HALAMAN SELANJUTNYA:
How To Organise Your Foreign Exchange (Forex) Currency Trading BusinessOne of the hardest parts of starting any business, or doing anything in fact, is just how you are going to go about actually putting your plans into action. This is far easier said than done. So many activities in life look so easy don't they, when someone else is taking the action? Doing the doing if you like. Perhaps this is why society celebrates sports people who succeed in their chosen field. We like to see others compete whilst standing on the touchline of the field of play.
The thing is all great achievement starts with a plan of action. At outset it may very well not be completely clear, or even a great plan of action. But it is a plan to at least get started, and that is of the utmost importance. Most though never get started simply because they fall over and stumble at this very first hurdle.
So let us look and see how we can overcome this when you are first starting out trading the forex market. The real challenge with starting to trade is wondering just how to structure your business. There are just so many different things to consider.
Here are the essentials to help you get started and give your business a framework for the future.
Number one you simply must record all the trades you place. A spreadsheet is great for this because you can keep all information together under the different headings. You can then more importantly analyse these trades after you have closed them. It is widely thought very few traders keep any records at all, let alone detailed ones. This is the first essential record. Just write down the columns for all the things to do with each trade starting with the date, and work though until you have a column for notes.
Another essential tool is to create a trade sheet or ticket on which you write up all the details of the trade. This sheet is completed before you actually go to the market to place the trade. On this sheet you will write all the reasons why you want to enter the trade. You also will write down the date, the entry price the exit price and your target prices. Your fill in as much detail as you can think of about the trade in question. This will add very valuable information to your trading arsenal; especially for future reference and reviews.
Another item that can be put into a template for continuous use, is a watch list. This is a record you keep that is constantly updated with exactly what currencies you are looking at each day waiting for the best time for you to enter a trade. You need this information close at hand and recorded in such a way that you can instantly update it as needed.
These three items of information will give you the starting point for the business records that will keep you moving into a profitable future with your trading.