Get started

Journal

Assessing your Trading Journey!! Are you moving forward?SELF-DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Assess your Trading Journey!! Whether you are new to trading, or you are a veteran everyone needs to constantly improve and developing themselves and their trading. Would you expect to become a brain surgeon after attending a weekend seminar and reading a few books? So why do so many people expect to become market experts within a short period of time? Trading is a journey. We must have steps in place( Trading Plan) in order to achieve trading success.How long does it take to become a competent trader? This will all be determined by the individual. Below is a quick guide line: Years (0-1) Spend the time and effort in creating a Trading strategy that suits your personality and lifestyle Educate yourself on basic trading books, podcasts, you tube videos and seminars. What asset class will i be trading? Determine whether you will use Fundamental or Technical analysis? Will i be a discretionary or use a mechanical trading system? Open a demo account and learn to use the software and execute orders. Start using a trading journal. Buy self help books and listen to motivational you tube videos Towards the end of the year you will know whether trading is for you or not. Year 2 Fund your trading account with a small amount of cash. Continue learning by reading trading books, attending seminars, Podcasts, forums, watching you tube videos and listening to motivation videos Start to understand the importance of psychology in trading Back test your strategy and gain more confidence in your strategy Develop a trading plan Year 3 By this time you should have created a strategy that fits your personality and life-style. You will be starting to make small gains Improving your trading psychology Improving your trading plan Years 4............ At this stage you should be taking a regular profits from the markets Continue learning through books and listening to motivational videos Always looking at ways to improve your trading strategy and yourself The above is just an example. There are many more steps that you can take in your trading journey and this will be determine by the individual trader :) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
Elements of a Successful Trading Plan 105SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY Elements of a Successful Trading Plan 105 5. Record Keeping Record keeping in Forex exchanging is similarly as critical as the exchanging plan and can incredibly expand the odds of achievement. In a perfect world, a person should keep some type of journal or diary to record every one of the exchanges he or she makes and their outcomes. By breaking down the records after some time, one can search for approaches to refine and enhance the exchanging plan for better outcomes. The diary, which is maintaining by the person, ought to become a precise record of each exchange he or she makes and needs to incorporate the accompanying data Recording the significant data at the season of entering an exchange encourages a person to adopt a deliberate strategy and guarantee that he is making the exchange for legitimate reasons – which is aligned as per the exchanging plan. After some time, he will develop a scope of information with reference to what prompts him to influence an exchange and this can be contrasted with the outcomes to see which techniques are working for individuals and which systems can be enhanced. A person can likewise utilise the data from the records to create certain insights about the exchanging, which can be useful while dissecting the exchanging history and searching for approaches to make strides. The accompanying insights, which are for the most part and are valuable to know: • Win Rate – The quantity of effective exchanges communicated as a level of all exchanges • Average Profits – The normal benefit of every single fruitful exchange • Average Losses – The normal loss of all losing exchanges • Net Profit – The aggregate benefits less any costs that are brought about • Top Currencies – The cash matches that give the best win/misfortune proportion and additionally the most benefit • Top Indicators – The signs used to settle on choices that have the best achievement rate Listed above is just covering a small handful of suggestions and somewhere to start:) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader