Many times when you have been trading for a while and have a hard time to get a success, then good way is to start visiting and keep a forex trading journal.
Forex trading journal is a method to track your transactions and the reasons behind them, without mentioning results. Main goal is to find the losing and winning patterns. And what do you think of when you postion yourself in a winning trade? What about losing a business?
Journal of the transaction in foreign currency should not be complicated, so you can create a Microsoft Excel. You can even write on a laptop to keep things simple.
The products recommended for the following:
• Date of Trade
• The currency pairs
• Trade session (Asia, USA, Europe)
• Reason for making trade
• Current mood
• Final trade result
Having kept a diary for few months, you begin to notice some trends emerge. Your winning business will have them, and then your losing trades. You are shopping not because you are getting bored, isnt it ? Are you dealing with solid arguments? A magazine would tell you things and much more.
There are certain common forex trading mistakes, that every forex trader would come through in early stages. The real way to eliminate these is to understand what causes do they do, and deal with these problems directly.
I met many people from as a merchant trying to learn forex trading, and are generally a little frustrated by the procedres. When it reaches to this, the Forex is to buy either low or even sell high. The issue is that it feels bad to buy only the trends and then sell after price increases. It is more tempting to soothe your ego commercial and attempt to find the base point in a recovery of the currency and buy.
A trading journal is clearly not to solve all your issues. You should look objectively at their trade, to accept their weaknesses and work to correct them. This is the primary key to success in the Forex market.
You may feel a bit silly to write that way, but you will see that you will find the models that you never knew existed. Think of it as an investment. If you want to trade money to treat it like a business. Make a regular practice of things that can improve your results. This will ensure your way to success in forex trading in the long run.