The Difference Between Success and Failure: Organization

Filed under: Learn Forex Trading |

Why is it that people sometimes put their personalities and traits in a box? “I’m not an organized person”. How many times have you heard someone say something like that? In the end, we’ve all got exactly the same wiring – so why can one person be organized and another not? If you have two computers that were exactly the same when they came out of the factory and after a few years one of them functions better than the other – what is the logical conclusion? That one of the computers is just better? The logical conclusion is that one of the computers was taken better care of. This is not unlike people. Some of us just take better care of ourselves.

 

Anyway, before this article turns into a rant, let’s get down to it. When trading forex, I believe it is of paramount importance to be organized or you will more than likely fail. This begins with leaving yourself little reminders. A white board in front of your computer is handy. You can write down when the market opens/closes, what times the four hour charts get a new candle, your running monthly profit/loss, and your open trades. You should also keep a detailed excel spreadsheet of all your trades and if possible, record your entry and exits in pictorial form by copying the charts. By doing this, you can review all of your trades at the end of the month and see what you did right, and what you did wrong. All this will help you become a better trader.

 

You can also create an alarm so that you can check your charts regularly (once every hour is good). There are many ways to do this. I use an app called ‘Hourly’ on my iphone, but there are no doubt other ways. In the end, you have to treat your forex trading like a business – otherwise, it will become just a hobby. And no one makes a living from just a hobby. So come on – get organized! It’s never too late to learn.

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