It’s now almost a week since we rolled into the new year.
And no doubt, people have already broken countless New Year resolutions.
But while some folks might be lamenting their lack of resolve, it’s the perfect time for us to assess where we’re at… and ready ourselves for the year ahead.
Because that’s the great thing about the changeover to a new year…
We get a chance to start again with a fresh perspective.
So the question traders need to ask themselves at this time of year is key…
What are you going to do this year to make it different from all the others?
Good Intentions
It’s easy for traders to start a new year with good intentions.
Maybe you’ll set aside more time to trade. Or you’ll brush up on some long-forgotten technical indicator.
But the demands of a busy life can soon overtake good intentions.
You might only end up checking the markets sporadically.
So when you eventually go to place a trade, you’re behind the curve.
By the time you’re looking to get in on a move, other traders have already made their money and are exiting.
To transform your good intentions into action, you need one more key element…
Finding a Routine
You need to come up with a daily routine… and stick with it.
Even if it’s just 10 minutes, make time to run through your charts every day – not just when you feel like it.
That means setting an achievable goal rather than trying to do it all.
For example, you need to narrow your selection rather than trying to review 20-plus charts each day.
You’re much better off running over a smaller number – or even just one – every day and observing how price patterns develop.
That way, you’ll be ready to pounce when the right trade setup unfolds.
By having a set time and a clear target to hit, you’re much more likely to create a daily habit.
And that will enable you to get ahead of the market rather than playing catch up.
And there’s one more thing to consider this time of year…
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Trading Strategy Review
The new year provides a great opportunity to reevaluate your current trading strategy. Assess what worked last year… and what didn’t.
It can help to create a log of your trades to spot patterns or trends.
Are you happy with your entries and exits… or can you fine-tune them? What other trade setups might work?
Once you’re happy with your strategy, you’ll be much more confident to implement it. That will help you avoid second-guessing.
With a disciplined approach, you’ll be ready to jump on profitable trading opportunities.
So as 2025 begins, take this moment to evaluate and take a cold, hard look at how you can do better.
We can never know what the market will bring. But we can know how we’re going to deal with what comes our way.
Being proactive now will prevent you from being reactive later.
And that will greatly put the odds in your favor.
Regards,
Larry Benedict
Editor, Trading With Larry Benedict