Trading opportunities are out there. You just need to know how to seize them. A new year is the perfect time for a fresh start – why not invest in your own education and learn how to become a better trader in 2021? It’s a resolution you can have fun with, making it easier for you to stick to, and you’ll have the tools you need to trade more successfully.
What's your resolution?
Here are some ideas to get you started:
I will not trade with money I can't afford to lose
I will trade based on analysis and logic, not emotion
I will trade in a measured way, create a routine, and take regular breaks
I will invest in my own learning
I will have a reason to trade (taking a chance is not a good enough reason)
I will have a plan before entering a trade
I will manage my risk
I will start by paper trading instead of risking money (Got a Nadex demo account yet? This is a great way to start out risk-free when you're a Nadex newbie.)
Take any of these ideas and make them your own. Your new year's resolution needs to be personal and mean something to you.
How to achieve your new year trading resolutions
As with many things in life, when it comes to trading, if you fail to prepare, prepare to fail. Resolutions can take a lot of work. To help you start 2021 in the right way, we’ve put together some helpful trading resources depending on your experience.
Trading resources for Nadex newbies
New to Nadex? Perhaps you haven’t traded before, or perhaps you’ve dipped your toe in the markets but need some more support? Here are some valuable resources for you, along with some core trading principles you should always resolve to use when you’re first starting out:
Put your plan in place. Every successful trader needs a trading plan. Think of your plan as your contract with yourself. It will help keep you on track, make you focus, help you avoid hindsight bias, and keep you aiming for your long-term goals. It will also dictate how, when, and why you trade, so it will be your go-to fundamental trading tool. Learn how to make your trading plan.
Manage your risk. You need a solid risk management strategy from the start, which will allow you to understand potential profits and losses, trade strategically, and diversify your exposure. Nadex helps you with this too, as all our products are fixed risk. Discover how to make a risk management plan.
Use an economic calendar. Today’s financial markets are heavily influenced by the economic calendar and what’s happening in the wider world. This makes trading more enjoyable too – the more you know about politics, economics, and world affairs, the more predictions you can form when trading the markets. We love the DailyFX economic calendar, which can help you plan out your trading day. We also offer live morning market analysis sessions with our education team on our YouTube channel.
Take proactive steps to learn more. You can only improve as a trader if you put in the work and invest in your learning. Interactive sessions can be a great tool, allowing you to learn, ask questions, and integrate yourself into a positive, helpful trading community. Why not view our free new year trading education summit? There's a series of helpful sessions to get you trading with confidence. We also provide weekly webinars covering a range of topics for trading at Nadex.
If at first you don't succeed, try, try again – and learn from your mistakes! We’re not suggesting you make the same mistakes twice, but you shouldn’t give up either. Trading can be highly rewarding when you put in the work.
Trading resources for the Nadex savvy
Know Nadex well? Perhaps you’re quite new to our platform, but you’ve got lots of real-life market experience? Listen up: we’ve got some amazing resources and ideas for you to try out in 2021, so you can take your trading to the next level.
Get over the FOMO once and for all. FOMO can be a destructive trading habit when you hang on to the "what ifs." What if someone’s placing better trades than me? What if I’d stayed in that trade longer? What if I’d just gone with my gut and placed that trade? We’ve got some news for you: happier, more successful traders learn to ditch the FOMO, and are confident in their own strategies. Learn how to deal with FOMO and become a better trader.
Try a trading lesson with DailyFX. We regularly partner with DailyFX to bring you valuable analyst insights, helping you up your trading game. There are various trading lessons available, such as don't fight the Fed, and learning to let go of the FOMO. You can also explore a whole host of strategies, resources, and news on the DailyFX site.
Look after your physical and mental health. This is important in all aspects of your life, and it’s especially important when trading as you’re making major decisions and risking your money. Traders – especially those who have been trading for some time – can certainly get burnout, so take step to make sure this doesn’t happen to you. Take some time to learn about yourself as a trader and improve your trading psychology.
Learn how to find opportunities in all environments. Experienced traders have their favorite setups and while it can be reassuring to rely on your knowledge, it can also lead to a lack of opportunity. If you’ve been trading a while, make sure you don’t let the markets go stale for you. One of the hardest things to do can be finding opportunities when markets are flat, but the good news is, it’s perfectly possible with Nadex! Why not take a look at our advanced strategies and learn how to make an income from flat markets?
Try something new. Nadex offers a range of products for finding new opportunities in the markets, so see if any of them could be right for you. As well as binary options, we offer knock-outs (very popular with experienced traders) and call spreads (buy yourself more time to be right).
Make 2021 your year to trade successfully
Ultimately, to be a better trader this year, you need to:
Put in the work.
Plan to succeed.
Got any tips of your own? Perhaps you've made a successful trading resolution before – if so, we want to hear about it. Reach out on Twitter and Facebook!
Happy new year, and happy trading, from everyone at Nadex.