Trading help, book reviews, risk management, and interviews.

Disclaimer

The contents of this blog do not constitute investment advice. Trading CFDs and Forex can be very risky and you can lose much more than your initial deposit. Seek professional advice before making any trades.

Forex New Year’s resolutions for 2010

1. Write down my plan for each trade before pressing the buy/sell button. The plan will include the reason for why I am doing the trade, the expected profit, the initial stop loss and the expected duration of the trade.

2. Double-check the order quantity before executing the trade. It is too easy to lose money by buying or selling the wrong amount of currency.

3. Ensure that all trades have an explicit stop loss added to them.

4. Spend more time working on my expert advisor framework in MetaTrader MQL4.

5. Contribute more to the forums at Trade2Win and babypips.

6. Spend less time reading trivial financial news – it does not help! But be more aware of major currency related announcements.

7. Read more quality trading books and review them here.

8. Add more content to this blog – http://www.tradingdiary.co.uk/. Will be adding more posts about writing expert advisors using MetaTrader MQL4, more on risk management, and more general trading advice.

Do you have any forex New Year’s resolutions? If you do, let me know by using the comment box below.

Merry Christmas and a Happy New Year!


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