Agency theory is concerned with resolving Many traders are fighting for getting their money back. Tuesday, April 24, They are cheaters - cannot get money back. Saturday, March 13, Great BrokerI am happy with their serviceeven withdrawal are easy and no hassleSo man instruments and even better platform. Broco Forex company foreign exchange brkco company is ideally suited to clients wanting the best possible trading experience: The goal of Broco is to become your ideal financial market trading partner by developing products and services that facilitate a better, more efficient trading experience.
Almost every successful businessman will tell you that record keeping is critical to running an efficient business. Whether designing sophisticated aeronautics or simply selling scented diay, all businesses record and analyze their transactions to refine and optimize execution. When it comes to trading FX, however, very few traders diligently record and review their trades. FX trading, with its instantly dealable rates broo self-organizing accounting software, makes it easy to forsake the discipline of keeping a trading diary.
This article will outline what to record in your journal and will provide an example from the writer's own foex diary. Why is keeping a trading diary so valuable? First, as human beings with faulty memories, we simply forget many of the circumstances surrounding our best and worst trades and, as a result, we learn little from them if they are not recorded.
Second, the gap between what we think we do and what we actually do during trading can be embarrassingly large - a problem that can easily be identified with proper note taking. Finally, the mere act of keeping a diary introduces a methodical element to trading that prevents us from trading randomly and impulsively - the culprit behind most trading disasters. For further reading, see Ten Steps To Building A Winning Trading Plan. Keeping diay diary need not be cumbersome or complicated.
Here is a list of three key issues that should be covered in every trade: traxer. What did you trade and why? The reason for a trade can be either fundamental or technical preferably bothbut there must be a reason. Too many retail traders put on a trade because they think that prices have either risen or fallen "enough", without dary technical or fundamental justification for their opinions.
Worse, many traders get into positions out of sheer boredom, forcing a trade and then spending the rest of the time trying to justify it. Even if boredom is the primary driver for the trade, having a diary will broco forex trader diary the trader record that fact and he or she will be able to see the consequences of such behavior. Where is your stop and limit and why?
It is astonishing how broco forex trader diary traders get into a trade without any clear idea fforex where to take a profit or when to get out if the trade moves against them. However, by writing down specific stop and limit ordersteader trader consciously plans ahead for any contingency that may occur. Even if a trader disregards the initial stop in the heat of the battle, the act of recording all of that activity will be invaluable in doing post-trade analysis and enforcing better discipline on the next trade.
Trade more information, read A Look At Exit Strategies. Did the trade work out as planned? There is often an enormous gap between how the trade setup looks on charts or through the prism of backtesting software and the emotional reality of having money at risk. Comparing the difference between the two can help traders understand their strengths and weaknesses and brovo long-term performance. For more insight, see Backtesting: Interpreting The Past.
Because trading is such a visual craft, attaching a chart with annotations will complete the diary process by providing a pictorial reference point for further study. What did I trade and why? The pair had already rallied significantly after the dollar was boosted by the death of a major metatrader java mobile 8x11 terrorist and the relatively dovish comments of European Central Bank President Jean Paul Trichet.
Against expectations by some market participants of a 50 basis point dixry, Trichet raised rates by only 25 basis points. I felt that When trade dipped below Where did I set my stops and limits and why? I set my stop at Although that price level was below the swing high of I always trade with two targets because I believe that broco forex trader diary the near-term direction of the currency pair may be somewhat predictable, the amplitude of the move is not.
That's why I tdader the first target at a reasonable distance from entry and the second target farther away in case the move gained momentum. Therefore, I set my first target at Just as I had diaey, the pair traded lower and by 6pm EST, it reached my first target of I instantly moved my stop froex break-even, but then had to step away from the screen for several hours. When I traded, I saw that price had missed my second target by just forxe few pips and was now trading back near the As price once again began moving my way, I sold one more quarter of the position at Just a few seconds later, prices collapsed and hit my second target of Did I execute to plan?
I rushed my second exit, fearing the loss of immediate broco forex trader diary more than the lure of additional gain and gave up 15 points of potential profit. For other more patient traders, the diary process may reveal that they should expand their risk flrex in order to tradfr for the possibility of capturing larger gains. Regardless of the conclusion, the process of diary writing reveals the true human nature of trading that those clean, crisp charts and the coldly efficient results of backtesting systems simply cannot convey.
It also demonstrates why computerized systems have such a difficult time trading markets. In fact, I have witnessed the results of hundreds of systems trade in real time and not one of them was profitable in the long term. Trading requires all of our emotional and analytical capabilities in order to produce success. The act of keeping a trading diary helps us better understand the demons that drive us and, fogex turn, makes us better traders. Follow and discuss traders' journals at TradersLaboratory.
Term Of The Day A regulation implemented on Jan. Tour Legendary Investor Jack Bogle's Office. Louise Yamada on Evolution of Technical Analysis. Financial Advisors Sophisticated content for financial advisors around investment strategies, industry trends, and foorex education. Lessons From A Trader's Diary. Here is a list of three key issues that should be covered in every trade:.
Related Articles How to balance anticipated vs. I had a plan to pay off my career-changing graduate school debt. Now all I can do is defer payments. Or win the lottery. If you are looking to become more productive it's important to find out what works best for you. Here are three ideas to try. A financial planner offers his take on retirement planning and explains how his short-term boring, long-term exciting approach works for him.
Whether you're a novice or an expert, these 10 rules should be the backbone of your trading career. Seek professional financial advice to make sound financial decisions in the long run. It's impossible to avoid disaster riary trading rules - make sure you know how to devise them for yourself. Hot Definitions A regulation implemented on Brcoo. A supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving Rboco short-term debt obligation backed by the U.
T-bills are sold in denominations A statistical measure of change in an economy or a securities market. In the case of financial markets, an index is a hypothetical Return on market froex of equity ROME is a comparative measure typically used by analysts to identify companies that generate The majority shareholder is often the founder No thanks, I prefer not making money.
Can You Really Make Money as a Small Time Forex Trader?
Feb 05, · Perfect trading terminal is the half of your success. Broco Trader was constructed on the basis of the most popular Meta Trader 4 terminal. Due to the. About Broco. BroCo is one of the most prominent brokerage companies operating in the field of internet online CFD and forex trading, dealing with foreign exchange. What. Perfect trading terminal is the half of your success. Broco Trader was constructed on the basis of the most popular Meta Trader 4 terminal.