Make Your New Year 2019 Forex Trading Resolution & Stick to It

By the first week of January 2019, you will have a gym membership, a fridge filled with greens, and a lot of motivational notes stuck on the wall! And by the last week, you go back to square one. The first month of every year always sees the most motivated of people; be it in regards to fitness, work or any aspect of life. The drive, however, dies down just as quick as it is obtained! Forex traders have it no different. As a trader, there are decisions to resolve upon and vow to do, but end up failing to keep the promise.
 

The coming year, with 6 simple resolutions, you can take your Forex trading career to stellar heights! 

Let the mistakes you made in the past stay there, and include the following in your forex trading 2019 new year resolution:

New Year 2019 Forex Trading Resolution

1) Allow Your Trades to Grow: Leave behind impatience. One thing noticed in several Forex traders is their impatience and inability to wait for a trade to grow. Consider Forex as a seed you plant; results will undoubtedly take time. Players often jump strategies when they don't see the desired results, or withdraw from Forex altogether. However, let bygones be bygones. The coming 2019, give your investments time and space to grow. Wait for the strategies to bloom; exit only when you see no growth or negative results.
 

2) Take the Risk: We are always afraid of taking that one extra step towards what might be life-changing. Let's get one thing off the bat - Forex trading is a field of risks. If you want to see big profits, risks have to be taken. Agreed that these very risks can lead to piling losses; but without knowing you can never be sure. Don't let a trade carry you astray. Keep measures in place to curb losses, but remember that in some trades, you will have to go that extra mile and take a double-edged chance. Having the right Forex broker guide you will be the best aid.
 

3) Accept the Realities of Forex: Losses come just as profits do, you can't avoid them. There are some realities of Forex trading in Pakistan that you have to come to terms with to have a satisfactory career. Unrealistic expectations are the first-most factors that birth the desire to overtrade. Digest the fact that some trades can't be won, even with stops in place, even when the market looked so favorable. Stop expecting Forex to magically grant you riches. It is indeed a lucrative market, but it won't keep filling your pockets by itself. Expect returns only when you put in the necessary work. With a good Forex demo account, you can see how a market works!
 

4) Keep Greed at Bay: Greed can't be said to be a completely bad emotion, but it predominantly is so. The burning desire to make money is what ultimately leads to success. How you channel this desire is what matters most. Some Forex traders let greed get the better of them, leading to overtrading. When you get greedy, you lose track of the good trade and the bad ones. Traders end up investing money on losing trades and holding positions that only lead to losses. Understand the need to drive yourself ahead; channel it in a positive way, but don't let it lead.
 

5) Don't Get Drunk on Victory: Winning one trade does in no way guarantee that you will win another. Victorious and profitable traders are great motivators. The joy brought in when profits are made is incomparable. Let a successful trade motivate you to do better. In most instances, traders are driven to invest more than necessary, out of the misconception that their winning streak will last long. Forex is a market that sees randomness often. Banking on the fact that one successful trade will lead to another, will do you no good in Forex trading.  
 

6) Practice Strategizing: The best practice as a Forex trader is to continuously improve on your strategizing skills. The one ever-existent factor that will govern the outcome of your trades is the quality of your trading strategy. With the markets evolving at tremendous rates, new trading strategies can often be seen. You have to figure out which approach works best for you, and hone this method till you achieve perfection! The beauty of Forex trading in Pakistan is that you get to choose from a variety of timeframes, currencies and strategies to work with. 

It is just a matter of picking the ones you think are the best for your methods. On a Forex demo platform, you can perfect this art!
 

2019 holds a lot in store for you! The trading value foreign exchange markets have only kept growing by the day. Assisted by the right Forex broker, you will see tremendous success. Call WesternFX today and avail our world-class currency trading solutions! Forex trading in Pakistan is incredibly lucrative today; make the best of this opportunity with our impeccable brokerage guiding you throughout!