Forex New Years Resolution

Today was the last trading day of 2006 and I lost.  No big deal… I was cautious today and only traded 1 lot.  I ended the month at +201 pips for my fourth consecutive monthly profit.  Since September 1st, I've been able to compile a total of 978 pips.  I'm generally happy with the way 2006 ended and I'm looking forward to an even better 2007.  What are my plans for 2007?

I won't go back in time to revisit my past trades because I feel like I know what I've done wrong.  A lot of my mistakes are emotional and I must work at either suppressing these feelings or learning another strategy of controlling them.  Like I stated yesterday, my biggest problem is with closing profitable trades out too early.  I feel like I can overcome this problem.  I've made this mistake enough times now that I realize it does nothing but negatively affect me.  It affects my profit in a negative way and also affects my mind in a negative way.  I never close a trade early if it's in negative territory.  I always wait for it to hit the stop loss.  Why can't I do this with the trades in positive territory?  I will in 2007.   

I feel like the previous 4 months have been most important to my progression as a trader and I'll try to continue what I've been doing during these months in 2007.  My plan for 2007 is simple.

1. Continue trading my rules.
2. Introduce another stream of income by integrating Lien/Schlossberg service into my trading. 

It would be shortsighted on my part to strive towards full-time trader status by trading only my rules just like it's not smart to throw all of your money into one stock or mutual fund.  That is why I'm trying to integrate a reputable forex trading service to try to either offset my losses or maximize my profit.  There is also a possibility that I may explore futures trading in 2007 but I don't want to take the focus off of Forex.  Therefore I will start slowly learning more about futures trading.

I hope everyone has been making progress in their trading.  If not, hang in there and continue to work hard.  It doesn't happen overnight.   

Popularity: 3%