Analysing and discussing your trades

You have learned the forex trading beginner strategy and started to trade. You understand the concept of money management, protecting your account and that trading with a strategy is essential to your success in the forex market. However, you are not done.

While it is true that compiling and analysing data with your trading journal is key to finding a successful strategy, a key tool to have in your forex trading arsenal is the experience of other traders.

Using the forum as a means to ask questions and post your trades for analysis is a great way to get objective feedback from other traders; remember, we are all in this together. By taking the data you record and combining it with the knowledge of others, you are utilising both self-reflection through your trading journal, as well as the experience gained by other traders.

Asking questions leads to a more rounded strategy

It is well-known that you should always be asking yourself questions. For example:

1. What was the reason that I entered into this trade?
2. Is there anything I have overlooked that would have prevented me from entering into the trade?
3. Was there anything that could have influenced my emotions when I entered into this trade?

Instead of trying to only answer these on your own, taking these questions to experienced traders will help you gain valuable insight from others who have had to ask themselves the same things.

Here at GCM, we provide this beneficial tool through our trading forum. In the forum you will find traders from all different backgrounds and experience. From those who are just starting out, to those who have a wealth of knowledge and experience. You can exchange ideas, post screenshots of your trades and ask questions that will help you become a better forex trader.

While banks have thousands of people at their disposal to create and trade strategies, most retail traders are on their own. You are your own bank, so why not make use of the tools you have at your disposal?