End of Financial Year Resolutions

”A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.” ... Herm Albright 

It is the financial resolutions we can make at the start of the financial year that can make a real difference to how we end it. So here are a few basic trading resolutions that I think are worth bearing in mind every year.

1. I resolve to overview and enhance my personal trading plan and then to adhere to it.
2. I resolve to have a stop loss for every Contracts for Difference (CFD), Forex, Index trade I enter. It will save me making bigger losses.
3. I resolve to look at the chart of every before I enter the trade as this should stop me from making some elementary timing errors.
4. I resolve to take a short break from trading when fear, greed or desperate hopes take over.
5. I resolve to analyse my mistakes. Knowing where I have gone wrong, and which decisions have paid off is the first step to formulating a more effective trading and investment habits.
6. I resolve not to trade with the mindset of big profits every trade.
7. I resolve not to over trade. You don’t have to trade every day. Wait for the trade to come to you.
8. I resolve to keep my records up to date.

So there we are. These are all things that I need to remind myself to do, and they are resolutions that, without being pompous, I think all investors can do well to follow. There is, I think, one final resolution to make and to bear in mind at all times.

“Income tax returns are the most imaginative fiction being written today”