{"id":13625,"date":"2010-10-02T11:15:23","date_gmt":"2010-10-02T15:15:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13625"},"modified":"2010-10-02T11:15:23","modified_gmt":"2010-10-02T15:15:23","slug":"my-top-10-forex-resolutions-for-2010","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/10\/02\/my-top-10-forex-resolutions-for-2010\/","title":{"rendered":"My Top 10 Forex Resolutions for 2010"},"content":{"rendered":"<p>Who said that resolutions can only be made on New Year? Well, it\u2019s  still roughly 3 months from the first of January and I already made  mine. I mean\u2026 the earlier I make the changes the better, right? So let  me cut to the chase and tell you now what they are. Here are my top 10  forex decrees:<\/p>\n<p>1)\u00a0\u00a0\u00a0\u00a0\u00a0 Don\u2019t hesitate to trade the breakouts!<\/p>\n<ul>\n<li>Chart patterns are the bread and butter      of technical analysis.  There are five basic must-know chart formations \u2013      triangles, head  and shoulder (inverted), double bottom (tops), cup and      handle,  triple bottom (top). If you spot a breakout.. trade it!<\/li>\n<\/ul>\n<p>2)\u00a0\u00a0\u00a0\u00a0\u00a0 Don\u2019t forget the fundies!<\/p>\n<ul>\n<li>Marry fundamentals with technicals like      you\u2019re marrying Jessica  Alba. Okay, the latter does not make any sense. In      any case, you  should always try to execute trades that are both supported      by  technicals and fundamentals\/sentiment as this would increase the chance       of them winning.<\/li>\n<\/ul>\n<p>3)\u00a0\u00a0\u00a0\u00a0\u00a0 Don\u2019t gamble!<\/p>\n<ul>\n<li>Say no to rogue trading! Trading      currencies is not like in a  casino where you can just do a one-time big      time trade. Of course  you can do that but don\u2019t fret if you find your      account down to  zero the following day. If you want to gamble.. go to a      casino!  It\u2019s more fun there! If you want to profit\u2026 trade forex in a       systematic way!<\/li>\n<\/ul>\n<p>4)\u00a0\u00a0\u00a0\u00a0\u00a0 Don\u2019t revenge trade!<\/p>\n<ul>\n<li>Did I say no rogue trading? Well, losing      is part of the game.  So if you do just relax, calm down, and move on.      Don\u2019t hit the  entry button again and trade twice or thrice of the position      that  you lost in hopes of getting it back and even winning in one go.       You\u2019ll find yourself in a deeper ditch if you lose again.<\/li>\n<\/ul>\n<p>5)\u00a0\u00a0\u00a0\u00a0\u00a0 Manage your positions wisely<\/p>\n<ul>\n<li>Manage your positions wisely like your      managing your chicks\u2026 I  mean your checks. Don\u2019t risk more than 1% of      your account balance  in one trade. Enough said!<\/li>\n<\/ul>\n<p>6)\u00a0\u00a0\u00a0\u00a0\u00a0 Avoid trading in a highly volatile time<\/p>\n<ul>\n<li>Trading during the releases of high      profile reports like GDP  and NFP is not my style. I got whipsawed the last      time I tried to  ride a sudden slide in prices from a GDP report. You      cannot really  gauge how much a currency will move given a report. You      might get  the tail end of the move if you decide to just jump in. If you      miss  it\u2026 then stay away.<\/li>\n<\/ul>\n<p>7)\u00a0\u00a0\u00a0\u00a0\u00a0 Trade on retracements<\/p>\n<ul>\n<li>This one is related to number 6. If you      miss a breakout or the  initial strong move in prices then don\u2019t just jump      in. Wait for it  to retrace (sounds fancy, eh?) so you can get a better price.      Hit  the limit order function\u2026 it\u2019s there for a reason.<\/li>\n<\/ul>\n<p>8)\u00a0\u00a0\u00a0\u00a0\u00a0 Be flexible<\/p>\n<ul>\n<li>The market acts like a girl\u2026 fickle      minded. You just don\u2019t know  what she wants exactly. So sometimes it is      best to just adjust and  be flexible. To be profitable and likable you      gotta do what the  woman wants.<\/li>\n<\/ul>\n<p>9)\u00a0\u00a0\u00a0\u00a0\u00a0 Use a journal<\/p>\n<ul>\n<li>Okay, journalizing sounds kinda gay-ish.      But if you want to  keep track of what\u2019s working and what\u2019s not in your      trades then you  better jot all of them down. Write down your trade ideas,      what  happened, what you did, what you felt\u2026 everything.<\/li>\n<\/ul>\n<p>10)\u00a0\u00a0 Go out. Drink. Chix.<\/p>\n<ul>\n<li>Yes. You read that correctly! Forex is a      tough business with  all the things that you have to read and analyze.      We\u2019re just  humans. We get strained too. Sometimes we have to take a break      as  well. So for my tenth decree\u2026 Free yourself from stress. Clear your       mind. Go out. Drink. Chix.<\/li>\n<\/ul>\n<p>So there you go\u2026 my top 10 forex resolutions. Currently, I\u2019m working  on the tenth (Hey Babe!). Alright. Got to head out now. Peace!<\/p>\n<p>More on <span style=\"text-decoration: underline;\"><a href=\"http:\/\/laidtrades.com\/\" target=\"_blank\">LaidTrades.com<\/a> &#8230;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Who said that resolutions can only be made on New Year? Well, it\u2019s still roughly 3 months from the first of January and I already made mine. I mean\u2026 the earlier I make the changes the better, right? So let me cut to the chase and tell you now what they are. Here are my &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/10\/02\/my-top-10-forex-resolutions-for-2010\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;My Top 10 Forex Resolutions for 2010&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13625","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=13625"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13625\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}