Become a Better Trader
It is a well documented fact that within the "business" of trading the financial markets, as much as 90 % of the participants lose and continue to lose money. Therefore if 90 % are losing, that means that 10% are gaining every single time.
To be able to improve my own trading record, I intentionally set out to try and find out what it was I had to do to become one of the 10% (The Winners) who are consistently making money from the unfortunate remaining 90% (The Losers) who don't.
My research and investigations was to talk to as many successful traders as I possibly could, to read as many articles, publications and books which have been written by successful traders. It wasn't until I began my research, that I quickly realized just how much has been and no doubt will continue to be written about trading and the psychology of trading. What's even more astounding is the amount that's been written by what are known as "gurus" who really haven't made any significant amounts of money from a business which they are said to be experts in. I'll tell you regarding a few of my findings relating to these authors in future articles.
It's my intention to publish my findings in a series of articles over the next 3 months and I hope you are able to learn and improve your own trading from putting into action the information that I release.
I personally trade the FOREX market right now but I have tried trading stocks, futures, commodities and options. I'll be including the reasons for concentrating on FOREX in a later article but for the mean time, let me inform you with regards to one of my numerous discoveries.
Every one of the successful traders I interviewed, stressed the importance of keeping a journal of their trades. They'd record the date, time, what they traded, buy or sell, price, indicators used including levels and/or figures, trends (long, medium and short) and an overall description of why they took the trade. It was also imperative that the journal entry included notes about the trade after the event. If it made money what was the criteria, and if it was a losing trade, why had it turned out to be like this and any contributing factors.
Now comes the interesting part. Everybody of them said that they regularly reviewed their journal (some weekly and some monthly) but everybody quite categorically looked back over past trades. No doubt learning from their mistakes and to improve and repeat on their successful trades.
Trading is very disciplined with definite rules for entering and exiting trades. These rules must be adhered to at all times and one of the rules is entering all details about the trade in the journal, making no exceptions.
I hope you'll all learn something from this and if you aren't already maintaining a record of your trades, then please start doing so from now on. Additionally regularly go back over your records. You'll see a noticeable improvement in your performance.
http://www.HomeForexTrading.com
Article Source: FxTradingStock.com
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by: Jeremiah Prewett
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Date: Sat, 12 Feb 2011
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