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.
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.
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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.