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Forex Trading Basics for Beginners - An FX Journal to Make Money & Improve Your Strategies Profits

I welcome this videos they are a little bit forex trading basics for success we look at the advantages of keeping a trading journal if you're a beginner getting speed up your learning curve because your spot and mitigate your mistakes quickly also if you're more experienced trader you'll be able to refine your trading strategy and make it more profitable also want to look at yeah how much money can you really make trading Forex and how to set realistic profit objectives that immolation this one we're talking to a very successful trader head from foodless and won't he returned 85% profits on two point five million in equity that eat sorrow is one of the top copy traders and a lot of people following him basically great trading profits and very little drawdown as well he credits a lot of its success to keeping a trading journal neck I'm talking limp but if you want to join happens Facebook group will get a lot of great free Forex education do so on the link below and also learn more about our free education and training services as well right let's go and talk to a can about trading journal importance but Peter give me your thoughts on keeping a trading journal well the part of the journey to trading success is learning from your own mistakes and the way to learn from your mistakes is to keep a journal because you can look back in the journal and see what trades you're losing on and what trades are winning on for instance when I just started trading I kept a journal and after a while I went back and looked at basically the trades I was losing on and I saw that if I was day trading I was usually don't didn't make any money and there was also certain currency pairs that I lost almost you know money every time so you can look back on your trades find out you know the stuff you have to take away or optimize and you know to keep you have to keep helps you keep discipline and in the end it help you become a better trader okay so when you take the journal yeah yeah you analyze like for example pairs going backwards he didn't do well on yeah give me an example ah when I trade it in the beginning I looked at the journal and I saw that when I traded this Swedish Krona for instance I probably lost 90% of the time also the New Zealand dollar I when I traded that I was usually wrong and I saw as I said when I created very short term I usually also lost so what I did is I very seldom trade the Swedish Krona in the New Zealand dollar today and I never day trade basically okay then in terms of the journal that contains obviously the record of the trade yeah and your rules friend tree I'm assuming and rules wrecks it yeah basically I call it the rules of engagement I basically write down why I betrayed how it went where I went in when you know I took the loss or profit and I you know I just try to keep it very detailed and you know having a detailed journal will greatly help you in the long run so just set accuracy handy rules friend trade you have uh you know I try to be a you know quite flexible but you know I have like I try to be on the right side in regards to the commercials of I suppose and on commercials I have a basically entry rule where I will you know most of the time trade at big support and system lights and also I have a rule that I trade the the daily you know time charge as well okay so do just like you see in your journal do you jot down things like big support resistance level backed up by CEO tea backed up by fundamentals and kind of ticket office boxes or something like not to get up this boxes but you know what I mean yeah exactly so you know if I see it okay the big fundamentals say that these pairs should go down the commercials are short and we have our technical set up that looks quite well you know I have three things that I follow very you know closely and I would probably take a trade then okay now in terms of some a trading journal okay yeah obviously it's designed to give you rules as you call it of engagement yeah yeah and then after the trade you look back over a period of time obviously and then you can basically sort out or try and sort out where you kind of went wrong yeah yeah now I would say the most traders who don't obviously keep a journal yeah yeah most traders will continually make the same mistakes without correcting them yeah I don't it's one of those things where that never seems to change is it yeah you know I think many people probably find it boring to do or hard work to do and they you know you have to do it it's necessary I believe it's essential if you want to succeed and you know you will make mistakes you will you know their only real way to learn from them or to write them down and know where you need to sit and try to learn from them now I think you're right exit is unless you write down your mistakes or just be tempted to make them again or you won't even realize you make the mistake exactly yeah I think your traders are going to spoke about area but they analyze where they're stop losses where yeah they might actually realize that their stop loss is the problem not their picking of direction of the trade exactly because that's one thing I found most beginners can actually pick a direction of a trade a lot of the time yeah stop town swap too close try runs on the way they thought making lots of money it would be if they were still in the market yeah saying I agree I think a trading objective I'm sorry the trading journal yeah is a really great way to keep beginners focused and yeah hopefully yet teach them discipline yeah yes which we all need to maintain and I think you know a journal is good way of doing that now yeah just going to ask you a final question yeah which is not to do with trading journals no such could be part of 1xe but goals and objectives okay now everyone wants to make money yeah how do you set realistic goals realistic objectives I mean how would you do it personally well you know first of all I think you're most the gears have too high expectations of the market they probably see some you know advertisement that some trader made that one percent or three hundred percent you know that's not what kind of expectation you should be having if you have expectation of ten to fifty percent in a year I think that's quite reasonable and you know me personally I I never really had a you know set goal of how much gain hours have because if I set a goal let's say 50 percent in a year and you know we are closing in to the end of the era you know I would probably take higher risk just to get to that to go but you know that's not the way to do it so I would advise to have a very reasonable goal and try to have it a bit flexible because don't have like I'm going to get 60% period because you will just force rate and you will you know take too high risk if you don't wish it right away a shot I agree with you on this in terms of and I actually set goals for myself yeah yeah well do nothing else I've got an objective of what I want to make yeah yeah but I'm kind of happy if I get there if I don't quite get there doesn't really matter cuz yeah I think with with Forex ratings kind of long-term okay and if you just basically protect let's say you've got trading strategy with an edge yeah yeah if you just basically do the right things yeah money management first above all else yeah yeah eventually you're going to hit those big trades that make you the money that you are you know exactly so it's one losses I mean I like to have a goal I mean I don't always reach it but I don't try and hurry to the goal it's like I say you deep down I think after a while you actually learn what your profit potential is yourself yes I think if we trade you're slightly different exactly so for example obviously you know I teach forex and yet lots of my students beat me which is kind of building you know we're not really I'm very pleased for them but I think everyone is so different and you you've got to work out yeah what profit level yeah you're capable of which comes I think the practice doesn't it exactly now in terms of when you say yeah traders coming in with too unrealistic expectations yeah yeah yeah I get a lot of traders who say yeah what I make a living on a thousand or ten thousand dollars well what would you say to that I know pretty no you rocks already well you know I would probably advise them to reconsider trading because if you have that kind of expectations you have no queue basically you know very very few people manage to trade full time for living and if you were to do it you need the you know pretty decent amount of capital because you know you will have periods of time where you basically lose money or cause breakeven and you can start to take equity from your trading account just to you know pay for living expenses you know it will never work out so you know as I said you have to have around realistic code and if you want to trade full-time for living you have to expect to put up a decent amount of capital beforehand that's one thing I did which when you speak leaders came into my mind which is what a lot of people don't appreciate about the forex markets in it in terms of your strategy okay yeah doesn't matter what strategy you have you are can get random distribution of profits and losses exactly which means your stretchy is going to work sometimes really well and then other times it won't and you know in terms of your edge will work longer term is you've done your research properly yeah but sometimes I can go for like two three months without really making any decent money yeah we do and then in one month I'll study just do fantastic yeah the same with me I think it's you've got to judge over a yearly holding period in my view what performance yes exactly and you know I think it really surprised me that so cute traders are aware of this but you know the forest market is you know influenced by so much noise so random movements and you know you have to have a longer-term approach we don't day trade because you just become part of the noise and you know noise is just random movements and just having longer term strategy and longer term approach you will increase roads right away yeah cuz I think you know in terms of what you're saying there is a lot of people come in the markets yeah yeah the reason they're attracted the short day trading yeah yeah is because they're told they can walk away each day or each week or each month with a certain amount of pips like a regular income yeah they're for me there's just basic nonsense yeah total risk complete the nonsense so you've got to focus on the longer term and appreciate I think that the market yeah the market is how would I put it it's just going to do what it wants okay exactly yeah sometimes it's going to give you money and other times yeah sorry other time counters it was here your money yeah and other times they're just frustrate you exactly because I think you try X trading it is extremely frustrating at times yes yeah and I think a lot of traders just get really impatient with it yeah exactly you know you can have a period of two months with nothing happening in the market you know it's very easy to get you know frustrated from it but then when frustration comes in I think discipline breaks down exactly a new hunt down trades that you shouldn't trade yellow sake of trading and I think just in terms of any beginner coming in the markets I think you need to kind of have done it very different psychology the trade Forex because a lot of people come in they think it's going to be really exciting it's going to be really fun yeah I just find it quite boring and frustrating most of the time yeah you know and I don't know who said this quote but the quote said something if you're you know how being entertained or you know you look at trading as entertainment you're doing it wrong it should not really be an entertainment you know as I as we said previously treated as a business and you know you can doing it right it shouldn't be back that's exciting really to do more and so yeah it's actually two up that kosair thing is Curtis Payne I think there's another one which is quite good which is from George Soros where he said yeah good trading is really for and I actually is George Soros it if you're having fun it's you know you're not making any money good trading is boring and I think it is there the end result is obviously where it gets exciting over algorithm if you're making money but the actual process of trading is boring frustrating no a lot of the time here yeah but I think you know in terms of you know just what this we're just with this final point I think any beginner coming in the markets yeah needs to be obviously realistic yeah yeah find their profit level and kind of realize it's not all about you know kind of flash cars they see on the net and the holidays and all those temples saying it's just a walk in the park the Lord builds and gold watches yeah I've seen it yeah I just feel that for me that would soak the wrong image of Forex yeah we just table you the wrong image because yeah obviously yeah a lot of people actually believe it which is kind of sad and then they get really disappointed like we said earlier yeah forex trading it's a business it's like any other business where you kind of have to work hard consistently yeah and we're in a competitive market I think yeah we treat it as a business where most traders don't I think obviously we can make money exactly I talk alone we're that okay thank you very much for joining us and we'll obviously chat again soon yeah have a great day and catch up later yeah

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