Forex trading journal mark simmons.
If there is one thing you should be doing as a forex trader you should be keeping a Forex trading journal. Unfortunately, this is not something many traders are even cognizant of. Many traders see trading as an event rather than a process and while it is certainly easier to win over the long term with one trade, it is far too easy to lose a lot of money in a short period. This sort of trading ruin the chances for all but the most experienced traders and those who rely on technical analysis exclusively. For those who are learning to trade or trying to get back into the swing of things, there are a few things you should be doing to keep your profits intact.
It should go without saying that you should be charting your forex positions on a regular basis. Search for forex trading journal template online and you will find spreadsheet-type files which will only cause you to mindlessly crunch numbers. With most traders failing miserably at more, you must surely ask yourself the obvious question: "Is all of this technical analysis of the figures actually working?" The answer to that question is no, it is not. However, if you get good enough at gauging trends and changes in the market, then you will be able to pick up on the signals you need to act on and make a profit instead of losing out.
You need to remember that nothing ever grows old. While that may seem a bit of an exaggeration, it is true that nothing remains static in this world. While technical charts may remain relatively constant, everything else in trading keeps changing. Every day brings new traders, new trends, new techniques, and so it is best that you stay well informed so you can do what is necessary to make the most of your investment.
This is why you need a Forex trading journal. A journal will help you to take note of any significant changes which could impact your core portfolio. By charting your portfolio, you will be able to know exactly which investments are doing well and which are going bad. You can use the information you gather to determine which areas of your portfolio need improvement.
It is also wise to keep track of any major fluctuations which could affect your returns. For instance, if the dollar suddenly starts to drop, then you need to sell all of your short positions. You should do the opposite if the dollar starts to climb. There are times when the market goes through such drastic changes which it is impossible to plan ahead and protect against loss. At these times, the best thing you can do is follow your instincts and make trades based on gut feelings.
A good way to make sure you're doing your best in forex trading is to give yourself a reward. Whenever you make a profit, give yourself a pat on the back. You'll notice that if you constantly work at improving your skills, then you will eventually start to see major improvements in your profits. It takes a bit of patience and discipline to make a living in forex trading, but if you can learn to harness your emotions you will be one step closer to financial freedom.
Another way to sharpen your trading abilities is to find a mentor. A mentor will guide you to the path you need to take, but he won't do all of the work for you. He or she will provide you with trading education and will teach you how to use the tools available to you. You will still need to learn how to make accurate, timely trades in order to become a profitable trader. However, a mentor will help you overcome any doubts you have so that you can become a successful trader.
Mark Simmons gives you the opportunity to make a serious income in the Forex market. But, in order to do this, you must first master the tools necessary to make consistent profits. Once you master these tools and become an experienced forex trader, you will then be able to move on to bigger and more sophisticated investments.