Are You Set up for Trading Success?

With a New Year also comes new hope and limitless possibilities, which include the realization of newfound trading success. And if you want to know the truth, well, yes, this absolutely could be the year you reach new heights and achieve a level of trading success you could perhaps only imagine in years past!

Table of Contents

However, that won't just happen on its own, and if there are shortcomings in your trading strategy and/or systems, then your road to trading success must begin right there, and right now. After all, you can't expect to keep using the same, faulty systems and achieve different, more favorable results, right?

That's why we're going to kick off 2015 by taking a look at whether you're really set up for trading success, or if factors that are well within your control are acting as headwinds as you continue to pursue your dreams and set your sights on continued trading success in the year ahead.

  • Have you considered your 'trading environment'

  • Are you being ripped off by your broker?

  • Easy steps to increase your success overnight

Best Award Winning Brokers

Show Search Filters
  • is a reputable trading platform, famous in the social trading industry. In 2018, the brand decided to conquer the US market and launched the local brand there. First, the company functioned solely as a crypto trading broker. Yet, later it added other items to its list of tradeable assets. Therefore, now it offers stocks and ETF trading as well. 

    With a history dating back to 2007, eToro has amassed a large user base across more than 140 countries. When cryptocurrency emerged, the brand used a unique chance to enter the American market.

    One of its key features is CopyTrader, the social trading tool and a proprietary product of the project. It allows novices to repeat trades from top traders with just a few clicks. Thus, the tool offers a fresh approach to this asset class.

    This guide aims to provide a comprehensive eToro review to help traders make informed decisions.

    etoro USA

    eToro offers trading services across many regions worldwide including the USA

  • OANDA ( boasts of a high level of trust and reliability, as evidenced by its impressive Trust Score of 93 out of 99. While OANDA is not a publicly traded company nor does it operate as a bank, it is subject to regulation by seven Tier-1 regulators, signifying a highly trusted status. Additionally, it is supervised by one Tier-4 regulator, which means that users should utilize a cautious approach to risk management.

    OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
  • A standalone copy-trading ecosystem, providing equities, foreign exchange, commodities and cryptocurrencies markets. Provides a global selection of brokerages.

Does Your Broker Work with—or Against—You?

We all know that brokers are necessary entities that connect technical analysis traders to an otherwise inaccessible Forex marketplace, and for that, they're invaluable. But don't forget that brokers exist, first and foremost, to make money, not to ensure your lasting trading success, so it's ultimately your decision which broker to use, and it's an important one at that! Sure, it's true that reputable Forex brokers aren't going around actively trying to rip you off, but it's also true that the main types of brokers—market makers and electronic communications networks, or ECNs—have goals that aren't really in line with yours, so if you stand to achieve more trading success and favorable results by switching brokers, then by all means, you should.

See also: The Real Reason Your Broker Offers Forex Education

Carefully consider the merits of a broker just like you would an investment or trade idea, and know whether your broker is winning each time you lose, or each time you trade, as that could be the case depending on which type of broker you use.

Do your homework, make sure you're using a broker with favorable rates, low fees and commissions, and readily accessible tools and support staff to help you trade your best. For starters, check out our list of the best Forex brokers, and from there, feel free to ask around and consult fellow retail Forex traders, but whatever you do, don't start the New Year with the same, old broker if they are currently failing to meet your needs.

Do You Have Reputable Trading Education?

Trading Success: It's All About EducationBesides simply "To make as much money as possible," what are your trading goals, and more importantly, do you have the proper knowledge and tools to achieve them?Sure, a New Year can be a blank slate for losing traders, but if you're coming off a sub-par year in 2014 and don't have a plan to shore up your trading mistakes and/or any known shortcomings, you're no more poised for trading success this year than you were last. After all, it's not like the markets and trading environment change just because the calendar changes, right?

Take a good, clear look at your trade journal, identify your problem areas, and devise a plan to address them. And, if you work with a teacher already—or if you want to now—then you can enlist their help as well.

The point is not to bring old problems into the New Year with you, so this is a great time to focus on continuing education, and with the help of a trained and reputable professional, you'll be more likely to realize newfound trading success much faster than you would while going it alone.

See also: New Trade Ideas You Can Test Out This Month

What Is Your Trading Strategy & Approach to the Markets?

Trading SuccessPerhaps above all else, do some soul searching as we begin the New Year and ask yourself, "What kind of trader am I, or what kind of trader do I want to become?" Having an identity is critical in trading, because it keeps you focused and committed to doing what you do well—your "bread and butter"—and prevents you from going out in search of sub-par set-ups or perfect trades you don't fully understand.

Think back a short time ago to when we talked about how to profit more by doing less. Once you know what works for you, or the strategies and/or set-ups that produce your most favorable results, well then, be that disciplined trader!

If you trade pivots or pin bar reversals on the daily chart, that's great, then do that, and don't constantly flip-flop between strategies, markets, and time frames in such rapid-fire succession that you overtrade (easy to do with scalping) and take unnecessary drawdowns. By virtually any measure, trading success comes from limiting losses and consistently generating small- or medium-sized gains, so be committed this year to being the good trader that comes naturally to you, not some maverick or "jack of all trades" because that's who you think you should be.


Don't you just love the renewed hope and promise that comes with a New Year? Now, we can't be sure of what's going to happen in the markets, but this we can be certain of: there will be new fortunes made (and some lost) this year.

There will also be traders whose careers take off, and for whom things just really seem to "click." Indeed, you could be one of those successful traders, and this could be the year you get to experience the kind of trading success you've often dreamed about. But it's not up to fate, or in the hands of the markets; instead, it's largely up to you.

Take this time to take stock of what you're doing with respect to your trading, and as we discussed, shore up your mistakes and problem areas, save and simplify where you can, and make sure you're really on track to achieve the kind of trading success you covet for this coming year and beyond!

You May Also Like…