward yourself by treating yourself with something nice (a day at the spa would be nice) lol..ok…if that’s not your cup of tea, do something else that makes you feel really good. Note: The reward for sticking to your goal should NEVER be to “break them just this once” We all know the potential dangers of going there! As implied earlier, life-improvement resolutions should not just be confined to the start of a new year. Move on to a second goal that will help you become a consistently profitable trader. No one else knows you better than you. You know what your weaknesses are, and you might only have an idea that you MIGHT be able to make an hundred pips a day. If you enjoy a challenge, why not go after it?… As long as this is attempted without the need to compromise any of your trading rules.
I personally am excited about the coming year, and have set myself challenges to aim for. We as traders are being given one of the best, most unique opportunities of self-improvement there is. Let’s not waste it. Happy holidays to all my friends and colleagues, and a New Year filled with fulfilled resolutions!