The New Year is always a time for reflection, as we set brand new resolutions in a bid to improve our relationships, physical health and earning potential.
This is borne out by the fact that forex trading volumes tend to increase in the New Year, with the market now increasingly accessible to retail investors and capable of creating a passive income stream for individuals.
For existing traders, the New Year also provides an opportunity to improve their efforts and elevate them to a new level. But how can you accomplish such a goal?
1. Create a Viable Routine
If you’re an existing retail trader who operates on a part-time basis, the key to successfully scaling your efforts and boosting your earnings relies largely on the cultivation of a viable routine.
This will certainly help you to navigate specific trading sessions and time-frames across the globe (regardless of your geographical location), while creating a schedule that can co-exist alongside a full-time job or alternative income stream.
It also enables you to organise your time effectively, while helping you to identify the extent to which automated trading and so-called “forex robots” must be used to implement your retail strategy.
2. Research, Research, Research
Before you take the plunge into full-time trading (or simply start to invest larger amounts of capital), it’s also crucial that you’re armed with the requisite knowledge and understanding of the marketplace.
Remember, trading is a discipline where learning and understanding is absolutely key, so you’ll need to allow for a period of learning and ensure that your skills are completely updated prior to scaling your forex trading endeavours.
We’d also recommend making the time to test your knowledge in a practical market environment, by accessing a demo account through your chosen trading platform.
This can usually be accessed for a period of between three and six months, during which time you can hone your skills in a simulated and real-time marketplace without putting your hard-earned capital at risk.
3. Considering Different Currency Pairs
When you started out as a retail forex trader, we’d wager that you adopted just one or two major currency pairings that afforded you access to key market insights and optimal levels of activity.
However, diversification is crucial to the health of every successful forex trader (as with any type of financial portfolio), so now may be the ideal time to experiment with alternative currency pairs prior to scaling your efforts vertically.
We’d recommend initially targeting minor currency pairs such as the EUR/GBP, before gradually diversifying further (in line with profitability and experience) and embracing exotic pairings like the USD/TRY.
This should be a gradual process and one that cannot be forced, but it must also be considered as crucial if you’re to become a more profitable trader over time.
Stewart Thurlow
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