3 goals to set for successful trading new year

Trading is a difficult skill to learn, but it is a skill you can attain if you use the proper tools and swallow your pride. Today we are going to discuss 3 simple trading goals you should set for the new year, that if you follow will get your trading to the next level. This will be particularly useful for beginners, you will save a lot of time doing these tips and tricks

1) Record your trades

Let me be honest. Recording your trades is something you will finally not have to do. The reason why you even start this activity is to build your library of successful patterns in a short space of time. If you win in a trade then you should want to note those conditions to recognize them next time. If you find yourself unable to record your trades then you are probably over-trading. You have to understand that in trading you make money through the magnitude of your trade win, not just the volumes of trades you place. So just record your trades and look them over after your trading day. They will help you refine your trading ability then when you start winning regularly and have refined your pattern you can stop.

2) Trade with only half of the account that you are ready to lose, but maintain the same risk.

This sounds counter intuitive but hear me out. Sometimes when you trade you have to understand that you will may not always be in control of your emotions when you are trading. This is especially true when you are holding a losing trade on money you cannot afford to lose. You will convince yourself to hold on till you learn too late when your account is blown. We want to limit the amount your broker can take from you in such cases. But just because you have limited the amount you can lose doesn't mean you cannot use the same risk. For example, let's say you have $1000 to trade with, using proper risk management 3 percent risk per trade is 30 dollars risked per trade. You slash your trading account by half to $500 , you can still maintain that 30 dollars per trade. This sort of exercise will force you to take lesser and better trades too as your account is smaller. But it will also teach you how to grow an account quickly using greater risk but still maintaining over all risk management.

3) Check the fundamental news everyday

It's is almost too easy to just focus in on the charts and cherish one's trading strategy without actually learning the fundamental aspects of the markets that causes the huge swings. I am sure there have been a number of times where you have traded your strategy only to have one huge candle suddenly pop up and blow your account your hit your stop loss. Those candles are usually caused by economic announcements or other world events that have a direct impact on the country's economy. So follow the news. Especially before a new trading session starts because that is when banks want to put traps for the rest of the session to follow. Look at an economic calendar and not down the times during the day where there are high treat news events. It will help you prepare for sudden volatility in the markets and adjust according. I recommend you try enter after the clear volatility of the economic event. At most times the economic event is an excuse for banks to move very quickly to a level and take out stops.