Non-Farm Payrolls(NFP) also known as Employment Change is all about the change in the number of employed people during the previous month. These stats exclude the farming industry hence it is called Non-Farm Payrolls. The stats are usually released every first Friday of the month, after the month ends .
Why Do We (traders) Care About NFP?
NFP is an important data from the United States which is the leading indicator of consumer spending which is highly linked to the improved economic activity. Planning improves one’s performance. I always plan ahead because I hate being random. The first NFP of 2023 is on the 6th of January. Below is the Non-Farm Payrolls 2023 dates. Should you wish to learn how to trade NFP, WhatsApp me on +27 78 144 6851 for a quote.
Hello subscribers and readers. It’s a new year and I hope you are all in good spirits and have landed safely in 2023. This is the first blog post of many. Please subscribe for future publications and if you wish to read on the go, download my APP. This post is all about preparing for your trading year. I will share only 3 things that you can do to prepare for your 2023 trading year. Without further ado, let’s get straight to it.
Set Your 2023 Trading Goals.
The possibilities of making money in the markets are endless. There’s a lot that you can achieve with trading. There are NO guarantees that you’ll make a certain percentage every month because the markets conditions are not the same. Sometimes there’s more trading opportunities, sometimes there’s less trading opportunities and sometimes there’s none. The word “guarantee” does not exist in a trader’s vocabulary.
Some months you can reach your monthly target, you can make less than your monthly target and some months you can even exceed your monthly target, that’s the nature of the markets. Understanding this is crucial. You may love to read the post on HOW TO SET TARGETS.
Before you can start trading again in 2023, ensure that you have determined your short term and long term goals. Setting goals gives you a strong “WHY”. If you have no idea why you are trading, maybe you shouldn’t even trade. I have published an episode on my podcast on goal setting. You can LISTEN HERE and use those tips to set your own short and long term trading goals.
Create Your Trading Plan.
Failing to plan is planning to fail. Always plan your work and work your plan. There is so much power in planning. If you don’t plan for your trading sessions, you’ll end up spending long hours in the markets unnecessarily so. When you don’t have a trading plan, you are not different from someone who is driving around with a map but no destination of where they are going.
A trading plan should outline your trading rules and it has to be adjustable to accommodate market conditions. It must also outline how much time are you planning to allocate to your trading. Creating a trading plan is easy, but the biggest challenge is following and sticking to it. That requires a lot of discipline. It may not be the easiest thing to do, but with the right mindset, it is doable. You just have to change your mindset.
Keep A Trading Journal.
There is power in journaling. Whether you are journaling your fitness journey or eating habits, journaling helps you keep track of your progress and identify anything causing issues in your journey. I kept a food journal and it assisted me in tracking what I was eating, the foods that contributed to my weight gain and also the foods that made me sluggish and caused “illnesses”. I also keep a self love journal which helps me take better care of myself.
Keeping a trading journal serves the same purpose. It helps you keep track of your trades, and your progress and It helps you identify the currencies/financial instruments that work the best for you. A trading journal helps you keep records of your overall trading activities, you become organized and when you are more organized, you perform better.
When you have a trading journal, you can easily stick to your trading plan, and revisit it to find areas of your trading that need improvements or attention. It makes it easier to work on fixing problems and solving your challenges. If you published a digital trading journal to help you keep track of your progress and create a roadmap for your trading success. You can get a copy HERE. and start recording your trades right away and get organized.
Thank you so much for stopping by and reading this post, I hope this helps. If you find any value in this post, kindly share it with your peers and help me reach as many traders as possible. Feel free to leave a comment in the comments section. Happy trading.
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