Forex Plans for 2013

Filed under: Learn Forex Trading |

Picture 2Well, it really is that time of the year now when we are all making plans for the New Year. For forex traders, there are a number of things that should be prepared and ready for the new trading year.

For me personally, I am busy making a number of decisions. Firstly, I am moving over to a new broker that uses MT5 and offers direct market access, which makes for much lower spreads. If I had been using these spreads last year, I calculate that I would have made at least another 5% profit on my starting capital.

 

Another thing I am preparing is a folder to organize print outs of all of my trades. If we print out our trades as charts and review them at the end of each month, we can step beyond the emotional moment of trading and objectively review what we have done. In this way, we can hope to improve as traders and make even better trading decisions in the future.

 

It is also important at the start of the year to review your money management system and to decide on your risk levels for the year. I will be sticking to a 1% risk on each trade – although in the future, I may go a little higher as my maximum drawdown last year was only around 15%, which is more than acceptable.

 

Finally, and this is a personal decision, I will also be publishing my trades via Zulu Trade so that people can automatically follow my trades if they wish. Although it may take a while to get a follow on this competitive platform, I anticipate that having another good year or two will result in a growing following via Zulu Trade. Well, that is about it for my plans – so what are yours?

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