Can you suspect we’re halfway through 2024?!
With the primary half of the 12 months behind us, it’s time to look back on the trading goals you made firstly of the 12 months and see if it is advisable to make changes to your goals, trading processes, or strategies.
Listed below are some tricks to get you began:
1. Review your trading performance.
You’ll need information before you’ll be able to make any changes, so whip out that trading journal that you just painstakingly kept through the 12 months. What, don’t have one? Shame on you, but there’s no higher time than now to begin one in our community!
If you happen to’re a great trader and also you do have one, look back in your 2024 trading goals. Based in your stats, do you’re thinking that you’re heading in the right direction to fulfill them? Which processes are you able to improve on?
Are you doing all your best to consistently execute your entire trading process (market evaluation, strategy & risk management practices, review and adjustment processes, etc.)? What trading psychology issues prevented you from realizing your goals?
Give yourself a pat on the back if not one of the 5 common newbie mistakes made it to your list.
2. Discover the aspects that influenced your trades.
Once you could have identified the aspects you’ll be able to improve on, discover those that influenced your trades but weren’t in your control.
Look back on the economic themes that popped up in the primary half of the 12 months and the way the market interpreted them.
How long do you’re thinking that did each of those themes drive price motion? Do you’re thinking that they’ll still matter in H2 2024? Did volatility increase or decrease, and what’s expected of volatility for H2?
Ask questions like these and more to determine how it is advisable to adapt going forward.
3. Make realistic adjustments for the second half of the 12 months.
Based on what you learned about yourself out of your trading journal and what about how the market priced on this 12 months’s economic themes, you’ll be able to now make adjustments to your trading goals, strategies, and risk/trade management practices for the remaining of the 12 months.
Ask yourself if it is advisable to tweak your existing goals and your trade management techniques.
Do it is advisable to take a look at different statistics this time? How about a special strategy altogether if market behavior has modified?
If you happen to’re pondering of adjusting your trading system, be sure that that it has a great probability of working well in the several economic scenarios that would pop up in the approaching months.
Keeping trading resolutions is at all times difficult after January. But do not forget that you made them for a reason.
With somewhat reminder and a number of adjustments, you’ll get right back heading in the right direction to the goal of becoming a consistently profitable currency trader or investor.