In order to achieve effective results have not sufficiently profitable trading. An important influence on the process and the result of trade and has the human factor, which requires compliance with a certain discipline and constant attention.
It is the lack of concentration, as well as unfounded action, led by fear, greed, can lead at least to the loss-making results of individual transaction, as a maximum - to drain the deposit. Control their emotions and reactions will allow to achieve good results in the Forex market. The development of its strategic line (not a trading strategy!) And following it is the key to success when trading in all financial markets.
The need for keeping a diary Forex trader.
Learning from your mistakes is necessary - this rule can be attributed to the participants of the Forex market. Being newcomers bidder constantly making the same mistakes, inadequately react to similar situations - and basically it all happens for psychological reasons. To cope with this problem is just to help the so-called forex trader blog - also known as journal trader transactions.
In this blog enters the information for each open order: the reasons for the opening of the transaction, the time, the result of trade, the experience. In the future, in a relaxed atmosphere should review its activities, opening logic, closing deals, and if the transaction was a loss, then see what mistakes were made: incorrect interpretation of market signals, hasty input or output, based on emotions, incorrect calculation of the order volume or other causes.
Result diary Forex trader - is to increase self-confidence, the ability to control their emotions, their actions, depending on the market situation, as well as sharpening the logic of trading activities, market processes, understanding the impact of the principal events in the sales process and the result.
Filling in the diary of the trader.
How does logging trader trades on the success of the trade? For example, the transaction was opened, like as, based on the ideal signal. To take profit level is still far, or the price darted to the other side, and emotions cause unreasonable to close a deal or take other action, inappropriate strategy. If this situation will be recorded in the diary, in the future it will allow the analysis to identify errors that the next time will have to try not to do. Record Entries can be made after the transaction and before the opening of the order.
Entries must is objective, the information to be detailed and comprehensive. But this information should clearly indicate the advantages and disadvantages as a separate transaction, and trading strategies in general. More specifically, the record must contain the following information: