Trading is a very long journey. Very few traders have the patience to walk through the process. The journey starts with funding your account and dreaming of making millions pretty quickly. After few blown up accounts and mental trauma one realizes that it is easier said than done. So how can one transform from the one who has blown up many accounts into a successful trader? The only way is to be patient and start studying the art of trading. One has to be open to all sources of knowledge regarding successful forex trading. There are many ways to improve your trading performance.
Don’t Repeat Mistakes
Mistakes are the integral part of trading. There are few common mistakes most traders make when they start. Once you know these mistakes, you might at least know what to avoid. You are not required to make every mistake and learn from them. It is wise to know the mistakes of other traders and learn from them.
Get a Mentor
One easy way to do this is to get a mentor. The advantage of having a mentor is that it will minimize your learning curve. You might still have a tough time while trading. But mentor will be there for you and it helps just to hear from someone who has proven his abilities in the trading business. Mentor is an experienced trader and he knows most of the mistakes. Having mentor eliminates the noise in the process.
Choose a Mentor Wisely
There are many famous mentors available on the Internet. They live in different parts of the world. But it doesn’t matter in the age of Internet. You can always contact them via email, phone etc. But you should choose your trading mentor wisely. Most of the mentors outline their trading philosophy on their website. Study their trading strategy. Read their blogs. Watch the videos. If it makes any sense to you then only go ahead and sign up. Don’t choose the one who uses a flashy marketing gimmick.
One effective way of acquiring knowledge is to read trading related books. There are some excellent books on trading. These books will tell you the logic behind a particular trading strategy or a particular indicator. If you are a price action trader, you should know why pin bars are formed and what information they convey? The books will definitely make you a better trader because you know the logic behind your actions.
Blogs, Video and Newsletter
Other conventional methods include watching videos, reading blogs, subscribing to newsletter etc. Many forex experts write blogs and they comment about the trading. These are some of the cheapest form of acquiring the knowledge, as I don’t know any blog that charges you for reading. Newsletters are also very insightful and you don’t have to search for new posts as you get them right in your inbox.
Trading is hard. But if you are keen on learning then the problems along the way will be fewer. If you have a thirst for knowledge, you can be successful at trading. Be prepared to assimilate the knowledge from every direction. Being a successful trader is not impossible.