If you are making a decision as to whether you want to learn how to trade currencies, or if you are even at the point of where you are trying to make a decision as to whether you want to continue learning to trade currencies, look for light at the end of the tunnel.
This is where the need for accurate and specific reporting is necessary in your trading. Different people use different utilities to do so, one 3rd party reporting tool that we here at the Institute find to be useful is myfxbook. You can sync your trading account directly to it and utilize a plethora of interesting and useful reporting tools.
Recently, I was enduring a bit of a frustrating stretch in my own personal trading. It caused me to question just about everything. I’m told this happens to everyone.
However, in my efforts to get to the bottom of some of my issues, I stumbled upon a number that was very much light at the end of the tunnel. 60%. What is the significance of this number? This is my YTD win rate. You may have heard our lead instructor LaCurtis say at some point, ‘you can be wrong half the time and still get paid…’
Well, all of a sudden I went from destitute and pessimistic to hopeful and optimistic! More exciting than that, was that my win rate in 2015 was around 33%. This was a huge improvement! Even more light at the end of the tunnel.
Now there are more things I certainly need to learn to do better in my trading. 2 of which are learning how to cut out of my losses earlier and overall have a tighter capital management strategy, but the point of the story is that you may be closer to where you want to go than you think you are. This is certainly true for me.
Until next time, happy pipping.
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