TRADERS, RAMP UP YOUR SKILLS IN FIVE WAYS
As a trader, it is normal to spend several hours studying markets and analyzing charts to improve capabilities. Unfortunately, the length of time and you exert in your job will not necessarily guarantee positive results. It is still important that you learn through experiences you gain from repeated choices. Below are simple routines you can try to enhance your trade performance.
Have a buddy
Seek help from someone that will hold you accountable for your decisions. This person is sometimes dubbed as your "trading referee," who will monitor you in case discipline lapses and emotion-driven moves get the best of you. It will keep your mistakes at a minimum, and save you from massive losses as well. This could be a family member or friend, whom your will report your moves. A lot of times, the idea of having another individual who will check on your work will push you to avoid common slips.
Moreover, you can join chats or forums with fellow traders in order to share your difficulties and concepts. You may ask for feedback as well. The crucial part here is choosing your referee, as the wrong person can do more harm than good.
While there is nothing wrong with discussing performances and positions with others, their say on specific trades is a different story. Stick with your own plan instead of letting hearsays dictate your strategies. It does not matter if the person is someone you respect, if you have different opinions, it is wise to go with your own belief since this is how you learn best. Allowing media and others to constantly change your mind will result to stress, and inevitably, poor performance. You worked hard in creating your methods, so do not let mere words ruin your your progress.
No matter how simple a strategy may look like at first glance, it may surprise you in real market conditions. Every trend will be different, and this may catch you off guard since it looks nothing like textbook examples you have studied. To resolve this, develop a habit of practicing in a demo account until you generate a consistent profit. This will help you familiarize yourself with market shifts, and stay clear of the usual errors such as in position sizing.
Ensure mental clarity before starting on your trade for complete focus. Do not open any unrelated tabs such as social media and movies. Check the economic calendar as well to have a warning of future events that may alter the market movement. These small measures will save you thousands of dollars, as a single mistake can wipe out your whole account.
Record your trades
This is done so you will have something to look back and review. Screenshot your fundamental notes, targets, and entries to have an exact account of what you did in certain conditions. Establish a period of assessment based on what kind of trader you are. Doing this will also show where you usually make mistakes and your strengths.
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