Forex Trading Performance
As in any business, the ultimate success of that business will rely on your understanding of financial figures. And that is certainly true as it relates to trading in the financial markets. Successful Day Traders know that they need to track their trading performance on a regular basis so that they can continually improve their process on a daily basis.
Understanding Trading Performance
In the Financial markets, we read a lot of talk around trading performance and more specifically about how we might go about tracking and enhancing trader performance. But what exactly does that mean? Trading performance tracking refers to the process by which a trader can monitor, and evaluate various trade executions in an effort to optimize for better results.
There are many different performance variants that a trader can use. . We have found the most effective way to measure performance is to focus on the most relevant elements that will provide us the most insight, and help us to achieve the greatest percentage of benefit for our trading tasks.
In many cases, we see traders who big the common mistake and one that will eventually catch up to those who downplay the importance of taking notes to follow your trading habits daily and performance tracking. The importance of monitoring, evaluating, your day trading performance is VERY IMPORTANT.
We feel that if you measure much you will improve much! And so, while some newbie traders consider the whole process of trade evaluation as an unnecessary tedious endeavor, professional traders have come to realize that it's a very important part of their success.
So what methods should we use to track our trading?
There are two primary means by which you can facilitate the data collection task. The first involves a more basic process wherein you would manually input the most important trading data, such as entry, exit, win, loss, etc... it's important to keep these on a notepad or excel file.
The second approach, is to use standalone trading software to evaluate your performance. . The benefit of the integrated approach is that that it will relieve you of much of the data entry required, as your broker’s platform will automatically send in all of the required trade data directly into the trading journal software. This approach works well, however not every platform will work with the different software, for example we trade on interactive brokers and there is not a software (third party) to use. We have noticed many 3rd party software systems can work for Forex.
Winning Can Be Taught By Watching Others Succeed
One important aspect of our Forex Education Program is that is based on real trades that we take. This is the first time we have created a video library and talked about each and every trade, win or lose we discuss.
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