It's a well documented fact that within the "business" of trading the financial markets, as much as 90 % of the participants lose and continue to lose money. So if 90 pc are losing, that so means that 10% are gaining each and every time. So as to improve my personal trading record, I intentionally set out to attempt to discover what it was I had to do to become one of the 10% (The Winners) who are consistently making profits from the unlucky remaining 90% (The Losers) who don't. My research and investigations was to speak to as many successful traders as I could, to read as many articles, publications and books which have been created by successful traders.
It wasn't until I started my research, that I rapidly realized how much has been and no doubt may continue to be written about trading and the psychology of trading. What's rather more astounding is the amount that has been created by so called "gurus" who essentially haven't made any major amounts of money from a business that they should be experts at. I'll tell you about some of my findings associated with these writers in future articles. It is my plan to make public my findings in a series of articles over the next 3 months and I hope you can learn and enhance your own trading from implementing the info which I release.
I personally trade the Foreign exchange market now but I've tried trading stocks, futures, commodities and options. I will be covering the explanations for focussing on foreign exchange in a later article but in the meantime permit me to tell you about one of my many findings. Every one of the successful traders I interviewed, stressed the significance of keeping a book of their trades. They would record the date, time, what they traded, sell or buy, price, indicators used including levels and/or figures, trends (long, medium and short) and an overall description of why they took the trade. It was also urgent the journal entry included notes about the trade after the event.
If it made cash what was the standards, and if it had been a losing trade, why had it seemed to be like this and any contributory factors. Now comes the engaging part. Everyone of them said that they regularly reviewed their book (some weekly and some monthly) but everybody quite categorically looked back over past trades. Doubtless learning from their mistakes and to improve and repeat on their successful trades. Trading is very disciplined with definite rules for entering and exiting trades. These rules must be stuck to at all points and one of the rules is entering all details about the trade in the journal, making no exceptions.
Start maintaining a record of your trades, then please start doing so from this point on. Also continually go back over your records often. You will see a definite improvement in your performance.
It wasn't until I started my research, that I rapidly realized how much has been and no doubt may continue to be written about trading and the psychology of trading. What's rather more astounding is the amount that has been created by so called "gurus" who essentially haven't made any major amounts of money from a business that they should be experts at. I'll tell you about some of my findings associated with these writers in future articles. It is my plan to make public my findings in a series of articles over the next 3 months and I hope you can learn and enhance your own trading from implementing the info which I release.
I personally trade the Foreign exchange market now but I've tried trading stocks, futures, commodities and options. I will be covering the explanations for focussing on foreign exchange in a later article but in the meantime permit me to tell you about one of my many findings. Every one of the successful traders I interviewed, stressed the significance of keeping a book of their trades. They would record the date, time, what they traded, sell or buy, price, indicators used including levels and/or figures, trends (long, medium and short) and an overall description of why they took the trade. It was also urgent the journal entry included notes about the trade after the event.
If it made cash what was the standards, and if it had been a losing trade, why had it seemed to be like this and any contributory factors. Now comes the engaging part. Everyone of them said that they regularly reviewed their book (some weekly and some monthly) but everybody quite categorically looked back over past trades. Doubtless learning from their mistakes and to improve and repeat on their successful trades. Trading is very disciplined with definite rules for entering and exiting trades. These rules must be stuck to at all points and one of the rules is entering all details about the trade in the journal, making no exceptions.
Start maintaining a record of your trades, then please start doing so from this point on. Also continually go back over your records often. You will see a definite improvement in your performance.
About the Author:
Todd Watson trades in Forex, tests Binary Option strategy and is always hunting for the next best Forex Robot.
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