While the prospect of making money on the forex market full-time seems like a very enticing career for many, it is not for everyone. It takes a specific kind of individual with certain must-have traits in order to succeed in this battlefield. Of course this is not to discourage those who are looking to pursue … Continue reading Are you ready to be a full-time trader?
While the idea of keeping track of every single trade idea, decision, and outcome seems tedious, it could hold the key for forex trading consistency and long-term profitability. Here’s why it is important to develop the habit of maintaining a trade journal and its benefits for your trading psychology. A complete trading journal not only … Continue reading The importance of keeping a trade journal
Much has been said about the importance of having a trade journal but it is also necessary to emphasize that its efficiency hinges on its completeness. Not only must it have the pertinent trade details such as entry and exit prices, but it should also have notes on your fundamental bias and your decision-making process. … Continue reading Components of a complete trading journal
As discussed in the previous section, it is very important to have a thorough review of your trade in order to determine what you did wrong or what you did right. In case the trade turns out to be a losing one, you can still benefit from it by figuring out what you could’ve done … Continue reading How to learn from your losses
While the previous section focused on how you can learn from your losing trades, this article breaks down how you can learn from winning ones. More often than not, winning trades contain valuable lessons that a trader can build on to get more profits later on. While losing traders offer the chance to learn from … Continue reading How to learn from your winning trades