Next Level of Game:
Forex trading is a thrilling game. Traders apply different strategies to improve their trading skills. There is no short- cut of success in this adventurous game as it is assumed. In order to enhance and improve your trading skills, you need to evaluate your current status. You have to assess your current trading skills, if you want to expand your trade. For this purpose, you need to follow just three simple steps.
First of all, you have to assess your abilities and identify your mistakes which has led to failure in past. You can easily manage both of the tasks by just maintaining a trading journal. You should update it on regular basis. The more effort you will put into recording all significant information in it, the more useful it will be. Then you would not have to go through a complex and time consuming analysis of your performance till today. Such a journal will immediately expose all your strengths and weaknesses. It can save your time and energy at the same time.
After assessing your weaknesses and identifying your mistakes, now you know your weak areas. You have understood what particular steps to avoid. We are all set to broaden their comfort zone. You can start the process of taking your trade to the next and extreme step by working on your rate of winning and profitable trades. Pay attention to the reward to risk ratio but do not use too tight and inflexible stop loss. Secondly you need to learn that experimentation is good but do not overdo it.
Sometimes newbies enjoy a stable trade but then in order to try something different such as a trading strategy, chart or tool, they do not stick to their original plan which mostly results in unavoidable loss. Thus if it is working well then you should just stick to it. You do not need to switch your strategy. Be loyal and stick to it. As we all know that consistency pays off. Your consistency will automatically take you to next phase of trading.