by Ntombi Malatsi | Feb 10, 2018 | FOREX FOR BEGINNERS, FOREX TRAINING
What Is a Forex Trading Journal And why Is It Wise To Keep One?
Welcome back. In the beginning of the year, I wrote my first blog post about the importance of planning. If you missed it, you can check it out HERE. To me , successful trading involves lots of planing among other things. In 2017, I published a post on how to keep track of your own progress, do check it out HERE. Trading is all about performance. Maybe I take my trading too serious. If you are like me by any chance, you could use some practical tips that I am about to share today.
I always talk about keeping a trading journal. I always get questions regarding what to really diarize on it. So today I decided to share some tips. There is no right or wrong way to write on your trading journal. Even with my own mentees we don’t write the same things. There is no right or wrong information to put there, anything goes. This is just like your normal diary where you diarize your feelings, your daily activities, the outcomes of your activities and so forth.
This blog is all about being practical. Every time I write a blog post I try to be as practical as possible. I usually share my own experiences and how I overcame some obstacles in my own trading journey. I believe my tips can be used by anyone irrespective of the method of trading. You do not really have to trade like me or even like how I trade for you to use my tips. I hope you’ll find today’s tips valuable.
Before you engage in any trading activity, you need to understand your state of mind. I think there are days where we should not engage in the markets simply because of how we feel. I wrote a post some time ago addressing this issue, do check that post HERE. If you can do that on a daily basis, you can actually avoid lots of mistakes in your trading. OK, back to today’s business which is about me sharing what I write on my own trading journal. You can alter it to suite your own trading style. This is more suitable for my own trading style. I like to keep things simple, I am a very simple girl.
My Own Forex Trading Journal, What’s In It?
My trading journey has been a very rocky one. Perseverance got me to where I am today. I got to a stage where I was so tired of making money and loosing it all back to the markets because of some news that would come as a “surprise” to me. I also got tired of spending sleepless nights and being grumpy in the house. I will never forget how my son said I control the mood in the house, that was not good at all (let’s not go there, this makes me laugh now). You can read all about my trading story HERE. Any ways, I do preplan for all my trades every Sunday (of course, my trading method allows me to do so). This means I know all the currencies that I will be focusing on or trading, why and when will I trade them. So my trading journal is based on that. There are many templates on the net, but I do not use any template. I only write what I feel at that given moment. No complicated stuff there, just real stuff that I personally note on my own Forex trading journal.
What I write on my own Forex trading Journal before the actual trading takes place:
- Currencies that I will trade
- Time at which I will trade
- Reasons why I will trade
What I write on the day before the actual trading takes place:
- Any breaking news that might affect my trading plan
- My mood, am I worried or stressing about something?
- Do I have enough time to sit for my trading session?
So basically, I do the whole “dear diary” thingy.
What I write after each trading session:
- Was it a good trade, did I choose perfect pairs?
- Any mistakes that I think I might have avoided? (yes I am human, I do make mistakes sometimes)
- What I think about my TP, was is too close or too far? If I happen to close my trade manually, why did I do it? Was it because I had stayed in a trade for a longer time than I thought I would? Was it because the markets did not respond well to that particular event and so forth or was it because I did not have an extra dose of patience to stay longer.
- What is it that I think I should have avoided?
- How far am I from my daily target if it is not yet reached, will I sit for my second trading session of the day (if I have more than 1 session).
- Some notes on how the markets reacted to this particular event, how long did it take to move, how many pips did it move by? Was it the same, better or worse than the previous one (I mention previous trades because of my trading method, I trade the same events repeatedly because they are recurring. I always compare notes from the previous trades to improve on my next one). It is also important to me to note how the markets perceived the event before and after the release.
- Was I happy with the overall outcome or is there any regret?
Like I said, there is no specific way to write in your Forex trading journal. Anything goes, if you feel that it is worth noting down, by all means do note it down. Never overlook your feelings though, note them down. Were you nervous or were you more relaxed, did you panic or you were less or more confident than the last time. It seems too much, but the more you do it, the more it comes naturally and you do not see it as a chore anymore. I always say, your trading should not end when you close that trade. It should begin right there when you do your post analysis exercise. These are the methods that I have used to eliminate all the randomness in my trading. I hope you’ve found something or at least an idea of how to write on your own journal. Thank you for stopping by. Kindly share this post with your peers. You can also check my private lessons & mentorship HERE.
by Ntombi Malatsi | Jan 2, 2018 | FOREX FOR BEGINNERS, FOREX TRAINING
Welcome back and happy new year. It’s a new year, new dreams, new goals and new mentality. Hopefully you have rested, I did. I am ready to roll and hit the markets again. I must add, I am feeling refreshed and ready now more than ever.
On this post, I am going to talk about 4 things that I think will assist in channeling you to the right direction. Below is my A list of the things that have helped me to grow from strength to strength over the past few years of trading the financial markets.
1. Planning
You know how I try to normalize this Forex thingy as exaggerated as it is. I always say if you keep it real, you are likely to treat it as an investment, and that on it’s own eliminates the gambling mentality. During this time of the year, everyone is out there trying to make some plans, be it preparing for the kids to go back to school, going back to work, going back to the gym and also going back to eating clean (yours truly has already started after indulging so much during the festive season) and some are working on new ideas to be implemented to their businesses and so forth. We are all busy preparing for the year ahead. As a trader, you should also be working on your plan for the year. Your planning should not leave out a trading plan which is basically about these key areas:
- What?
- Why?
- When?
- How?
I am very aware that not everyone trades the same way as I do. There are a gazillion methods of trading out there, but there are some core principles that can be implemented by anyone, irrespective of the method of trading used. See, you do not have to trade like me, but you can implement some of my tips in a way that suits your own method. For me, those 4 are a must in my trading plan.
2.Setting goals – short and long term
Trading without any goals is like driving around with a map without a destination. You are just driving around but you are not sure where you are going. Let’s talk about your intentions first. Why did you even open that live trading account? Please do not start with the “I am trading for fun story” because that would only mean that you have a very expensive taste when it comes to having fun. Setting your short and long term goals should not leave out your intentions and your intentions should revolve around the following:
- What are you planning to achieve?
- When do you want to achieve it?
- Is it a daily, weekly, monthly or a yearly income that you are trading for?
Whatever it is, make sure you are as realistic as possible to avoid disappointments which might lead to gambling (it happens when you are expecting too much from a smaller investment) You must also make sure that you do understand that your earning potential is highly linked to your start-up capital. You might like this old blog post that is directly addressing the issue of start-up capital . Please note that my blog posts are in no way about giving financial advice. These are my personal methods that have worked for me. I am also not guaranteeing you anything, I cannot even guarantee my own returns after so many years of trading the financial markets, no one can, because the trading opportunities in the markets aren’t the same every day. If you happen to like what I share, tailor make it to suit your own circumstances and also consider your needs, which might be different from mine. Once you get that out of the way, half the battle has been won and congratulations, you are on your way to achieving them. Your path is getting clearer and clearer, you must just get up and execute. Remember to write those goals down, always keep a trading journal with you, I always do.
2.Focus
This is my personal favorite, without focus nothing great can be achieved. I have seen how it can delay one’s progress/growth. Being focused simply means that we are eliminating all distractions. In our case (as traders) distractions could be all those Forex groups. I can testify to that one. I started to focus more and to see progress when I eliminated all Forex groups. That is the best decision I’ve ever made for my trading career, I will never regret it. You should try it, and see if it won’t bring about change. Find a mentor if one on one private mentorship and having someone who will hold you by hand is what you need, and you are willing to pay. Try not to follow many social media pages if self-teaching and learning for free from the internet is what you are looking for. Whatever you do should be in line with what you want, you must be sure of what you want. If you need a mentor, you can email me at ntombimalatsi@learnfxtrading.net for a quotation on my private lessons or Whatsapp me on +27 64 510 4132 or +27 76 966 9392. Focus also means we are saying NO to all the noise (there is so much noise in the net) and we are trying so hard to master what we have learned. There is no one way to trade, but there should be one way that you as an individual use to trade. I found mine, it goes very well with my lifestyle, my personality and my needs.
3. Consistency
This can only be possible when you have applied “focus”. Being consistent has got nothing to do with the amount of profits that you make daily. Try to track your weekly or monthly progress because a good trader is the one who can look back on what he/she has achieved month after month and be able to track their yearly progress. Consistency is also about being able to trade the same account, grow it while you are managing to protect your equity. If you are making weekly income for the whole year but you add funds to your account monthly only to donate it back to the markets, I am afraid you are not progressing, and you are not consistent. Being consistent is not about making the same percentage amount per month (remember what I said about guarantees), it is about being able to move/grow your account from point A to B, not necessarily from A to Z. If you manage to move by 10% this month and manage 5% the following month, and 30% the next month, you are doing great. You are maintaining some level of growth, and that is what your account needs.
Adding funds to your trading account is another great way of creating a better trading environment which will allow you to buy and sell in larger quantities. Trading in larger quantities is highly linked to higher profits, which will lead to less pips and more profits. If it means setting aside a certain amount monthly to boost your account, do that, but do not do that only to donate it back to the markets. You will need a certain level of discipline to get to the stage where you are able protect your equity (I cannot elaborate more in a blog post). Lastly, track your progress, get feedback from your mentor (if you have one). Do not shy away from facing the reality of your trading status. Track your progress and be honest to yourself or your mentor, this is a brilliant way of keeping consistency. Many traders think that tracking is about judging themselves and it makes them feel bad for making “stupid” mistakes. The truth is, you can only fix what has been diagnosed and the only way to get that diagnosis is through tracking your own progress. Don’t be too hard on yourself. Be courageous enough to draw those weekly statements and face them. Remember, no feedback is negative. Every feedback makes you to perform better next time. (I cannot wait to resume our weekly feedback sessions with my mentees)
I cannot believe that a well-planned post which was supposed to be only 300 words has gone this far. Keeping it short is something that does not exist with me. I am glad that I did not make any promises of keeping it short (my mentees know, I cannot keep it short). Thank you for for stopping by, sorry for such a long post. If you find it informative, kindly share it with your social media peers and let’s assist as many traders as we can. I am sure someone out there is looking for this practical information. I wish you all a productive and a pip filled 2018.
by Ntombi Malatsi | Oct 22, 2017 | FOREX FOR BEGINNERS, FOREX TRAINING
Hello readers, welcome back. If you just stumbled upon this post, Hi to you as well and you are all welcome, I hope you like it here. Today I might not be your favorite Forex blogger after reading this post because I am about to be brutally honest and I might just burst your bubble.
I know the truth hurts, I hope you find a band aid. I apologize in advance, my intentions are all good though. I hope by the time you finish reading this post, you will make the best decision. Most of my blog posts are from my own experiences or just from listening to my reader’s questions and responding to them via a blog post. I have listened again, hence this blog post. Today I am going to address the “I want to quit my job and trade Forex full time” question. Just hear my views, and you can decide if you still want to. A few questions to ask yourself.
How long have you been trading?
You need to ask yourself if you do have the required experience in the markets. If you have at least traded for 2 years consistently. I know you are probably thinking of that guy/lady you admire so much on IG and FB who just told you this past weekend over his seminar that you can actually make it big as a Forex trader.
I want you to know that that’s very true and possible, but maybe the guy/lady has some trading experience and he/she “forgot” to mention that to you, do not worry though, I got your back OK. You are also probably thinking that if you learn from that person, you will make it. Truth is, you cannot buy his/her experience. You will have to gain yours. So think about that and also be aware that the required experience may be costly.
How much are you willing to invest?
Ok, I get this one a lot, I always get this question about how much can one start with. I even wrote a blog post addressing it, see HERE . Like any other business, if you invest more money in your fruit & vegetable shop, you will be able to buy more stock which will then lead to making more money (if you manage to sell everything, also bear in mind that there might be natural disaster which may lead to unexpected losses, that is how business is).
You will actually make more money than the person who had a small amount of money to start with (I hope I make sense). In your trading account as well, your profits are highly linked to your account size. The more money you have, the more financial instruments you can buy or sell (in larger quantities) which will then lead to bigger profits. We can all trade exactly the same instruments, make the same number of pips, but the volume traded makes all the difference. Forex and fruit & veggies in one sentence? That’s how real I keep it.
Just to get the point across, let’s say you make a whooping 100% every month consistently (Ok, you guys know that I am not out here to double accounts and I do not really believe in that or even know how to double accounts consistently, but let’s just go with that 100%). You are a new trader, you just invested $300 and you can make that 100% (I am so uncomfortable to even write about this 100%). Are you really looking at making a living with only $300 per month? Have you seen the price of food my friend? (I won’t even go as far as talking about petrol and other day to day needs like school fees) so, think about all that, if your answer is no, please keep your day job and continue to trade. Work harder so you can invest more money in your account to make more.
How many hours are you planning to spend?
Ok, with this one, we have to go with my method of trading (my blog, my rules *smiles) which does not require me to stay glued to my laptop the whole day. My live trading sessions are pre-planned. Let’s assume you are all trading with me (please guys show some love and make me famous please, just for the purpose of this post, you guys are all trading with me just for today).
Let’s say we only have 2 trading sessions each day (Monday to Friday). What are you going to do the whole day? Are you just going to sit around waiting for the live trading session? Guys, you will be bored to death believe me. Think about what you will do when you are not trading. Even if you are not trading with me, no one trades every minute all day long. Think about that. Find purpose and be productive. We have a whole life ahead of us. Trading account should not stop us from growing in other areas of our lives.
What if it doesn’t work out?
I can “see” your eyes popping out as you read this. Yes, it can happen. It might not work out. You might give up along the way because you are lacking patience and you are too eager to make money. It might not work out for you because you are all over the place trying every method of trading that you see online. Or it might not work for your simply because you are worrying too much. It happens a lot when you are trading under so much pressure.
You are likely to stress and make so many mistakes when you are already thinking about your monthly bills. Who wants to have one income stream anyway? It is never a good idea to have one income, especially if your only income comes from the markets. We do not create our own trading opportunities in the markets, so what are you going to eat when the trading opportunities aren’t as plenty as they used to be? Think about that.
This post is not about instilling fear. This post is all about being realistic, about what could happen when you drop everything and just trade. For the records, I also try by all means to have as many income streams as possible. I find it weird to have people asking me the “I thought you were trading” question whenever I mention other business ventures that are not markets related.
Until you start that business and it is now paying you, please keep your day job. I know most people do not love their jobs. But think about it. I usually talk about these in detail with my mentees. If you wish to know more about how to be one of them, kindly check all details HERE. I hope you found some value in this post, kindly share to assist other traders out there.
Please help to keep this blog going with free content. If you need to open a live account kindly register with one of the recommended FSCA regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 78 144 6851. Thank you for stopping by.
by Ntombi Malatsi | May 7, 2017 | FOREX FOR BEGINNERS, FOREX TRAINING
Make Forex Trading to work for you, simplify everything
Hi, welcome back. If it is your first time here or you just stumbled upon this blog, you are welcome to subscribe for future posts (hopefully you’ll love this particular post). Today I want to talk about how you can make your Forex trading career less stressful (mine is less stressful because I simplify everything and I do not follow the crowd). Forex trading is all about performance. In any area of our lives, we tend to perform better when we operate from a clear and a sober mind.
You do not get fit just by joining Virgin Active and lazying around at the gym. For you to have that rock hard six pack and a killer flat tummy, you have to work very hard. Going to the same gym does not mean we will all come out with great bodies, only those who are committed to eating clean, drinking water and following all the necessary instructions to attain a great body. You do not jog for only once a month and go for the Comrades Marathon right away, it doesn’t work like that at all. You have to train and exercise for months before the Comrades. OK, before I lose track, let me stop talking about the gym and great bodies (I am already looking at my scale as I write this, I did drink 2 glasses of water on an empty stomach though, trying to follow instructions as well, let me focus).
Make your Forex trading learning process easy, simplify it
So you enrolled yourself for my private lessons (or any other institution) and you are learning how to trade. Now 4 weeks of learning is over ( with some institutions, it is only 2 days though, post for another day) and you are now required to practice what you have learned. I personally offer mentorship to help a learner to master the skill. That is one of the most challenging exercises ever, simply because most of the time, learners lose focus by not following the method of trading that I taught. Instead, they start to experiment a lot with other methods (which is not a bad thing at all) but it is bad to experiment with something new when you are still trying to figure out or master the current. The process should be easy: Enroll→ learn→practice→ and go live (start with small lot sizes only after practicing) →Continue to follow your mentor and be coachable (if you have one), learn until you become a master. But the unfortunate part is that most learners want to do things their own way and their process goes like: Enroll→learn→NO practice on what you have learned→listen to friends→exlpore other methods (before you even grasped or understood what you were taught)→disregard your mentor→go live (start with a huge lot size without any practice on demo or whatsoever).
The biggest mistake that newbies are likely to make is to not follow up on what they have already learned. There is so much information on the net regarding Forex trading, it is really overwhelming and not to mention the fact that everyone claims to have the best strategy than the other. If you do not believe me, go to Google and type Forex, you’ll get millions of sites popping up and they all have a different approach towards the markets. Imagine how confusing that can be to someone who is still trying to learn. There are things that I do not even mention in my class (simply because the method of trading that I use is fundamentally based and has a lot to do with the understanding the economy, central banks and politics and it does not require all those things). If you have never ever heard me talking about Elliot wave theory, RSI or Bollinger bands, Moving Averages, and many other popular methods, do not feel deprived at all. Maybe your mentor has never mentioned any of the things that I talk about the most on this blog, your mentor has never mentioned anything about Central Banks, FOMC, Yellen and all the other things that I mostly talk about (that does not mean he/she is depriving you of some information, we teach what we believe in and what works for us). The success rate will remain low as long as most people’s views of Forex trading are still influenced by what people see from social media which is far from reality mostly.
Is there any solution to the above mentioned?
I believe there is a solution. It worked for me and it works for others even to this date. Learning never stops and reading is good but at some point, reading, research, and learning must be paused and practicing must begin or take over. Did you know that there are people who have been paying one mentor after the other and all they have been doing for the past 5 years is to learn how to trade Forex without ever practicing what they were taught or paid for? If they do practice, they only do it for a week or two and switch to pay another mentor who has the “best strategy”. These people are now a jack of all trading methods but a master of none. Their learning journey is a sad one. Do not be like that. Learn, practice, practice even more and be a master of your craft (simplify things for yourself, it is your money after all).
Two years ago I was shocked to discover that one of my learners went on and unknowingly paid her fellow classmate for mentorship(by fellow classmate I mean the one offering mentorship at a price was not even done with his own training and the other one was not aware that she was learning from an amateur). My lessons are private and I do not train people in groups but as individuals (so yes, they do not know each other). It happens if your keep on learning without practicing, you will end up paying your fellow classmate and for what you already have). I asked one trader if she has made at least 20 trades using what I have taught her, the answer was NO, I only made about 6 trades in 3 weeks. But she has already decided that she is not good enough, what kind of learning is this? Learning is a process, not an event, learning is not about perfection but it is all about messing up and fixing the mess.
To wrap up this post, the saying might sound too old or insignificant or even boring, but it is the truth. Practice makes perfect. Never ever take it lightly. Before I started writing this post, I was too sure it was going to be very short. I am glad I did not even mention anything about keeping it short (I would have lied again) it seems like yours truly does not know how to keep it short. I hope you learned a few things or at least enjoyed reading this post. If you did, kindly share with your peers. If it is not too much to ask, please help to keep this blog going. If you need to open a live account kindly register with one of the recommended FSB regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 76 966 9392 Or +27 64 510 4132. For paid private lessons (you have to be coachable though) fill in the form below. Your details won’t be seen by the public, they will go straight to my email, alternatively, you can view all details HERE.
by Ntombi Malatsi | Apr 14, 2017 | FOREX FOR BEGINNERS, FOREX TRAINING
Ego Is An Enemy That Stands Between You and Your Success
Hi, welcome back again. I want to keep this post as short as possible. I might sound a bit controversial (I’ll probably go hide after this, smiles) but that is not my intention. My intention is to create a platform where all traders feel free to speak about real issues that affect us. The net is full of Forex blogs and sites.They are mostly focusing on issues that are not applicable to us in South Africa. Sometimes the information is just so unrealistic to what we face on daily basis. Now let’s talk about these issues here. Over the years that I have been trading, I have noticed that everytime I read Forex related books or articles, they always refer to traders as “him/he”. I always complain in silence and say but I am right here (ahem! hoping that an author out there will finally recognize us and start using words like she/her). Ok, enough about my whining. Shout out to all female traders out there. If you are here reading, Hi.
Ego is mostly associated with men. This is not a total truth though because I am sure we all know that one lady who has an inflated ego. We always say to those women that they have men like-egos (now I am really not sure why we say that when the ego is not only a men issue). Ego has no place in the markets. Let’s take a closer look at how traders get affected by their ego. Below are some of the ego related issues.
I know how this is going to turn out, I have never been wrong about it
Now, this is definitely an ego talking. A person who has an inflated ego is likely to repeat his/her mistakes simply because this person wants to be correct all the time. When he/she gets caught in a bad trade, it is so difficult for this person to take a loss and move on. This person just wants to be right (do not be that person). Unfortunately, as a trader, you are going to be wrong sometimes and when it does happen, your ego shouldn’t stand in the way.
I have been self-teaching for a year now and I do not need much from a mentor, I just need to brush up my skills and up my game
Just so you know, I took a deep sigh after writing this sub-heading. This is what I hear almost every day. My observation got me thinking that it is mostly men who have this issue (women as well, but not as much as men). Most people who are followers of this blog stumbled upon it while searching for Forex related information (maybe you also stumbled upon here today from Google search). The fact that you are on Google searching for information means that there is something that you need to know or “crack” even after so many YouTube videos and downloading manuals trying to self-teach. When you finally found this blog, the information that you were looking for should be enough to brush up your skills. If after reading here, you still need to talk to me, just throw your ego out of the window and admit that you need help. But it does not always happen like that. Ego always takes over. Get rid of the internal Ego so you can learn.
Ask yourself this question, how many times have you missed out on opportunities to be mentored simply because you allowed your ego to stand in the way? Accepting help does not mean you are a failure. We all need mentors or help from time to time to take us through. Whether it is a paid mentor or someone that you just follow (like you follow on this blog), we all need it. I am actually about to pay a mentor to teach me a few tricks about blogging. In case you are reading here and you actually do need a mentor, this is now your cue to pick up your phone and call or Whatsapp me on +27 64 510 4132 or +27 76 966 9392.
Sitting in a losing trade that will never come back to positive is somehow linked to an inflated ego because all you want is to be right
Think about that day when you made only winning trades from morning till evening. Think about what that did to your confidence, it skyrocketed to another level right? But if you have mastered the art of keeping your trades to yourself, often you have no bruised ego or confidence to worry about.
Very few traders have mastered the art of keeping their trades to themselves (get yourself to that list or stay there if you already have, I intend to stay). When you make a habit of trading and posting your immediate results on social media, you are likely to develop an ego as you get fans who will constantly like and praise your winning trades. When you get it wrong even when you know very well that your fans cannot see what’s going on, you kind of feel like you are letting your fans down (because you have made it part of your daily routine to trade and publish your immediate results). You are also likely to feel pressure and that might lead you to leave a losing trade for longer. Ego (sometimes, you are not even aware that you have developed it) is now talking “you are always right, leave this trade a little bit longer”, at the back of your mind you are already thinking about your fans and your next screenshot ( I know someone out there is going through this, take this unnecessary pressure off your shoulder). Please do not get me wrong here, I am not saying everyone who trades and publishes their immediate results has an ego issue. This is just something I experienced and I hear about it from time to time from my followers. I did mention on my previous post that I treat my Forex account as a business, I stopped doing the publishing thing as soon as I started to see my account as a business. That on its own contributed a lot in my overall outlook of Forex and my consistency (I still make a bad trade from time to time, we all do). Every time I close a trade (good or bad), I use the time to revisit it, check how it went, check if there is anything that I should have done to get better results (even on profited trades), check what I can improve to do better than I did. And all that information goes straight to my trading journal. Now see why I never find time to publish my immediate results anymore? I try to get rid of all destructions. I am not saying be like Ntombi (I was just sharing).
On my previous post, I mentioned that I treat my Forex account as a business. I stopped doing this publishing thing as soon as I started to see my account as a business. That on its own contributed a lot in my overall outlook of Forex and my consistency (I still make a bad trade from time to time, we all do). Every time I close a trade (good or bad), I use the time to revisit it, check how it went, check if there is anything that I should have done to get better results (even on profited trades), check what I can improve to do better than I did. And all that information goes straight to my trading journal. Now see why I never find time to publish my immediate results anymore? I try to get rid of all distractions. I am not saying be like Ntombi (I was just sharing).
Thank you for reading. I enjoyed writing this post. It actually felt like I was standing in front of you having a conversation about real issues that we face as traders. I know I said I will keep it short. I always say that even to my mentees, but look at this post now…
by Ntombi Malatsi | Apr 9, 2017 | FOREX TRAINING
Hello readers, welcome back and thank you for paying a visit. If you are here for the first time, welcome to my blog and I hope you do come back again or subscribe for future blog posts. If this is your first post you’ve ever read here, you might like to read more articles that will tell you more about me and what I am all about. If you wish to read about some of my bad trading experiences, you can read HERE.
If you wanna know more about my misfortunes and how I got scammed, you can read HERE. To know more about my preferred method of trading, read HERE. That should give you an idea of what I am all about. Today I am here to give you tips that I personally use to keep checks on my trading progress.
Managing Forex Trading Progress
I personally do not trade for fun. One day I came across a blog post where they were talking about how Forex trading shouldn’t be called a business. I love reading but every time I read something I usually swallow what I can apply in my personal life and also considering my circumstances and spit out what I cannot use.
I had to give that a name right? So I call it “smart reading”. There are lots of things that I might say on my blog posts that you do not necessarily agree with or are not in line with your own trading method. Smart reading is when you are able to read my posts, take what will work with your own method and spit out what you think you cannot apply in your own trading.
Back to the blog that I came across. I liked everything that I read there, but I did not agree with the fact that I should not see my trading as a business (this was now for my personal reasons).
How Do I View My Forex Account?
As much as many people may disagree, my Forex account is a business to me. For me to be able to respect it, I had to first take it as any other business. For me to take it more seriously, I had to adopt most of my business skills to use in my trading.
When you run a business, you make sure that you calculate every cent that goes in and out of your business right?I use that in my Forex account as well to make sure that I do not over trade. Before I can indulge in multiple trades, I always make sure that I check if I can afford it.
As a trader, there are pairs that you have to stay away from especially when you trade a very small account. Unfortunately, mentors out there do not guide their mentees on this. I always advise my mentees according to their specific amount.
Plan Ahead
I personally pre-plan all my trading sessions every Sunday for the upcoming week ( I do that with my mentees as well). This might not work with your own strategy, but it works well with fundamental analysis, which is what I use). Just like I pre-plan my entire week (for everything that I will do) every Sunday, I do the same with my trading sessions (I hate randomness)
Set Your Daily Targets
When you run a business, you do keep records right? I do the same with my trading account. I keep a trading journal with my weekly expectations and also note down everything as I do the actual trades. Firstly, I have my monthly target of which I scale it down to weekly and break it down to daily targets. This does not only help me to be more organized, but it is also a great way that I taught myself self-discipline and control (this is one of the two traits a trader needs to make it in trading). Imagine driving around with a map but no destination, a journey is more fun if you know your destination. For me, this was a trick that I used to teach myself all this discipline that I now have.
Monitor Your Progress Weekly
As much I set my daily targets, I do not necessarily measure my progress by what I can achieve on a daily basis to avoid being discouraged. Sometimes daily targets aren’t met (which is OK, there are better days at which daily targets are exceeded).
If you measure your progress by what you can achieve on a daily basis, you feel so discouraged when you do not reach it. You will feel like you’ve lost money even if you didn’t. For that reason, I check my progress on a weekly basis while minding my daily targets.
If you are not sure how to set targets, you can use the tips HERE and alter it to suit your own needs. I am a simple girl and I simplify everything. Some brokers do send a daily confirmation of trades and also send a monthly statement. But you can do your own statement from your MT4 on a weekly basis.
Step By Step On How To Get Your Weekly Statement
- Login to your MT4
- Click on “account history” (make sure you do not click on top of the word “account history) but anywhere on account history
- Click on “custom period and enter the dates from the past 5 days (Monday -Friday). Your account history will show all trades from Monday – Friday.
- Right-click again, but this time click on “save as detailed report”. A pop-up will appear and just click “save”. You can rename as week1 if it is your first statement, then save it. You’ll have a professional looking statement where you can see all your trades from the past 5 days. You can use the statement to spot the pairs that performed well and those that did not perform well for you (hopefully you can connect that to what you wrote from your journal). Make this your weekly habit and you will soon see your mindset changing in a greater way, your thinking as well will also be on another level and the only thing that you will want is to improve week after week.
Do that and thank me later. Adopting these tips will also help you to stop doing a “Yo-Yo” type of trading whereby you make a lot of money on Monday and by Thursday you donate everything back to the markets and you are left with nothing, simply because you do not know when to stop trading.
I always thank myself for adopting these good habits and for being so professional about my trading. I am sure now you can see why I am not really a big fan of screenshots. While you are at it, also adopt my other good habit which is focusing more on a percentage at which my account grows weekly instead of counting pips.
Thank you for stopping by. I hope you found this post informative. If you do, kindly share with your peers using the share buttons of your choice below.
If it is not too much to ask. Please help to keep this blog going. If you need to open a live account kindly register with one of the recommended FSB regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 76 966 9392 Or +27 64 510 4132. For private mentorship, read HERE.
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