FOREX TRADERS

[adamsmiths]

Are you making notes of your trading?

Many traders in Forex only trade the market and they do not keep a record of their trading. It is very bad for your career when you are thinking to trade the market long time. If you want to become a professional Forex trader, you should act like one. All the professional traders have their trading records from the beginning of their career. If you look at their websites, you will that these traders, often saying what they would like to say their former selves of many years ago. It is because they have the trading record in their hand which they always analysis to find their mistakes. If you are not keeping a trading journal and making notes of your mistakes of the market trades, you will never be as good as them in this industry. In Switzerland, all the novice traders are always advised to follow a trading journal from the very beginning of their trading career. If you make this thing as your habit then you can easily find your strength and weakness. In the world of investing, it's highly imperative that you know your key strength and work with your weakness to improve your trading performance.

Should you write down or make virtual notes?
The traders of this investment sector are very smart. They do not want to make a note by writing down with their pens. Many people are becoming dependent on smartphone and they are starting to keep a record their trade in mobile. It is important that you write down your trading down. Although these two may sound similar, you cannot access a virtual notebook all the time. You will need a charge and also your device working perfectly. The old-fashioned notebook is much better than this. You can check your notebook any time. And jot won anything that you may have learned just now. When you write things down by your own hand your brain is double checking the information. So basically this helps you to find the minor mistakes in your trade. You should have a decent trading journal which will make sure that all the trading parameters are fully filled during the execution of your trade.

How to make notes?
One important thing is that you do not make it messy like a little child in your notebook. In CFD trading, you need to follow a very precise trading journal in a systematic manner. You have to check your notebook from time to time and don’t spend all day long on a notebook. You have to make separate columns for keeping records of their trades. Many traders understand by keeping notes as writing down and recording their trade results if they have made a profit in the market or they have lost. You also need to write your entry position, your exit position and how much money if you have made or lost. If you use stop-loss which is very important, do not forget to write your stop-loss. In this way, you will know if your stop-loss in effective in your trading. You can rectify your mistakes to become a more successful trader of this investment industry.

Before you get fully invested in the online trading community make sure that you have learned the perfect way to trade. Try to demo trade the market for at least 6 months if you are new to this industry. Always focus on the market trend and execute your trade by assessing the market risk. Don’t get carried away with your emotion if you face few losses in your trades.

Summary: Making money consistently by trading is very hard. For this, you need to be much disciplined. Always follow a hand written trading journal as it will help you in many ways. Focus on your trading discipline and trade with patience. Last but the not least, find reputed broker like Saxo to pursue your trading career.