Money in Motion

Currency-Trading Resolutions for the New Year

The Times Square New Year's Eve Ball.
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Got your resolutions ready? These will set you up for your next year of currency trading.

Let's see, lose five pounds, take up running, stop snapping at the kids...and sort out a currency-trading plan.

What, that didn't occur to you?

Luckily, Simon Derrick, chief currency strategist at Bank of New York Mellon, has some suggestions.

Here goes:

    - Continue to treat euro zone rescue packages for the euro with extreme caution. After eight (I lost count after a while) summits this year, I think we are justified to feel skeptical about the ability of officials to deal with the problems in a decisive fashion.

  - Don't forget about events elsewhere. It's all too easy to end up getting caught up in the minutiae of particular stories (e.g. Europe) and miss major events developing elsewhere in the world. For 2012 I would pay very close attention to events in the Gulf in particular.

   - Truly safe havens are very few and far between. When you find them, stick with them.

Good luck out there, and best wishes for a happy investing year.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class.

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