Have you thought of taking a Forex trading challenge? In this Forex course, we’ve learned different strategies along with technical analysis. Therefore, taking this 20 trade challenge before really going to town trading will help you be a better trade. You want to work out the kinks before going hard. Trust me. So take the challenge and become a great Forex trader.
The 20 Trade Challenge
Now that you’ve learned about building trading strategies, you need to give yourself a unique 20 trade challenge. This Forex trading challenge is to make 20 trades by writing down your rules of engagement.
Like when to buy, when to sell, when you’ll take profit or take a loss, and how you’ll manage your risk. Make those 20 trades without fail; regardless of losing or winning trades.
The purpose of this 20 trade challenge isn’t only to perfect your trading strategy but also to test whether you can follow your own trading rules or not. And that’s really quite a challenge if we’re honest.
The majority of the new Forex traders fail because they can’t follow their own trading strategy. So if you’re serious about trading, you’ll take it as a serious challenge. The end result of this Forex trading challenge will fix flaws in your trading strategy, make you a disciplined trader, and help you on the emotional side of the business.
Keep a Trading Journal
We’ve talked about getting some education, building a trading strategy, finding a trustworthy broker, and taking the 20 trade challenge. Now it’s time to move on to the next step which is to keep a trading journal of all the trades.
And use it for improving the overall trading experience. In fact, check out our Tradervue review if you’re looking for a trading journal. You can also use an Excel spreadsheet. Or you can do it manually on a piece of paper.
As a matter of fact, the winning trades are great but the losing trades are better. Losses happen to all of us and isn’t money wasted. In fact, it’s a part of the natural trading process. And will help immensely with the Forex trading challenge.
The journal will keep the records and you’ll be able to analyze why a particular trade was lost. Using the journal you’ll also be able to identify and fix the flaws in your trading strategy. So make sure to journal all your trades and let those lost trades become a learning source. And will help you with your forex trading challenge.
The Forex Trading Challenge Bottom Line
The Forex trading challenge is here for you to perfect your strategy. Having a plan is what’s going to make you good. Because when you have have a plan to stick to, you trade much smarter. And that’s going to be what makes you good.