Keeping track of progress in your career
When you start trading in Forex, there are some ways you can track down your progress. Some traders try to maintain a routine but a routine will only keep you checked on important things like analyzing the chart, knowing the different price trends and others. If you really want to know if you are improving or not in your career, you should read this article. This article contains some tips that will tell you how you can improve in your career and also keep a track of it the improvement. If you do not know how much progress you have made since the beginning, there is no use you should trade in Forex. Without development and growth, your career will come at a standstill.
Use of trading journal
The trading journal is one of the most efficient ways to keep track of your past trades. The traders should always use old-fashioned paper-based journal since it will allow them to identify their key mistakes. When you start to develop a habit of writing down the details of each trade, you will slowly realize you are not overtrading the market. But this will never happen to you if you maintain a digital journal. Sometimes the old-fashioned way is the best way to improve your skills.
There are few advanced platforms which will record all the details of your trade. In fact, you can also add a custom comment to your past trade. So it’s an added advantage to have such online trading platform. Choose your broker very wisely as they are the one who ensures high-quality trading environment. Never compromise your trading environment as it will make things difficult.
Make a diary of your weekly goal achievement
The first thing you should do is make a diary. In this diary, write all the weekly achievements that you have made form the Forex. It can your first profit and also winning in the traders’ quiz competition. There is no achievement that is small and tries to focus on aiming for the bigger price. As you develop, you will get to know more skills and also know how to use them in different trends. Write the diary every week and update it with your recent prizes. If you think you are not making progress, you can check your diary and know if there is any development from the novice level. It is better than a routine because a routine is like a work schedule. It does not contain how much you have improved but only the list of works that you are supposed to do. A diary is a vault and it contains all your successes.
Learn from experts
If you are using social media for communicating with your fellow traders, you should know they can better tell you where you need to improve. We ignore our own mistakes and that is why a person is needed to make us see the mistakes. Communicate and ask your co-trader if your skill and performance has improved. Do not trust your account as it may give you the wrong information. Overtrading can increase your profit and the size of your deposit for a small time but for a long time, it may not sustain. You can also make a trading buddy who will tell you where you have room for improvements. This is another way you can take the benefit of a relationship with your fellow traders.
The outcome of each trade
It is the last way that can keep a track of your progress. In your diary, make a list of how many trades you have won in the last month and how many you have lost. If the lost seems to be surpassing the winning trades, you should review your strategy. If the winning is greater, you are on the right track.