Till Kleinlein will give you an answer to this question on March 22, 2018 at 6:00 p.m. in the GKFX webinar "Become a better trader - How your behavior affects performance". The question of what are the personal strengths and weaknesses as a trader is difficult to answer for many traders. Nevertheless, this is the basic requirement to become a more successful trader. Only those who know what mistakes they make and who knows how to get started can work better as a trader.
In this webinar, traders learn how they can improve. Using practical examples, Till Kleinlein explains how beginners and advanced users can use simple means to analyze their trading behavior and thus improve their performance. Only regular analysis of your own trading behavior helps to avoid mistakes in the future and thus increase your profits. Self-reflection is therefore very important for traders. In the GKFX webinar "Become a better trader" you will learn why keeping a trading diary can quickly pay off.
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Important tasks for traders
No master has yet fallen from heaven. But how do you really become a better trader? There are several ways to do this. The most important thing is to approach trading with a strategy. Risk management should also be planned well before you start trading. In addition, GKFX's webinars, for example, help to continuously improve and expand his trading knowledge.
In addition, traders should always be informed about the current market situation and important news. This can also help to find promising entries. The conditions under which a trader enters a trade are also defined in the strategy. Here, a thorough analysis using the methods of technical analysis or fundamental analysis can help to locate these predetermined entrances. You should also know how much money you can lose before you get started, and set a stop loss here, for example.
Trading diary helpful for personal development
One for many traders A very effective means of constantly improving yourself is a trading diary. In addition, some trades also use a trading plan, which they regularly reposition. This support prevents traders from getting into a trade from the gut. Here too, clear criteria are formulated as to when to start a trade.
If you work with a trading diary, you can not only track your personal progress, but also see how profitable it was. Among other things, a trader notes why you have entered into a particular trade, where you left it and where you made a stop. It is also important with which profit or loss you left the trade. You can then review and analyze these notes later. This way, traders can see which procedure was successful and where they made mistakes.
Documentation on the trade
Traders also note which investment instrument they bought at what price, where they set stops as well as how high the risk and the return were. You can also record whether you went long or short for a position and which strategy you followed. It is also helpful to know why you have opened and closed a position.
A trading diary can easily be created with a spreadsheet program. The goal of the trade and the profit or loss can be entered in this table. You can also use it to calculate the average profit later, for example. By evaluating the trading diary, you can later improve your trading plan and strategy.
Profit from movements in currency
Learning effect and positive psychological effects
The documentation of your traders increases the personal learning effect when trading. The brain cannot remember everything, so it makes a lot of sense to write down certain key points on a regular basis. So we always have the facts in mind. A trading diary is also good for the trader's psyche. Many also note the feelings they had when trading and why they started a trade like this. In many cases it helps people to write down their feelings about an event. So these thoughts are out of your head and you can start fresh with new tasks. This effect can also be achieved with a normal diary, in which people record their experiences at the end of the day.
Individual design and analysis
Traders can now evaluate the entries from the trading diary see what they did right and what they did wrong. The records help to see what can be improved on the next trade. Possible gaps in knowledge can also be revealed in this way. Every trader can individually design his trading diary and record what is important to him personally. The recordings are only for yourself and should not be the main task when trading. You can, for example, go through your recording during the phase when there is little movement on the market or look at the trading diary at the weekend to use the information directly for the trades of the coming week.
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It is also important to be honest with yourself in the diary. For example, if you were afraid of a trade, you should write that feeling down. Even with losses there is nothing nice to calculate. Losses are part of trading and should therefore be recorded as such. By the way, a trading diary can also help you deal better with losses, since you can analyze them and recognize the mistakes made.
Trading diary is a useful tool
A trading diary is therefore in addition to indicators and market information, a useful tool for traders. Not only can they gain experience over time, they also become more aware of their strengths and weaknesses, which they can then bring to trading. Every trader has different strengths and weaknesses. Therefore, every trader should find a strategy in the long term that fits exactly. A trading diary helps to show strengths and weaknesses and thus trade more effectively. Traders can improve their trading and work on their weaknesses with the help of a trading diary.
GKFX for almost ten years on the market
The broker GKFX was founded in 2009 by a team in Great Britain Founded 20 years of financial market experience. The education and training of its customers is very important to the broker. That is why webinars on a wide range of topics are offered almost every day. There is also a large selection of tutorials or training videos. Webinars, seminars and live trading sessions are presented by experienced experts who also take a lot of time to answer the questions of the participants.
Trading via MetaTrader 4
When opening an account, traders have the choice between four models, which differ among other things in terms of spreads and leverage. After opening an account, trading CFDs on stocks, commodities or indices and more than 50 currency pairs in Forex trading can begin. Trading takes place via MetaTrader 4, where numerous trading tools and order functions are offered.
Conclusion: Webinar with tips on tools for personal analysis
In the GKFX webinar on March 22, 2018 at 6 p.m. In the GFKX webinar "Become a Better Trader - How Your Behavior Affects Performance", Till Kleinlein presents practical tools with which traders can analyze their behavior and thus improve their performance. Traders also learn how to become more aware of their strengths and weaknesses.
In addition to a good strategy and a lot of knowledge about markets and financial instruments, it is very important for traders to reflect on themselves again and again. A trading diary is a useful tool. It contains a lot of information about trades made. His feelings about a trade can also be part of the recording. Which information is recorded can vary from trader to trader. For example, you can write down why you made a trade and whether it was a long or short position.
With a regular evaluation, traders can now see whether they have made progress in trading. Errors and their causes are also visible. Now you can determine how you can avoid these errors in the future. For example, it can be seen that a knowledge gap was the cause of the error. In the GFKX webinar "Become a Better Trader - How Your Behavior Affects Performance" you can learn more about the trading diary.
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