Traders’ Resolutions for New Year-2016

As the finale of 2015 approaches, we are each presented with an opportunity to reflect back while looking towards the future. The dawning of a new year is the perfect time to set new goals and embark down uncharted paths. Now is the time to plan your Resolution.

What are our top trading resolutions for 2016?

D  iscipline
R  esults
I  ntegrity
V  ictory (Over Emotions)
E  ducation

Discipline

Most traders could benefit from being more disciplined with their trading. Discipline in trading takes many forms. But it can be summarized as just doing what we know needs to be done.
If I could target only two things to be more disciplined in next year’s trading they would be:

1. Cut losing trades: Do everything to keep losses small.
2. Let profits run: Don’t fall prey to the fear of a small profit slipping away.

Losing trades are inevitable, because nobody gets it right all the time. It’s important to take the loss before it grows and does serious damage to our accounts.

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