- Keep a Forex Diary
Most
traders fail because they make the same mistakes over and over. A diary
can help by keeping track of what works for you and what doesn't. Used
consistently, a well-kept diary is your best friend. When keeping your
diary, make sure that it contains at least the following:
- The date and time you took the position.
- The rate at which you took the position.
- The reason you took the position.
- Your strategy for the position.
- The date and time you exited the position.
- The rate at which you exited the position.
- Your profit/loss on the position.
- Why you exited the position. Did you follow you strategy?
Once you learn to recognize successful trading patterns, you will be able to spot them when they return.
Be
aware that trading foreign exchange on margin carries a high level of
risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to
invest in foreign exchange you should carefully consider your investment
objectives, level of experience, and risk appetite. The possibility
exists that you could sustain a loss of some or all of your initial
investment and therefore you should not invest money that you cannot
afford to lose. You should be aware of all the risks associated with
foreign exchange trading, and seek advice from an independent financial
advisor if you have any doubts.
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