This is a well-documented fact in the “business” of trading financial markets. The fact is that 90% of forex traders lose and continue to lose money. So if 90% lose, that means 10% get every time.
To improve my own trading record, I deliberately tried and found out what I had to do. Namely to be one of the 10% (Winners) who consistently make money from the remaining 90% of the less fortunate (Losers) who doesn’t.
My research and investigation are to talk to as many successful traders as possible, read as many articles as possible. And also read many publications, as well as books that have been written by successful forex traders. It wasn’t until I began my research that I quickly realized how much had happened. And no doubt will continue to be written about trading and the psychology of forex trading. What is even more surprising is the amount that has been written by so-called “gurus” who actually haven’t made much money from businesses that they are supposed to be experts at. I will tell you about some of my findings relating to this author in a future article.
It is my intention to publish my findings in a series of articles over the next 3 months. I hope you can learn and improve your own trade by applying the information I release.
I personally trade the FOREX market now but I have tried trading stocks, futures, commodities and options.
Every successful forex trader that I interviewed emphasized the importance of keeping their trade journal. They will record the date, time, what they are trading, buying or selling. They record prices, indicators used including levels and/or numbers, trends (long, medium and short) and an overall description of why they take forex trading. It is also important that journal entries include notes about trading after the event.
Now comes the interesting part.
Each of them stated that they regularly review their journals (several weeks and several months). But everyone certainly looks back on the previous trade. No doubt learn from their mistakes and to improve and repeat successful trades.
Trade is very disciplined with definite rules for entering and leaving trade. These rules must be obeyed at all times and one of the rules includes all details about trading in a journal, without making exceptions.
I hope that you will all learn something from this and if you do not already have your trading record, then please start doing it from now on. Also regularly check your notes regularly. You will see a noticeable improvement in your performance.
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