As the trading year of 2014 nears its end, Forex traders around the globe are already preparing for the next trading year of 2015. What new targets will you aim for? What new goals will you try to achieve? What method in trading would you like to improve? The sky is the limit!
Before you move on to setting new targets, it is a part of the process to sufficiently evaluate, reflect, learn from the past, improve, etc. Then you can move on and set up new goals for 2015. It is important to adequately address the current year and learn lessons from it.
This post explains why and focuses on giving you a guideline for the above.
FIRST THING'S FIRST
Back in January 2014, your first step of the plan for success in 2014 was to set up realistic expectations. Read the article from (almost) a year ago here.
It is important to evaluate whether those expectations have been met, and specifically to measure whether last year’s goals been met. Why would this be an important task?
This allows you to learn from the past and incorporate your new experiences and knowledge for realistic expectations and goals in 2015. Basically, you want to measure if your SMART* goals of a year ago were indeed met and then understand why yes or not (*SMART stands for specific, measurable, achievable, realistic, and timeliness). This process will allow you to understand how and what improvements can be made in the future.
The following questions are good to keep in mind:
- Did you meet your (some of your) goals?
- Did you meet your (some of your) sub-goals?
- What were the reasons for reaching them (partially) or not all?
- How can you learn from that to make better SMART goals next time?
- What can you do in 2015 to ensure SMART goals are better formulated and/or have a better chance of being hit?
How well did you meet your targets? On a scale from 1 to 10, what grade would you give yourself? (10 is when goals have been fully met and 1 is totally not hit) What grade do you think others would give you? This could be different than what you give yourself as you tend to be more tougher or easier on yourself than others.
REVIEWING LAST YEAR
Before moving on to the new trading year, you also want to revisit some of the work you have done a year ago and see if it is still valid (click here for last year’s post). You want to check the following things:
- Has your motivational driver changed in any way?
- Is your current situation different than a year ago?
- How does any difference or lack of difference compared to a year ago impact you?
- Have you added or do you want to add any non-breakable rules?
- Has your daily routine changed in any way and did you update it in your trading plan?
The next step on the list is to evaluate whether any changes are present in your strengths, weaknesses, opportunities, and weaknesses (SWOT). Has 2014 changed your SWOT analysis? It is time for a yearly update. You also want to take the time to review whether your mindset and view on the trading has changed. Read more info on SWOT and mindset here.
Last but not least, there is one more important step before moving on and focusing on 2015. The year 2014 has undoubtedly had one or even a couple of:
- Great fantastic trades;
- Horrible blunders or costly mistakes;
- Interesting but missed setups;
- Fantastic trends that you did not trade;
- Tight consolidations that you traded too much.
Forget them and reset your mind to be fully focused on the new goals!
GOALS FOR 2015
With a thorough review of the 2014 trading year behind you, it is time to move on and think about 2015 expectations and set up new SMART goals for the New Year.
With the new experiences and knowledge you have acquired in 2014, it is highly likely that this process will be different from a year ago.
This is a good development and will increase the chances of reaching your goals in 2015.
What do you expect in the year 2015? What are your main goals for the new trading year? What improvements have you spotted in 2014 that could be useful for 2015?
Let us know down below what you are thinking, and write down a quick chat.
If you are curious about the market direction, take a look at this blog post for my predictions and expectations in 2015.
With that said, I wish you everyone merry and happy Holidays. Take some time off too, besides planning, as this is a good time to recharge the batteries and get ready for the new trading year. Next week the market will be a slow market anyhow…
Thank you for reading!
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