Forex 101: How to Stay on Top of Your Trades

There are many character traits that contribute towards successful forex trading, from intelligence to grit to self-control. One of the most important is your organisational ability, and keeping everything in order will go a long way towards helping you to turn a profit.

For those who are not blessed with natural organisational abilities, there are lots of tips and tools to help you stay on top of things. Here, we look at three that should be integral to your trading strategy…


#1: Choose Your Broker Carefully

The broker that you choose will have a massive impact on the success of your forex endeavour, and one of the key aspects that you should assess them on is their trading platform and account offerings. It is this software that will act as your conduit to the market, but it is so much more than a mere portal for placing your trades. The best ones should also provide a comprehensive overview of your account, enabling you to see at a glance exactly what’s happening to your money, and how your pairings are performing. If staying on top of things feels like an impossible task, then your broker really is one of the first facets of your trading strategy that you ought to review.


#2: Track Your Trades

Although your broker should offer you a selection of tools to help you track your trades, keeping a more in-depth account of your own can also be helpful, especially for those who are new to the markets. One of the best ways to do this is by using either a notepad or a computer document to detail every move that you make, specifying which factors influenced your decision, the reasoning behind the trade, and its outcome. You’ll find that this diary will be an invaluable resource when it comes to refining your strategy, helping you to increase your successes and minimise your mistakes.


#3: Use an Economic Calendar

You’ll also want to find a detailed economic calendar to help inform your decision-making. There are many of these available for free online, and they’ll include dates and times for key economic and political decisions that seem likely to impact the forex markets, from central bank announcements to financial summits and political meetings. Save a comprehensive calendar to your online favourites, check it daily, and you’ll never be surprised by any important occurrences again.

Organise yourself today to turn your trading strategy around and secure your currency market success.

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