There isn’t a more perfect time to adjust and improve your Forex trading strategy than at the start of a new year. You might need to make small changes, or your trading approach might need a complete overhaul. Either way, with the slight break you took from the charts over the holidays, the time to make a change and renew your strategy is now.
What’s your trading resolution for 2016? You might be interested in trying new timeframes, experimenting with new currency pairs, or embracing new trading strategies. Not sure? Maybe it’s time to review your trading log from the past year. What strategies led to winning trades? What just never seemed to work? Where is there room for improvement?
If you’re still unsure, a one-on-one session with an experienced trading coach might be the solution. For example, Learn to Trade’s Momentum Coaching programme enables novice and intermediate traders to sit in on 9 live trading sessions with an experienced coach. The programme is designed to help you set trading plans, develop the right trading mindset and obtain the advanced skills you need to grow and protect your wealth.
Set your 2016 trading resolutions now. Whether you know the exact adjustment to make, or you’re still looking, here are four ideas for renewing and adjusting your day-trading strategy in 2016:
- Experiment With Entry/Exit Strategies
At the end of the year, you’ve likely developed a specific entry/exit strategy. That’s not necessarily a bad thing, and it might be working well enough that you don’t need to change anything. Even so, there’s always room for improvement. Experimenting with new strategies doesn’t mean you must completely alter the way you approach trading. Instead, look for strategies that are similar to your go-to method for determining entries and exits.
- Take a Shot at New Currency Pairs
Every trader has that one pair they focus the majority of their attention. Yet, in 2016, you might resolve to expand your horizons. For example, you might have in-depth knowledge of a specific currency pair, say the Kiwi, and you deal primarily in the NZD/USD pair. If you decided to expand into new pairs, you could build on that expertise and choose cross pairs with NZD, like AUD/NZD or GBP/NZD. Start slowly, as it takes time to completely understand a new pair. But it’s certainly a fun project for the start of a new year.
- Explore New Timeframes
What chart do you tend to stick with? Maybe the 4-hour chart? Or you might be a 144-tick charter? In the New Year, make the choice to explore new timeframes. This doesn’t mean you need to completely change your strategy – say moving from day-trading to longer term trading. Instead, use it to help enhance your overall analysis of specific currency pairs. Looking at a chart you’ve never explored before might help you uncover new insights.
- Enhance Your Trading Knowledge
One of the most common New Year’s resolutions is learning a new skill or subject. As a Forex trader, there’s always new trading skills and insights to learn. In 2016, you might choose to take a Forex course. Forex training courses are designed to help novice, intermediate and even experienced traders learn new skills and enhance their trading. Plus, you’re bound to meet like-minded traders who can help you out in the future.
Take your forex trading to the next level in 2016. Consider attending a forex training workshop like Forex Strategies workshop from Learn to Trade.