TEN: Must Have Trading Tools
A trader must see the big picture in trading to survive and prosper. If you only look at the small time frames you are only seeing the foothills of a tall mountain. It is necessary to look at the larger time frames and trade in the direction of the larger trend.
If a trader is going to be in the currency trading business very long they must look at the current trade as only one of many trades. This will help to get out of a bad trade without the emotions.
Keeping a trading journal and using the trade tracker are two of the things that will improve your trading more than anything else. It can be hand written, or on a computer but keep a trading Journal. It is not important to have good grammar and spelling. You can record all the dates prices and facts about the trade but be sure and record your thought and feelings about the trade. Why you took it and why you got out. You can do this on the trade tracker. This exercise will put you on the right track faster than anything else. It will uncover your strengths and weaknesses. You can guarantee that you’ll see a pattern in your behavior. There is probably something you are doing consistently that’s causing negative results. Once you know what you are doing wrong you can correct it.
Just look within, you will be pleased at what you find about your trading. You have it inside already just uncover it.
Tagged With Emotion, Forex market, forex strategy, forex tips, Forex trading, Inside The Trader's Mind, Trading smart, Trading Tips
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