Posted by: joetradingplace | April 5, 2015

Improve your trading

As traders we always thrive to be the best we can.So it is very important to go back through your trades every month end to see where you made mistakes and figure out how you can enhance your trading from there.Go through your trading journal trade by trade and ask yourself some questions…Did you take profits quickly?, did you have very wide SL?, did you trade against the trend?, ask yourself all those questions and make sure you correct every mistake. Make sure that most of the mistakes won’t be repeated in the following trading month….thats how we grow as traders or in any profession. If you have done well on your trading this month, don’t be hard on yourself, reward yourself and make sure that you reinforce the good habits that made you a good trader this month.
I was going through my journal this weekend. I have noticed that i made mistakes on 2 trades, but I managed to cut my losses on the two trades…so overally I can say that I have done well this past month. It has been a very difficult month for trend traders, because most of pairs I trade have been moving sideways and choppy. These are very challenging market conditions and if I can manage to do ok in these conditions, I know that I will thrive when the pairs starts trending.
As a trader you should learn to know when your method struggles and make sure that you minimise your risk then and also know when your method thrives…take advantage of that period because it covers all the small losses and thats where you make most of your money. If you are a trend trader, take advantage of the trending markets by pyramiding your positions as the market moves in your favour….when you add positions in a trend, you are using the houses money to make more money.

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