As the New Year approaches, one year passes and another arrives. It’s an excellent time to review the year that’s been, take some “biggie” improvement action points out of it and step forward with clarity and purpose for an even better year ahead.
Here are 5 majors to consider when taking stock.
1. Are there ways to improve your EXECUTION PERFORMANCE?
If you have a systematic trading system with well defined trading entry, exit and position sizing methodology, you will know where you should have got in and out of a trade and the “how much” question. How compliant was what happened when compared with what should have occurred if your trading system was implemented precisely?
2. Have you exhibited anything less than a stellar MENTAL PERFORMANCE?
Traders can make a habit of convincing themselves to take an action or rationalizing reasons for inaction. Fear and greed runs rife when the financial market presents pressure, stress and elation for you. It’s important to consider how these demands have affected you and whether they have impacted the delivery of your financial results. What can you do to become more steadfast and resilient under strong mental influences?
3. How have your TRADING SYSTEMS performed?
If you strip everything bare and take away your mistakes and other foul ups, what did your trading systems actually achieve?
Dare to take a look to see whether your trading systems met your financial goals for the year. A comparison between planned and actual achievement can leave clues about how to reposition yourself to go beyond to new levels and blast through any temporary ceiling. Can you uncover a breakthrough revelation?
4. What’s your BROKER’S PERFORMANCE been like?
When trading spot forex, spread, slippage and other broker related factors could really make a difference. Are you in a position to judge whether you got competitive execution and service delivery from your broker? Small execution differences can make a big difference over a number of trades and affect the suitability of different forex pairs and trading systems over different timeframes. Is it time to make a change or are you trading with a superior broker?
5. Are there opportunities to STRATEGICALLY POSITION yourself better?
As time goes by there is progress all around us. The world changes and so do factors affecting our trading and how we get it done.
It’s important to pause for a moment and really consider what you can do to steer yourself to financial prosperity through trading. Not only that, with technology developments and other progress we can change and improve how we get things completed.
Analysis and Review for Performance Improvement
With a carefully planned evaluation process, your trading can lead you to improved performance. There are clues there for the taking if you take the time and know where to find them.
Targeted information capture can be a gold mine from the analysis and insights it enables to come forth. Not only review the year coming to a close, but put in place processes to grab information during the year that can provide an improved wealth path.
Set yourself up for an outstanding 2014. Use the detail and capitalize on the clues that 2013 is leaving behind to propel yourself to new heights.
“We need to internalize this idea of excellence. Not many folks spend a lot of time trying to be excellent.” – Barack Obama
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