TRACK YOUR PERFORMANCE
Hey there you enthusiastic currency analysts, The TechnicalTrader123 here another topic:
TRACK YOUR PERFORMANCE.
A lot of people within the foreign exchange market have 3 problems:
Tracking your performance helps to instantly fix two of those issues and can help you to fix the third as well.
While the markets are changing every year because of market dynamics, they relatively stay the same. Meaning once you have a good understanding of the market and have a consistent profitable strategy you can make money (potentially) forever.
Are you actually profitable??
A lot of people call themselves profitable because they make money and end up in profit at the end of the year. While this is true, I tend to disagree. To me being profitable is being able to profit by staying true and consistent to your strategy.
How often have you risked more after a loss? How often have you over leveraged or scalped on a move to squeeze out a little extra profit to make sure you made money this week? How often do you lose money and then double the risk to gain it all back going the opposite direction?
To me that is not being profitable. To me that is just making money in a non-sustainable manner.
When you actually track your performance via systems such as FX Blue or MYFXBOOK it will show you just how good you actually are; and, quite frankly, it will help you immensely with your trading. Trading is 90% mindset and being confident in your abilities.
But, how can you be confident in yourself while knowing deep down that the only reason you've made money so far is due to over-leveraging on the correct trades? What happens when you choose the wrong trade to go all-in on?
In the end trading is just a mathematical formula. Nobody can see in to the future, making knowing which trades are going to be winners or losers undeniably impossible. The only thing you know is approximately how often to be wrong, but you don't know when.
MYFXBOOK tracks your performance beautifully, which then gives you the confidence within your ability and at the same time can be a nice track record to gain potential outside capital.
If you aren't tracking, you're losing out on an incredible tool that could take your game to the next level.