Summertime Portfolio Analysis
It's hard to believe, but we recently hit the mid-year timeframe of 2007. I'm sure you and your family have put your much deserved annual vacation plans on the schedule, but before you leave don't forget it's also a good time to look back and see how your investment strategy has been working for you. It's also the perfect time to look ahead and make any changes to adjust your investment plan to insure that your strategies are still on track to allow you to reach your personal financial goals.
I know many of you are only trading the FOREX market and, most likely, you've spent a lot of time and effort listening to the JDfn radio programs we offer everyday, in an attempt to find the best strategy for your personal trading style. Trading is a very personal activity, and I hope you have made mostly positive trades during 2007. Determine your individual progress, and adjust your trading techniques, habits and re-evaluate your attitude as it pertains to trading. Although these are very subtle issues, if you are not dedicated to preparing yourself to act proactively within the trading day, your chances for success are lessened. You should also plan to rebalance your 401(k) at work on a regular basis too.
Re-evaluate your goals as they pertain to your trading habits by determining your risk tolerance levels, which may also need to be fine-tuned. You should also determine the timeframe you are generally working in; decided whether you have short- or long-term intentions. You may also want to find a trading group within your area. Check to see if there are other traders who live nearby who are involved in FOREX or stock trading; learning with others is always helpful. Check the JDfn message board through the PremiereTrade® AI software, and I'm certain you will find a trading group in your area. If you don't find one, you can still use the JDfn message board to communicate with others around the nation who will share their knowledge with you.
You should also plan to attend some kind of training class in the second half of the year to increase your knowledge level. The more education you get, the more likely it is that your trading techniques will deliver the results you desire. If you plan to learn how to cook or to play golf, you'd want to take a few courses to perfect your style and ability. It's the same with trading. If you don't understand the details of how to effectively use your software platform, how to read the current market activity or distinguish the methods of setting up and using proper money management during the trade, your chances for success are limited. PremiereTrade® offers a variety of training sessions, and I invite you to call us to determine if they are right for you. I'm proud of what we do at PremiereTrade, and I hope you will allow us to help you continue to develop your personal trading style through our education, support and training initiatives.
Remember, don't ignore your investments no matter what they are; use this time to see where you've been and determine where you're going in the second half. You won't regret it!
Originally published in the Outspoken e-newsletter.