1. Stay tuned for important news

If there is one of the most important lessons of 2020, it is that fundamentals and market sentiment are very important, and following the news will give a big advantage for traders, rather than just trading according to technical analysis.

The covid19 pandemic was the most influential thing on the market in the past year, it has created a strong momentum for gold from the first months of the year, and over the past year, gold is an asset with the most impressive growth. Besides, we see the depreciation of the dollar against other currencies, and the US presidential election event has created a new situation for the world financial market. Brexit is also a factor affecting the Pound over the past time, with the end of the year after more than 4 years of waiting.

Stay tuned for important news in 2021, because those are the biggest drivers of the market's movement. But choose only the most important news to follow, do not try to catch news early to trade.

2. Plan to survive major turmoil

The year 2020 witnessed a tremendous increase to the peak of gold, the highest of $ 2,000 of all time, along with many big price fluctuations when the covid pandemic appeared. Those unexpected "Black Swans" events will appear more in the New Year because the year 2020 has set a precedent for the market.

It is therefore important to develop a response plan to avoid stop-loss sweeps, spread spreads, or even fail to exit positions when large volatility occurs.

3. Learn more

Even trader legends never stop learning. The market for them is a rich hidden thing of gold things that people cannot fully understand, and they will always learn new trading thinking and direction every day.

We need to understand that the market is always changing, and you must also change with it in order to survive.

4. Having margins is more important than guessing right

There is a multitude of random factors in the market that can cause your new entry to end up losing money. So basically the goal of completely correct guessing on all positions is not possible.

It matters how much money you make when it's right, and how much money you lose when it's wrong.

5. Take a break if you need to

Take some time off if you feel like you're not thinking clearly.