Oftentimes I here people argue about if trading Forex is a learnable skill or not. Does one needs to be have certain personal trait to be able to trade currencies profitably? While personal traits make a big difference the strong desire to succeed is more important in my opinion. When I firs started to learn trading Forex I thought my personality was completely unsuited for trading. I was too impatient and it was hard for me to control my emotions.
But along the course of my learning I discovered one very important thing. It may not sound as a new thing to you but for me it made all the difference in my learning. I am talking about accountability. You see, many people who start trading or any other business are attracted to it by the freedom they hope to get. How many times have you heard "be you own boss", or "fire your boss". What actually they soon realize is that Forex or any other business requires much harder work then they used to do working for a boss.
That's why many people get discouraged and lose their motivation. What can help them continue to go when the going gets tough is an accountability partner. If you can find a mentor who trades Forex it would be the best option. But such a partner can be your friend or relative. Personally I have my wife who I report on a daily basis on accomplishment of my daily routine. She has no idea about the exact meaning of what I do but it's not important. What is important is that I feel accountable to finish my tasks on time.
So what you can do to make your skill better in Forex trading. Find yourself a partner who is supportive of your endeavor. It can be another trader, your relative or friend it doesn't matter. Pick a trading strategy that suits you the best. Make a plan to test that strategy certain amount of time each day. List the parameters of your trading that your want to improve. They can sound like "do not move stop-loss order", "Enter a trade as soon as X happens in market", "Wait until price reaches take-profit or stop-loss levels and do not close trade manually", etc.
At the end of the day report what tasks you managed to accomplish and the ones you failed. It doesn't matter how successful was a trade. If a trade hit the stop-loss but you managed to stick to your rules it's a success. If a trade turned out to be a winner but you did it by breaking your rules you failed.
The main point of finding accountability partner is to help you to develop a habit to stick to your plan. Once the habit is in place profitable trading will become easy for you. Actually it's even surprising to see how simple it becomes. It's like riding a bicycle. Once you learn you will never forget it.
Albert Schmidt is a part-time currency trader. After quite a few months of struggle he learned to make consistent profit trading in Forex. Review a trading strategy that he is trading successfully. |
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